Legal technology design and development company Theory and Principle celebrates its fifth anniversary this month by launching a new business unit to partner and co-develop legal technology products with legal industry organizations and individuals.
According to T&P Founder and CEO Nicole Bradick, a new business, T&P Studio, has an idea for a product, but doesn’t have the product team, budget, or other elements needed to bring the product to market. Work with partners in the legal industry who may not. .
T&P validates partner ideas and manages all areas of product strategy, design, development and launch, she said. Depending on the terms of the partnership, the T&P team will also participate in ownership, go-to-market strategy, sales and marketing.
(Note: Bradick discusses both anniversary and new business in an episode of my LawNext podcast posted tomorrow.)
When it was founded in 2018, T&P was the only company focused solely on the design and development of custom software for law firms, legal tech firms, legal aid organizations, and other legal industries.
Custom design and development work done by the company included a user interface redesign for contract review company BlackBoiler and a UI and UX redesign for contract lifecycle management company Agiloft.
Map Engine creates maps for multiple jurisdictions.
That work will continue, but most recently, in 2021, we began co-developing legal technology products and launched our first co-developed product, Map Engine. This product was built and marketed in partnership with Sente Advisors., a legal tech innovation consultancy firm. Map Engine enables law firms to easily and economically create engaging, interactive maps to visualize data from multiple jurisdictions.
(As I reported here and here, they continue to expand their Map Engine product.)
Last year, T&P announced a second jointly developed product, Virtual Law Clinic. his law firm Simpson Thatcher & Bartlett. The product is designed to help law firms and legal organizations more easily manage pro bono cases by assigning cases to attorneys, monitoring case status, documenting results, providing training materials and You can provide forms. Last September, T&P launched a major upgrade to its products.
Now, with the official launch of T&P Studio, the company is putting more effort into co-developing SaaS products, as well as developing its own products. Bradick says he already has one new co-developed product in the works.
“As a company, we rapidly design, build, and deploy beautiful, modern legal technology products. We’ve just had more legal technology products than any other company,” said Bradick. said Mr. “As a result, we have the team, infrastructure, experience and processes to partner with organizations that have ideas but lack the resources to move concepts forward.
“This model is a win for us, our partners, and the industry. I hope to.”
The nature and terms of partnerships will vary by partner and project, but could include a combination of shared costs, shared tasks, and shared revenues, Bradick said.
“For example, some partners may want the product to exist but not want to be involved in ownership, sales, and marketing, while others own, market, and sell the product. You want all the rights but can’t afford to pay for the first build.”
