Better Investment in Legal Technology
Legaltech innovation is vital for firms that care about their clients
I have spent a long time working in innovating technology successfully. This has been in various sectors and technologies, and I have recently been reflecting on why this is.
Questioning why we continue doing something that is often hard, when it doesn’t have to be? Or why try to encourage others to change when they don’t initially see why they should?
I have always been very focussed on people, right/wrong and fairness so the only answer I can give is that I want to see things improve for people. It was this wanting to help people at a time of bereavement that drove Nick and I to found Exizent in 2019, and that is core to our purpose.
In my innovation journey so far, I have successfully innovated in financial services, environmental technology, biotech and of course software.
Exizent is really a LegalTech/Fintech hybrid in the probate space.
So given that I had only an outsider’s view of the probate space before founding Exizent I was particularly interested in some of the market research we did very early on. Whilst our sample was moderately small then and feedback qualitative, what was really encouraging was what probate specialists, particularly solicitors and accountants, were telling us. The problems they were wanting us to solve – including onerous administration, poor access to data and slow communication with institutions – were driven by their desire to bring their expertise to bear and deliver a better experience for their customers. A clear alignment of problems to be solved through innovation and helping people. Great news for me!
My belief that we are doing the right things in Exizent was reinforced earlier this year with the publication of the first annual Bereavement Index. This was a much more quantitative study with a larger sample size. For me it both validated that the problems we are solving are widely felt, and reinforced that technology is part of the solution.
The feedback also showed that many probate practitioners agreed; with 41% of legal firms thinking that technology could improve the bereavement process and 22% of saying investment in tech is their top priority for the next 12 months – amongst improvement in client service, improving case efficiency and firm growth. I would suspect that this highlights that firms are realising the importance in tech and how it will ultimately feed into other aspects of improvements.
Higher numbers than most would expect in what are difficult times and, in a space, often seen to be change averse – stats driven by legal innovators and those with a growth mindset.
I am a bit of a fan of Simon Sinek’s ‘Start with Why’. (It is a good read for anyone with time or his TED talk is a good alternative for those who are time poor. In fact, Nick and I are such big fans that we send every new employee a copy on starting at Exizent.) Given this, it particularly resonates with me that the feedback on ‘why’ from the Bereavement Index work and from our early adopter customers is overwhelmingly the desire to do a better job for their clients.
LegalTech in general, and particularly our own bit of it, I believe, is all about innovation making things better for professionals and their clients. We plan to go as quickly as we can to the benefit with all involved and I for one I am very happy to be working with the many told us they shared the same objective – making things better for people.
Aleks Tomczyk is Co-Founder and Chief Operating Officer at Exizent
Aleks is an experienced business executive with a strong track record of business innovation through technology. Prior to joining Exizent, Aleks worked as an independent consultant advising on growth and technology strategies in the fintech space. Before this, Aleks was CEO and principal consultant at Arum, which he re-founded in in 2006, providing specialist ‘hands-on’ business and technology transformation advice to large blue chips as well as delivering bespoke software applications for large corporations and VC backed high-growth businesses.
Aleks met Nick, Exizent’s CEO in 2018 and together they founded Exizent, based on their shared experiences of bereavement processes and both united in their determination to make the processes involved easier for everyone.