#LegalTechLives with Dan Jansen, CEO of NextLaw Labs
“Focus on the important things and do it now” — Dan Jansen
For this edition of LegalTech Lives, I spoke with Dan Jansen, CEO of NextLaw Labs, a global incubator that supports and invests in new legal technologies. What makes NextLaw Labs so interesting (amongst many other things), is that their lead investments and support come from the global law firm Dentons. Meaning, technologies funded by NextLaw Labs have access to a global ‘Big Law’ testing ground. Jansen holds a variety of experience both as a founder of a number of start-ups and professional consultant including leading the Global Media Practice for the Boston Consulting Group and advising at Arthur Young & Company. We are fortunate to call Dan and NextLaw Labs friends of ROSS!
Kathleen Killin: I recently read Dentons has been named the Most Innovative Firm at The Lawyer’s Business Leadership Awards 2016. Congratulations! Can you tell us a bit about what innovative strategies or products at Dentons that keeps it a leader within the field?
Dan Jansen: Dentons overall strategy is to grow, integrate and re-invent. The re-invention includes internal initiates across the firm as well as outside-in activities like Nextlaw Labs. Our go to market strategy allows us to invest and pilot new solutions, build companies if needed, and/or develop products ourselves. The world’s largest law firm is a wonderful laboratory for Nextlaw Labs.
KK: How did Nextlaw Labs come into formation?
DJ: The leadership of Dentons understood that an autonomous entity with its own funding, management, and governance was necessary to move quickly in the legal tech space. Disruption is coming, do we want to own it and shape it, or be a victim of it? Dentons wanted to shape its future and NLL was formed and launched in the middle of 2015 and has been driving solutions into legal tech ever since.
KK: Are there any trends you have noticed within the legal tech world that may not be obvious to the newcomer to this area?
DJ: The trends around use cases and underlying technologies are fairly well documented and we are investing against them. Two trends that are not getting much press, and are transformational in our view, is the consolidation of legal panels and the emergence of the legal operations group inside large legal departments.
With fewer law firms serving the largest corporate clients, and legal ops being charged with running the legal department more like a business, the pressures for faster/better/cheaper legal solutions are growing quickly.
KK: What quality do you look for in startups that are being pitched to Nextlaw Labs?
DJ:
It needs to have great product-market fit addressing a large market with a disruptive technology driven solution, great management team, and a viable business model.
KK: Do you foresee that it will become the norm for law firms to follow Dentons cue and establishing incubators similar to Nextlaw Labs?
DJ: We are surprised that more are not doing it. That said, it is not an intuitive move for most law firms that are often large partnerships with business models that have not fundamentally changed in decades. We like our business model, our leadership position in the market, and our ability to go to market in several different ways.
KK: In regards to the portfolio of companies Nextlaw Labs supports, they vary and assist lawyers in almost every element of practice. How do you foresee classic “lawyering” to change in the next decade?
DJ: We see technology permeating the work flows of law in enabling ways that will lead to faster, better and cheaper legal solutions for clients. Therefore the notion of discrete technologies being threatening will fade and those that can integrate into existing work flows seamlessly will thrive. We believe it is a wonderful time to be a young lawyer. While the traditional career path inside a large law firm will remain, and the drudgery of some tasks will decline given technology, new paths into legal technology companies are opening up.
KK: Being a CEO yourself and a highly accomplished entrepreneur, what is your number one piece of advice to new CEOs?
DJ: Focus on getting the product-market fit right and delighting your customers; if your business model is sound, most everything will take care of itself from there.
KK: What is your best time-saving life hack?
DJ:
Focus on the important things and do it now. Touch things once.
KK: I found that there is also an American Olympian gold speed skater named Dan Jensen! What is your favourite sport at the winter Olympics?
DJ: That guy got all of the fame and glory…I had to work hard at school. I live in a cool ski town, so skiing is one of my favorite things.
Dan — Thank you for speaking with me! I agree that solutions will continue to emerge that will keep firms cutting edge and offer solutions to clients that are better, cheaper and faster. NextLaw Labs allows an interesting ‘one stop shop’ for a variety of legal technologies that have already been vetted, piloted, and scaled, by the world’s largest law firm. Because of your model and partnership with Dentons, CIOs, CKOs and attorney’s are assured that the companies you’ve invested in are worth adapting into their own firms. You provide a confidence that success will ensue. We look forward to ROSS Intelligence’s continued partnership with NextLaw Labs!
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