Just a few days later, it became known that one of the largest mia corporations, Thomson Reuters, bought Casetext for $650 million with an obligation to invest more than $100 million annually in the development of artificial intelligence technology on the platform.
The project, which start as a legal-focus Wikipia, took 10 years to achieve success. We tell you how the company manag to achieve this and what difficulties its creators fac.
How Casetext Company Began
The Casetext project was originally conceiv as a crowdsourc case law library, i.e. a resource where all users could it texts and comment on each other’s annotations.
Jake Heller, the founder of Casetext and a lawyer by job function email list profession, has work in commercial organizations, in court, and even in the White House during his career. Working on different projects and in different roles help him notice one important problem: while the rest of the world has advanc in technology, the work of human rights defenders has remain the same as it was decades ago.
In an interview, Heller recall how, while trying to website development for hotels 2022 understand his client’s case, he spent hours searching for any precent that could be us in court. Then, unable to cook himself dinner or go out to eat, he decid to order food delivery. It turn out to be incribly simple: it was enough to press a few buttons and pay the bill.
To realize the idea, Heller join the startup accelerator Y Combinator in 2013 and began developing a platform for lawyers. He want to create a library in which one could not only search for the necessary information, but also discuss it with other participants, also lawyers.
The product was not unique or revolutionary
However, the idea itself caught the attention of a couple of law firms. They lik that after uploading documents, platform users receiv recommendations: what laws, acts and cases they should read to understand their case.
Large law firms that sign contracts with Casetext could cmo email list afford to pay $50,000 to $150,000, a figure that excit Heller because it was enough to get the product fully develop.
To understand who else could be sold access to the legal case database, the company hir marketers and conduct research. Unfortunately, the results were not encouraging.
It turn out that large companies were not ready to pay for a product that was unknown on the market. The giants trust only those offers that were time-test. Casetext did not have such an advantage.
