wireLawyer has launched in the Alley, and what better place to unveil a disruptive new platform for the legal profession than New York City? Today we hear from Matthew Tollin, Esq, the company’s CEO and Co-Founder, who is Harvard Law School-educated, New York-trained and part of the current class of DreamIt Accelerator entrepreneurs.
Tell us about the product/service that you offer.
In a marketplace saturated with consumer-facing legal products, wireLawyer is the first B2B platform built by lawyers for lawyers. With smart contract search, peer-reviewed documents, and curated Q&A, wireLawyer enables small to mid-sized law (SMLs) to operate on a level playing field with big law firms. The platform additionally allows insourcing, outsourcing and referral fee management, enabling these firms to maximize their revenue.
The current legal-tech environment is crowded with consumer-facing sites that aggregate lead generation, which is expensive and noisy. wireLawyer fills the B2B void by providing small to mid-sized law firms (SMLs) access to other lawyers on the platform. Access to a deep pool of contracts and knowledgeable colleagues has always been the big firm’s advantage. wireLawyer levels the playing field by giving that advantage to a sector of the legal profession that accounts for 75% of lawyers in the U.S. Vertical networks have flourished in the healthcare industry in recent years. There is a distinct absence of such a vertical in the legal field, which is second only to healthcare in size and revenue. The $250 billion legal industry is ripe for a paradigm change in technology. The industry has come under immense margin pressure and an oversupply of labor, both of which have increased intense specialization within the SML market. wireLawyer leverages network efficiencies to advance lawyer-to-lawyer interactions and transactions.
What is the business model?
A tiered subscription model, with additional fees collected for actual referrals that go through the site. wireLawyer generates revenues from fees on attorney transactions, not lead generation.
Over the course of the next six months, we aim to become the #1 most recognized name in legal-tech in all major US cities, while continuing to expand our national presence. We are looking forward to creating alumni networks with every major law school, as well as a trusted brand for attorney networking.
Why did you choose NYC over other locations to launch your company?
There are more lawyers in NYC than anywhere else; for better or for worse.
Tell us about the DreamIt Ventures experience.
The fast-paced environment of the DreamIt Accelerator has been an incredible experience for our team. The mentors have proven invaluable for us, and working alongside the other teams of entrepreneurs has been really energizing and enriching.