?? Rise of Consortiums? [LTG Newsletter #58]

This week's newsletter takes about 2:45 minutes to read

Welcome back, Legal Tech Growers!?If you're one of the 14 new readers that joined this week, thanks for joining us?-be sure to connect with me on LinkedIn!

OK, so this week we're covering:

?How to drive more referrals to your legal tech

?Growth Jobs from Kudocs, Ping and Capdesk

?New legal tech startup spotlight - Legamart

?Articles from Artificial Lawyer and Law.com

?Growth tool of the Week - Referral Candy

ON GROWTH -?How to drive more referrals

This is an excerpt from The LegalTech Growth Course on Patreon.?Learn more about how the Legal Tech Growth Course can help your startup get traction and scale quickly, here.

OK - so this week let's talk about driving more referrals to your legal tech. To get your referral program to pop, you're going to want three scenarios:

1 - Your customer acquisition cost (CAC) must be less than the lifetime value of that customer (LTV). I think you understand why (it's not worth it if it's too expensive).

2 - The incentive you give the referer needs to be juicy enough that they actually want to take action. Again, sort of obvious but just sayin'.

3 - And finally, the referral's incentive needs to be yummy enough that they convert (OK, you get it).

Now let's look at how this can be applied in legal tech:

Option A: This is the most used in legal tech SaaS. Offer your referrers more of your core product—that's what they know, like and trust you for so give it to them. E.g. Dropbox offers referrers more storage.

Option B: Less used, but also powerful. Create a personal reward for the referral. So think a gift card to a local restaurant —they're more motivated by personal incentives.

How should you decide -- just A/B test and see which wins. Be sure to let me know what works!

NEW LEGAL TECH JOBS!

Continuing our collaboration with the great?Legal Tech Jobs, here's a curated list of some of the hottest jobs in legal tech growth!

KUDOCS?ishiring a Sales & Account Manager

PING?is?hiring a Product Marketing Manager

CAPDESK?is?hiring a Marketing Operations Manager

HENCHMAN?is?hiring a Sales Development Rep

LEXLY?is?hiring a Growth Data Analyst

KIRA SYSTEMS?is?hiring a Growth Marketing Manager

MY CASE?is?hiring an Account Executive

LEDGY?is?hiring a Content Lead

LEDGY?is?hiring a Senior Growth Marketeer

WAIT, STOP!

Are you a?Lawyer?looking to jump into a legal tech growth VP role?_

If so, then?check out my soon-to-be-launched LAWYER TO LEGAL TECH EXEC course?designed to help lawyers transition out of law...and into a legal tech VP role.

You can lock in your pre-launch low price now!

LEGAL TECH STARTUP INTRO

Thanks to?Legal Tech Product Channel?and?LegalPioneer?for the newest list of legal tech startups. Let's meet this week's new company!

Company:?LegaMart

Value Prop:?"Legal Marketplace for Foreign Jurisdiction Lawyers"

Market:?Global

Target:?Lawyers, Law Firms.

Price:?Marketing fee per case referral

Contact:?Co-Founder,?Hamid Bagherzadeh

LEGAL TECH READS

Thanks again to?Charlie Uniman and the Legal Tech Startup Focus?for sourcing some more good stuff for us!

World’s 2nd Legal Tech Consortium Launches

Tweetable: Jameson has a huge range of contacts across the world via its recruitment network. Those contacts at law firms and inhouse teams will be approached on behalf of the four members of the consortium.

Tough Nut to Crack: How International Legal Tech Companies Break Into the US Market

Tweetable: Breaking into the U.S. legal tech market requires significant relationship building and responding to region-specific needs. It can be a challenging endeavor, but one that many international legal tech companies can't afford to ignore.

LTG Commentary: This week we're double-clicking on a new trend quickly growing within legal tech, especially when it comes to major expansion markets like the US and UK - consortiums. Most readers will know about LexFusion, which was the first to stand up a consortium, recognizing that entry into the US market - especially into the AM100 - requires significant relationship building. The same can be said for the UK market, hence the rise of a Jameson Legal. From LTG's perspective, this is a welcomed GTM innovation!

FAVORITE NEW GROWTH TOOL

Finally, let's get to tools. This week's post was all about referrals, so this week's Growth tool of the week is...

REFERRAL CANDY

Referral Candy is an all-in-one referral program platform that allows you to create offers, track them and report out LTV lifts in just a few clicks.

Check out Referral Candy here!

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That wraps up another week. See you next week and as always -- let's grow!

Ben