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Deloitte Legal is today announcing the launch of Deloitte Legal Ventures, a new programme that re-imagines how lawyers engage with early stage companies.
Nearly 400 pre-seed to Series A companies were analysed and evaluated based on their products, teams and alignment to Deloitte Legal’s current and future legal technology capability. Following this extensive analysis, 14 companies were hand-selected to form the first cohort of the Deloitte Legal Ventures programme.
The chosen companies operate in areas such as execution technology, artificial intelligence, data analytics and predictive analytics. The programme will see Deloitte Legal become a user of the products and services offered by the chosen start-ups.
Deloitte Legal Ventures will provide the companies with access to consulting, technology, legal and investment experts from across Deloitte. Through Deloitte’s proprietary Venture Path methodology, these experts will stress-test products, services, business models and strategies in a transparent and structured way to identify scalability. This will in turn accelerate the on-boarding, uptake and usage of the products and services.
Proving the Proof-of-Concept
A significant focus of the Deloitte Legal Ventures programme will be around accurately measuring the proof-of-concept process. For each company, a prioritised set of assumptions will be tested using specific metrics that will allow both parties to agree on what success looks like from the outset.
Almost two-thirds of the selected companies already have operational products or services with a number of existing clients. The rest of the cohort are either at a ‘very-early’, pre-revenue stage of development, or have chosen to work with Deloitte Legal in order to develop their offering further in a sandbox environment.