The legal tech industry is shaped by startups offering smart technologies to quickly draft your own legal documents. One such startup is Young Law, whose software enables entrepreneurs to make their own documents in merely a couple of minutes. Now they’re ready to take the next step. Young Law embraced the ‘software as a service’ business model – or in their own words: the friendships business model – which enables non-legal companies to sell high-quality legal documents based on Young Law’s technology. The startup is part of the Legal Tech Factory incubator program of ARAG SE the Netherlands and has a presence in the Legal Tech Studio of B. Amsterdam. All in all, Young Law inaugurates a new era for legal services.
The Dutch startup was founded with one aim: make legal documents accessible, easy-to-draft and affordable for everyone. “We see a lot of young entrepreneurs running their business without the necessary legal documents such as terms and conditions”, co-founder Arthur tells us. “Soon we recognized the reason behind this: there is almost no approachable and affordable legal service available. Together with my co-founder Noah, I decided to fill this gap with Young Law.”
The idea originated in law school yet soon became a thriving side-business. The young graduates created an online platform where legal documents are quickly set up – either by the client herself or with the help of a legal assistant. All that for only one-tenth of the price of a traditional lawyer.
“At first, we wrote the documents ourselves”, Arthur continues, “but worked hard on an easier solution. Now our clients draft their contracts themselves with the help of a smart wizard. It truly is the next step in legal technology.”
Automatic document generation with an online wizard represents legal tech’s latest trend. At first, Young Law mainly serviced other startups with their smart legal technology. Now they’re ready for the next step and raise the traditional world of legal services to a new level.
Young Law Friendships
The automated documentation system of Young Law has a promising future. To utilize this potential, the startup now works with friendships to expand their business model. Young Law Friendships enables other companies to use the same technology to provide their customers with their own automated legal documents (SaaS or LaaS Legal as a Service). In their own colors, with their own logos, all white-labeled. In concrete terms, this means a jump from serving merely one single startup after another to serving a pool of startups via, for example, the financial industry or the Dutch chamber of commerce.
In the competitive world of legal tech, the LaaS business model of Young Law stands out. “It’s an unknown phenomenon in the legal industry”, Arthur says. “It enables banks, accounting firms or any other company to offer their customers legal documents next to their usual products and services. The software is free and easy to install – to us, it’s essentially no work to resell it whilst our friends can expand their business and increase value.”
The friendship business model hugely enhances the value of Young Law’s legal service. This visibility also furthers the core mission of Young Law: making legal documents available to entrepreneurs.
Some friends are partners
The promising legal tech startup resides in the Legal Tech Studio. The studio is the result of a collaboration between B. and legal insurance provider ARAG SE the Netherlands. It welcomes all creative ideas that use technology to broaden access to justice.
ARAG quickly recognized the creative potential of young tech companies. B.’s start-up ecosystem is the perfect spot to find promising talent. “We’re always alert to recruit companies that offer access to justice in different ways than insurance,” explains Richard Faas. The director of innovation at ARAG is also head of the Legal Tech Studio at B. “We’re looking for new digital tools to improve our business performance, but we’re interested in new business models as well. ARAG traditionally offers its customers insurance products, but new technologies open up other ways to assert your rights.”
This is what makes Young Law’s innovative technology so appealing. “Young Law represents exactly what we’re looking for: smart technology that leads to better service. How could we see this potential as competition or threat? They are our partners.”
Hand in hand: lawyers of the future
Corporate-startup collaborations, like the one between ARAG and Young Law, are the first steps towards the future of law. Technology is changing the daily routine for lawyers and legal service providers. Instead of writing simple, mundane documents they now have a chance to focus on those matters where their expertise is needed.
“Technology cannot replace a lawyer full-time,” Arthur tells us at the end, “but they can make legal work faster, honest, and transparent.”
Innovating the future of justice? A smart service to make our colleagues or the interaction with our customers even happier? A new product to increase access to justice? Let’s connect via legaltechfactory.com