Presentation is loading. Please wait.

Presentation is loading. Please wait.

11011 Richmond, Suite 600 | Houston, Texas 77042 | 713.789.3323 | www.3545consulting.com Where is legal software going? Robert Rice.

Similar presentations


Presentation on theme: "11011 Richmond, Suite 600 | Houston, Texas 77042 | 713.789.3323 | www.3545consulting.com Where is legal software going? Robert Rice."— Presentation transcript:

1 11011 Richmond, Suite 600 | Houston, Texas | | Where is legal software going? Robert Rice

2 11011 Richmond, Suite 600 | Houston, Texas | | History To understand where something is going, you have to know where it been. History of legal software – small to mid market – Sales paradigm

3 11011 Richmond, Suite 600 | Houston, Texas | | Economics of a software company Widget model – Software is seen as an object that is purchased. It is expected to hold its value for many years – like a car or other equipment. If you want to enhance it, you buy “upgrades” Service / Cash flow model – Software is seen as a flowing service. Is purchased at a monthly or yearly cost and enhancements are made over time

4 11011 Richmond, Suite 600 | Houston, Texas | | Sales Models Widget Model Cash Flow Model

5 11011 Richmond, Suite 600 | Houston, Texas | | Upgrades and Expectations Software Upgrades – Used to sell future innovations – Lack of innovation lead to loss of desire to upgrade Increase of expectations – Cheap apps for phones

6 11011 Richmond, Suite 600 | Houston, Texas | | Relationships Relationship between law firm and software vendor – Should not be combative – Win – Win partnership – If the software company goes out of business, the law firm has huge costs involved with future support and conversion

7 11011 Richmond, Suite 600 | Houston, Texas | | What to look for in a software company Solvency Market Share Innovation – staying ahead of market trends Solid Business model – long term game plan Good fit – relationship Support network

8 11011 Richmond, Suite 600 | Houston, Texas | | Generations of Software Workstation & LAN software – 16 – bit – 32 – bit – MS SQL Server Browser Software – Fully cloud – Hybrid model

9 11011 Richmond, Suite 600 | Houston, Texas | | Trouble in Paradise Expectations – HIGH Feature sets – EXTENSIVE Market – mostly saturated Cost to switch “stickiness” - HIGH Risk – HIGH Price Tolerance - LOW

10 11011 Richmond, Suite 600 | Houston, Texas | | Let’s Play a Game:

11 11011 Richmond, Suite 600 | Houston, Texas | | Our Game You are the CEO of a new software company selling legal administrative software to law firms. What kinds of qualities should your software have?

12 11011 Richmond, Suite 600 | Houston, Texas | | Your choices: Complex or simple Flashy or plain Specific or Generic Standards-based or custom Expensive or cheap Purchase or cash-flow model Cloud or Local

13 11011 Richmond, Suite 600 | Houston, Texas | | Choices Affect Price Target Market (number of potential consumers) Attractiveness

14 11011 Richmond, Suite 600 | Houston, Texas | | Market Studies LexisNexis Sage, US Clio

15 11011 Richmond, Suite 600 | Houston, Texas | | Lexis Nexis Was exclusively in the information business Saw that information is fungible – not sticky Saw that the Internet itself offers cheap or free information Got into the software business to create stickiness and to have a hedge against the erosion of their core business by free information

16 11011 Richmond, Suite 600 | Houston, Texas | | Sage, US Large international accounting-focused software company Purchased a time & billing application, Timeslips, that was heavily represented in the small-to-mid legal market Have struggled to keep the product relevant when not investing large sum to move product to platforms

17 11011 Richmond, Suite 600 | Houston, Texas | | Clio Newer entrant to the practice management arena Cloud-based Came in as a small firm/solo solution but have been steadily making improvements and trying to move upstream


Download ppt "11011 Richmond, Suite 600 | Houston, Texas 77042 | 713.789.3323 | www.3545consulting.com Where is legal software going? Robert Rice."

Similar presentations


Ads by Google