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 Legal Forms. 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!!!
I was smiling ear to ear when I heard the sharks recommended an online legal services business to cater to the middle class….Dynamic Legal Forms anyone?
Maybe I should apply to be on Shark Tank and ask for a whole bunch of their money?