Is this a REtech, Fintech, Legaltech, or all three? Meet Bootstrap Legal, a cool new artificial intelligence-based software developer that helps real estate investors draw up syndication paperwork for deals $2M and under, rather than outsourcing to expensive legal teams. Sorry lawyers, but this day had to come, and it foretells of other jobs that will be replaced by artificial intelligence in the future, too, as we've written about in the past. That said, the advantages to using this platform are both speed and cost. Can it be too long before this type of platform expands into larger real estate deals, $10M and under....$100M and under? We daresay no. Great innovation.
(Cindy Taylor/Publisher)
LOS ANGELES, July 25, 2017 /PRNewswire/ -- Bootstrap Legal, a legaltech and fintech startup, today launched software that automates the drafting of complex legal paperwork for those raising capital for real estate projects of $2 Million and under. For the first time, real estate investors can draft their own legal offering documents using artificial intelligence. The new online service was launched in recognition of the changing marketplace of real estate investing. More and more smaller investors are able to access investment opportunities online. For platforms and issuers originating these offers, a streamlined and low cost service to provide necessary legal documents is vital.
Bootstrap Legal, Inc.
"The one thing I heard from my clients as an attorney was the importance of speed. Sponsors need to maximize the amount of time they have to raise capital for a project prior to close of escrow. Everyone always wanted to start fundraising yesterday," explains Founder and Chief Legal Hacker Amy Wan, Esq. "At the same time, clients need legal documents even for their smaller deals. The legal fees for small transactions are often too high for small deals. Bootstrap Legal aims to solve a lot of problems my clients have had over the years."
Easy to use & Cost Effective
Bootstrap Legal users answer a series of questions about their real estate project. Once complete, bespoke legal documents are delivered to the user's email inbox within 48 hours. Each set of documents is attorney-grade and attorney-reviewed prior to delivery.
This first-of-its-kind legaltech product both undercuts the legal fees associated with real estate capital raises and expedites the process. Real estate investors typically have limited time to raise capital for their project, and Bootstrap Legal's new software allows users to control the legal process, so that they can have extra time to raise capital. Users who require additional assistance are connected to a real estate securities attorney to get questions answered.
Wan, a real estate securities attorney and prominent voice in the crowdfunding space, aims to democratize access to legal counsel for small businesses, without the associated unpredictable high fees and lack of speed and process. With Bootstrap Legal, Wan believes she can level the playing field.
"Small businesses make up over 99% of businesses in the U.S. Yet, the average American has $400 in their checking account, which isn't enough to even form a legal entity. It's unrealistic to think these entrepreneurs can afford a $2000-5000 retainer to an attorney to get a business formed and off the ground. I believe that investing time in helping small business entrepreneurs leads to economic growth and job creation—which is important given all the future of work discussions we hear today. Bootstrap Legal intends to use AI to give small business entrepreneurs a fighting chance by providing a more user-friendly and affordable access to counsel," adds Wan.
Prior to founding Bootstrap Legal, Wan was a Partner at Trowbridge Sidoti, LLP and General Counsel at Patch of Land, a real estate crowdfunding platform. She also helped formulate international trade policy and business and human rights policy as a Presidential Management Fellow in the federal government. She was named one of ten Women to Watch by the American Bar Association, and co-founded Legal Hackers LA, a meetup group that facilitates discussion around the intersection of law and technology.
About BOOTSTRAP LEGAL