Justin Kan’s new $10m VC-backed legal tech venture launched yesterday (15 September) and how do the team behind Atrium see themselves? Like Tesla.
The new venture is split into Atrium the law firm and Atrium LTS, its tech support on steroids.
BeBe Chueh, a co-founder of Atrium the law firm says in her blog: “The challenges encountered by startups in legal can be illustrated by way of an (albeit imperfect) analogy to those encountered in auto tech:
“Imagine you’d like to improve sustainable transportation by building an electric car. But you’re cash-strapped and lack community support so you start with a compromise: you make a vehicle part that converts gasoline cars into hybrids. You convince gasoline car manufacturers that they should buy your part and that people want hybrid cars. Then you custom your part to fit each manufacturer’s specs. In the end you’re a parts maker, gasoline is still king, and you still don’t have an electric car.
“Enter Tesla, a company that set out to accelerate non-gasoline transportation by building its own electric car, the parts that go into it and scalable process improvements.
“Atrium takes a Tesla approach to improving legal services. We assemble the full vertical stack of legal software tools spanning incorporation, equity management, deal management and client service. While legal software companies struggle to sell individual tools to law firms, at Atrium we have an integrated structure that allows law firm and tech company to work together in a coordinated fashion. Our law firm uses tools where good tools exist, and we co-founded a tech company— Atrium LTS (“Legal Technology Services” or “LTS”) — to build tools where no good options exist. In this unique system, we design and provide the legal service offering, from top to bottom.”
And yes, Justin Kan is Elon Musk.