Startup Name - LegalWiz
Headquarter - Ahmedabad
Founders - Shrijay Sheth & Namann Pipara
Sector - LegalTech
Founding Year - 2015
One of the biggest challenges a young entrepreneur face while starting a startup is legal aspect. The rights of any product, hiring good CA, secretary, etc. are some of the problems which entrepreneurs need to take care in a day to day life. However, in this age of the internet, you can outsource all this work in just a few clicks. LegalWiz does exactly that with utmost simplicity and transparency. We interviewed, Co-Founder, Shrijay Sheth to share his experience, information and learnings from legalwiz.
We have covered following things about Legalwiz:
- LegalWiz Founder
- LegalWiz Idea
- LegalWiz Name & Logo
- LegalWiz Product
- LegalWiz Business Model
- LegalWiz Competitors
- LegalWiz Initial Customers
- LegalWiz Revenue Model
- LegalWiz Major Challenges Faced
- LegalWiz Technology
- LegalWiz Hiring Strategy
- LegalWiz Work Culture
- LegalWiz Future Plans
- LegalWiz Advice to the 15-year-old self
- LegalWiz Founders' advice to other entrepreneurs
LegalWiz - Founders
I am an eCommerce industry veteran and an entrepreneur with 10+ years of experience in working with businesses across the globe, mostly technology driven. My educational background is in commerce and business. I completed my Bachelors in Commerce and PGD in Financial Analysis from Gujarat University. Later did my MBA in Corporate Finance from San Diego State University, California. I founded LegalWiz with my co-founder Namann Pipara in 2015. Prior to that, I have been a consultant to some of the highly disruptive eCommerce ventures like Qualcomm, Bouqs (a SharkTank featured company) and LegalZoom (a world leader in Legal eCommerce). I am a true believer of people first philosophy and largely credit my development to the travel opportunities I have gotten, both in a professional and personal capacity. I love to travel - major attractions being meeting new people and experiencing a variety of food. Moreover, I love to eat and cook also! Being brought up in a joint family, values of sharing and caring are important to me. In spare time, I love to watch TV with family and my spare time alone is mostly spent watching videos (productive or random) on YouTube. I am a big fan of the Wikipedia model and believe in perfection through iteration.
I met Namann at a business professional networking event. He (and his family) represented a scaled up conventional CA firm. He is a chartered accountant and expert at company laws, income tax, and other relevant subject matters. With my background in Legal eCommerce and his knowledge base, we knew that we had found a good duo for creating a comprehensive solution. ✌️
LegalWiz - Product
LegalWiz provides a simple, affordable and transparent way of procuring business professional services. We add value by saving time and resources for entrepreneurs, which they can then use in their core business. Our services include online pvt ltd company registration and other types of business registration, Intellectual Property Registrations, Government & Tax Registrations and Filings, Accounting & Bookkeeping, Custom Legal Document Drafting and more. We cover many services that are generally offered by a CA, CS, Lawyer or other business professionals in India. In other words, we are a Legal Tech company that helps Startups & SMEs with business professional services, taxation and legal compliance.
LegalWiz - Idea
I worked with a similar business model (LegalZoom) in the US that was highly scaled and profitable. I knew India also needed something similar, but for different reasons. We thought transparency, accountability and simplicity were three major improvements that we could offer to the status quo of business professional services industry in India. As we scale to be a one-stop solution for multiple services, we know that cost efficiencies are surely coming as a by-product and can be directly passed on to the customers. My co-founder, Namann Pipara, is a partner at a conventional CA firm. When we met at the event as I said, we knew that together we could create a disruptive value proposition.
LegalWiz - Name & Logo
The "Legal" in our name signifies business professional services and the "Wiz.in" denotes our excellence at what we do while also reinforcing the online medium that we leverage. The logo is abstract - designed by Kathan Kothari, a famous NID designer with many accolades to his credit. In keeping with our credo of "Simple", it shows a filing system - a conventional way of representing the business (Filings) while it also is a Bar graph, denoting growth.
LegalWiz - Business Model
Our business credo is "Simple-Affordable-Transparent" and we focus on delivering best-in-class services to our clients. Hence a huge chunk of our business is from repeat customers. We pride ourselves on resolving customer requirements and keeping them at the center of our operations. That has helped us win accolades and growth at a sizzling pace. Our revenue model is simple, we charge for the services we provide. Also, I would add that it is very transparent. What you see on the site is what you pay and get. There are no surprises and all our services are backed by 100% satisfaction or money back guarantee.
LegalWiz - Competitors
There are many service providers like us in the market, mostly started in last one year. However, the market for business professional services in India is huge, multi-billion dollar and annually growing. We see VakilSearch, LegalRaasta, MyOnlineCA, as fellow service providers - and feel positive to see their growth stories. We see them more like a market validation and contributors to growing this online industry than just a competition. None-the-less, we thrive to become a leader here, and with a major focus on our service quality.
LegalWiz - Initial customers
Though we have a great quality of service, communicating the value to the audience is important. We function as a true eCommerce company in that sense and leverage multiple channels of marketing since day one. Our initial set of customers came in with some paid marketing and PR, along with great support from friends and family. Later, referral and repeat buyers became a significant chunk of whom we serve on an ongoing basis.
LegalWiz - Revenue Model
We are a services provider, and primary revenue comes from professional fees charged to the customers. Apart from that, we also have an opportunity to interact with startups at a very early stage, as early as when they think of starting a business. We aim to grow with a larger vision, where we can provide various self-fulfilled and closely curated affiliate service to be their growth partner in future.
LegalWiz - Startup Challenge
There were several challenges, some we nailed and some we took as learning for next time. A major challenge in the early days was to create a culture within the company that is accepted both by business professionals (CA/CS/Lawyers) and tech people. They practically come in with a very different work life expectations and needs to be catered differently as well - while making sure it all rhymes well to achieve a common vision. It required a good amount of mentor-ship from the management and a great deal of understanding from all employees to get us where we are today, proudly so!
LegalWiz - Future Plan
We want to be the most customer-centric business professional services company in India. Apart from that, there are plans to get in SaaS related to our industry as well as being a legit source of information and education center for professionals. We strive to make every business follow the law and simplify their legal journey.
LegalWiz - Technology Stack/hacks/tools
Some of the technologies we leverage are LifeRay, PowerBI, MySQL, Google Analytics, Angular, SnowFlake, Python, R etc. Besides these, we are highly active across social media and in the Startup ecosystem. Our blogs are highly informative and a credible source of information to customers & non-customers alike. We leverage organic PR & Communications as well. In-house training to upgrade our responses to customers is a vital component in our arsenal. Our "Stand-Up" meetings are a daily feature, so everyone involved gets a birds-eye view of the ongoing activities.
LegalWiz - Hiring Strategy
It really depends on the role we are hiring for. Some need the candidate to hit the grounds running and we really look for background and expertise. However, many positions that we now build are more to create a team that is worthy of this ride and specific seats can be picked later. We know that we are going to grow as fast as the slowest person in the team, so we really need people to join with high growth expectations and who are willing to set higher standards for the existing team. Integrity, willingness to learn and grow and being super fun is important.
LegalWiz - Work Culture
I was once told by someone (that I consider to be a great leader and inspirational personality) that talent needs a transition. Either it transitions up or transitions out. I promise myself every day that when I enter the office daily, I come not as a boss but as someone who will eventually be accountable for the growth of everyone's career who are associated with LegalWiz. The culture here is to learn, deliver, and grow. We are ok making mistakes as long as we have the willingness to correct them. Empowerment and accountability are two things you can expect at the least being part of LegalWiz team.
What do you wish someone had told you when you were 15?
Don't be judgmental. People are never wrong, they are mostly different.
LegalWiz - Founder's Advice
Work incredibly hard and stay true to your dreams. It may be very difficult, but you will find people who can help - thus, networking & tapping the ecosystem is vital.