Here we go again! We hopped on a quick call with Theorem’s founder Joshua Maley in NYC for our September Partner Profile. He gave us the inside scoop on Theorem and some legal tech trends and predictions. Here’s what’s been keeping Josh and the Theorem team busy.
1. Describe Theorem’s services.
Our Platform enables legal teams to enhance service delivery without introducing new systems, forms, or processes while granting access to a whole new world of alternatives, connections and collaboration through our Ecosystem/marketplace.
Theorem LTS makes it easier for firms to identify the technology they need while helping vendors to be pre-vetted for firms. Our Platform effectively enables legal tech vendors to deliver their solutions in context – within the end-user’s workflow – for enhanced utilization and client success.
Firms can identify, assess, access, track, and scale their apps while capturing business intelligence across their legal operations.
2. What motivated you to found Theorem?
I graduated from law school completely lacking expertise, practical experience, and access to the tools that could help me fill those gaps. I soon discovered that adoption was also the single greatest problem facing technology organizations within law firms and legal departments. Meanwhile, technology vendors faced huge obstacles in selling to legal organizations, even in an increasingly digital world.
So, we built our platform as a means for connecting the legal industry to solve the adoption problem and enhance digital transformation. Our goal is to remain a neutral, tech-agnostic orchestrator, thereby upholding the values of the legal profession.
3. Why should law firms consider transitioning from a traditional to a digital workflow system?
Simply put, digital workflows help legal professionals get back to higher-value work and reduce routine glut. They also help grant greater access to legal services.
The pandemic got everything rolling in the craziness of “wow, we’re really behind,” “wow, we need to have cloud solutions,” and “wow, these are things!” Ultimately, digital transformation will enable firms to respond to the realities of the next decade, enhance the client experience, and deliver better outcomes.
4. How does Theorem help law firms smoothly transition to a digital firm?
Theorem allows law firms to identify, assess and purchase legal technology in the marketplace, and connect those tools in the underlying Theorem platform. We also solve issues associated with workflow inefficiency, single sign-on, etc.
5. What is the incentive for legal tech apps to join Theorem’s marketplace?
Theorem’s marketplace is the most cost-effective way for vendors to find new customers. You can list your service year-round in our marketplace for much less than any sponsorship directory or conference fee. It’s a virtual marketplace, 365 days a year.
Remember, Theorem is a platform that has a marketplace. Vendors can access loads of integrations and our in-context delivery engine. Changing the way lawyers work is extremely difficult. Lawyers aren’t going to take the time to research and find your tool. It has to be part of their workflow. We want to deliver it to their workflow, but to do that…well that’s Theorem.
6. Briefly describe the standardized risk and compliance assessments that vendor apps can undergo.
When you upload your solution to the marketplace, you can get a security assessment from our partners. This allows you to display that you have a specific standard of security and information governance so that you can sell to the Am Law100+ and move faster through the procurement cycle. You will be awarded a badge upon completion.
7. What are some trends you’ve noticed amongst law firms?
I’ve noticed a lot of law firms are moving to the cloud. Additionally, they are using no-code workflow automation. Firms are also looking to increase the utilization of their core stack, so make sure you are compatible with their existing tools/infrastructure.
8. What are your predictions for the future of legal technology?
I predict there will be much more transparency on pricing, more complete standards, and the ability to integrate and interoperate with other legal apps in the core tech stack. #OurTheorem.