Episode 60 of the Legal Tech StartUp Focus Podcast - An Interview with Chris Cartrett, CEO of Aderant
Jul 12, 2024
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Chris Cartrett, CEO of Aderant, discusses Aderant's new platform 'Stridyn' and GenAI's natural language processing features. He emphasizes the importance of security in cloud-based legal tech and advises on value-based pricing strategies for legal tech startups.
GenAI's natural language processing in Aderant's suite boosts efficiency, allowing legal professionals to focus on strategic tasks.
Deep dives
Adirant's Core Business Serving Large Firms
Adirant primarily caters to large law firms, offering a range of products that assist in various aspects such as financial systems, time recording, billing, and collections. While also serving solo practitioners with products like deadlines and forms workflow, the core business revolves around streamlining work-to-cash processes for firms with over 50 lawyers. Adirant's global presence and success in the legal market position it as a key player in providing essential solutions for law firms.
The Launch of Striden Platform Enhancing Adirant's Offerings
Adirant introduced Striden, a platform designed to enhance the value provided to clients and streamline integrations with third-party applications. This platform-focused strategy aims to offer consistent data planes, robust APIs, and unified user interfaces across different products. By enabling clients to enhance their own unique use cases and improving AI integration, Striden has been well received in the market, emphasizing efficiency and innovation in Adirant's offerings.
Maddy and AI Innovations Transforming Legal Tech Efficiency
Adirant's introduction of Maddy, combining various AIs like llama and chat GPT, signifies a shift towards applying AI across different products. This generative AI, coupled with OCR technology, significantly enhances tasks such as managing outside counsel guidelines and AR automation, saving time and boosting efficiency. The rapid evolution of AI applications in the legal industry, exemplified by Adirant's endeavors, emphasizes the potential for AI to revolutionize legal processes and workflows for substantial benefits.
In this podcast episode, Chris and your podcast host, Charlie Uniman, discuss:
What Aderant’s (https://www.aderant.com) software offers its large law firm customers generally and, most significantly, how Aderant’s new offering, 'Stridyn,' brings a real platform technology to Aderant’s suite of practice management and related tools. The Stridyn technology enables Aderant’s customers to integrate all Aderant tooling and third-party software seamlessly.
How Aderant is bringing GenAI’s natural language processing features (and other machine learning architectures) to Aderant’s software suite, especially with Aderant’s MADDI “legal assistant.” This innovative feature has the power to significantly reduce the time spent on routine tasks, allowing legal professionals to focus on more strategic and value-adding activities.
How to understand the true meaning of 'cloud-first' and 'cloud-only' in legal tech use for law firms. Chris also explains how a legal tech vendor’s robust security and privacy features are not just crucial, but non-negotiable for encouraging the adoption of cloud-based software by legal tech customers, ensuring their data is always safe and protected.
Chris shares valuable insights for legal tech startup leaders on the subject of legal tech software pricing. He emphasizes that a 'value-based, ear-to-the-market' driven pricing strategy is key to gaining market share. He cautions against the risky path of bottom-up cost-plus pricing, advocating for a pricing approach that aligns with the value the product brings to the market.
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