Niche work if you can get it

Legal tech has its own conference, the LegalTech Fund Summit, in a sunny city - Scottsdale, Arizona. It's the fifth year of this event and promises five-star networking opportunities. I'll be joining the gathering in my cowboy boots.

The summit brings together industry leaders for a few days of schmoozing. Notable attendees include Crosby, Rami Karabibar of EvenUp, EvenUp itself, Harvey, Legora, Latham & Watkins, Lerer Hippeau, Blackletter, Cohere, Blue J, Herbert Smith Freehills Kramer, Stanford, Ilona Logvinova, and Adam Sterling.

EvenUp's CEO, Rami Karabibar, shares his theory about what sets successful legal-tech startups apart. It's all about deeply embedding their products into their customers' business. EvenUp began as a software for drafting demand letters for personal injury lawyers. Now, they have expanded their product line to manage cases end-to-end. Despite this expansion, EvenUp remains focused on the niche personal injury market.

This focus, Karabibar believes, is what keeps EvenUp "bubble-proof". Unlike larger players like Harvey and Legora, EvenUp hasn't tried to diversify its customer base.

The summit also highlights other legal tech ventures. Harvey reportedly held early talks with Latham & Watkins about an IPO. A new law firm called Blackletter is being backed by early-stage venture firm Lerer Hippeau. Blackletter is founded by former executives from Cohere and Blue J.

Meanwhile, big law firms are turning to technology for a reboot. Herbert Smith Freehills Kramer did so by sending 31 of its top executives to Stanford for a retreat. The aim was to get these lawyers to think like founders, not just lawyers. They were exposed to AI and tools that help turn legal expertise into instructions for autonomous agents. The program also served as a trial run for Stanford's upcoming Legal Engineering Academy.

This initiative suggests that the next generation of lawyers may need to be retrained to keep up with technological advancements.