Shark Tank: Sharks Recommend Online Legal Services…

Jan 30

Shark Tank: Sharks Recommend Online Legal Services…

My friend Miguel came by and told me to tune into Global to watch Shark Tank. Who was pitching? Why none other than Legal Grind. I had come across their idea while doing research prior to launching Dynamic Lawyers. I thought: that was a cool idea. Here’s what their website says about what they do:

“Legal Grind® incorporates the comfort of the coffeehouse setting with the support of a legal resource center to offer the ordinary American access to objective legal advice. In addition to affordable legal advice, Legal Grind® offers consumers a cost-saving opportunity to identify and select specific areas of their case in which to receive legal help or representation.”

So here’s an unbiased synopsis of what happened on the show:

Jeff and Annie Hughes came out.
They wanted $200K for 15% of their business.
Jeff mentioned how, 17 years ago, he graduated from law school and spent a lot of time at a coffee house (more than in a court house).
Then the idea came: a coffee house could deliver legal services to the middle class.
With the help of his family, he opened up Legal Grind in Santa Monica, California in 1996.
Now they wanted to franchise Legal Grind.
The sharks didn’t go for the idea.
Why? Well, the sharks felt there were issues with: the amount of money the business had previously made, why the combination of coffee and lawyers, the marketing plan, the risk of having non-lawyers (legal document assembly employees) give legal advice, the proposed use of the $200K, and the ability to replicate the business through a franchise model.
Importantly, the sharks agreed that a legal services business could simply be provided ONLINE without the brick and mortar costs!!!