Traditional large and midsized law firms should join the small ones and solos in feeling threatened by the online, on-demand services of LegalZoom.
It has managed to migrate from B2C to B2B. So far, its target market is small business but that could change.
Today, LegalZoom, reports Zach Warren in Law.com, announced:
" … it has received a $500 million secondary investment led by Francisco Partners and GPI Capital … [which] will also include participation from one or more Franklin Templeton Investments funds and funds managed by Neuberger Berman Investment Advisers."
That boosts its valuation to about $2 billion. And the niche it is playing in is a high-growth one.
Yes, LegalZoom is the dominant brand in the online, on-demand category. But some of its competitors are also thriving.
For example, as Warren points out, competitor Avvo has been purchased by Internet Brands. The latter also has an interest in Lawyers.com, All Law and Martindale-Hubbell.
Clearly, when looking for solutions, clients/customers - and not only in legal services - increasingly are making their first stop online. That puts us in direct control, instead of having to go through a gatekeeper who filters information and insight through the perspective of making a sale.
Today, I made the "mistake" of not first researching online natural remedies for panic attacks. I was in the vicinity of GNC so, I figured (wrongly) why not just go in. The salesperson, of course, was limited to the products on the shelf. The one for which she gave the highest rating cost about $40. The others were not more affordable.
I thanked her and explicitly said I would first have to check several sites on the internet. Of course, if the price is right, I will order directly online.
It's becoming standard: internet-first.
The corporate general counsel might prefer to shop around for legal services just that way. Can big and midsized law create online introductions to services which mimic how LegalZoom interfaces with those who click it on?
In coaching those over-50, not one bit of my business has come from putting on special events.
Positive results in new business development comes from how I position and package the services online.
Currently I am preparing the new e-book "Outwitting Ageism to Land, Hold, and Move onto Better Work." Google is our storefront and prospects enjoy peeking in and finding e-books to pick up and read, for free.
Contact Jane Genova email@example.com.
“Over-50: Outsmarting Your Comfort Zone” https://over-50.typepad.com/over-50/2018/05/outsmarting-your-comfort-zone-free-book.html
“Over-50: The Four Monsters in the Mind” https://over-50.typepad.com/over-50/2018/04/ageism-bites-.html