Online Law Consultancy Firm

Name: Lawspective
Group members:

1. SADIA SIDDIQUA (21-45056-2)

2. ABRAR AHNAF (21-45057-2)
3. TANJEEL IQBAL SHEHAB (21-45102-2)
4. MARUFA AKTER (21-45145-2)

Course name: ENTREPRENEURSHIP DEVELOPMENT [D]

Course Lecturer: Samia Shabnaz

Executive Summary:
The Online Law Consultancy Firm is a visionary venture poised to revolutionize the legal
consultation landscape through a cutting-edge app-based platform. Our platform offers accessible
and expert legal advice to individuals, startups, and businesses, bridging the gap between legal
expertise and digital convenience.

In response to the evolving digital world, our app provides instant access to qualified legal
professionals, enabling users to address their legal queries and concerns from the comfort of their
devices. Through a user-friendly interface, clients can connect with experienced lawyers, receive
tailored guidance, and gain peace of mind in navigating legal complexities.

Key Highlights:
Market Opportunity: The app addresses the growing demand for online legal services,
particularly among individuals and businesses seeking timely and affordable legal consultation.

Differentiation: Our app stands out through its intuitive design, secure communication, and a
curated network of experienced attorneys across various legal domains.

Revenue Model: The business model includes subscription plans, pay-per-consultation options,
and premium features, ensuring sustainable revenue generation.

Strategic Marketing: Leveraging digital marketing, strategic partnerships with legal firms, and
social media campaigns to drive user acquisition and engagement.

Financial Projections: Projections indicate rapid revenue growth over the next three years, with
a calculated break-even point within the first year.
As pioneers in the online legal consultancy sector, we are poised to meet the needs of today's
digital-savvy clientele while redefining the way legal guidance is delivered. By combining
technology with legal expertise, our Online Law Consultancy Firm app is poised to become the
go-to platform for accessible and reliable legal advice.

This Executive Summary provides a snapshot of the comprehensive Business Feasibility Study,
showcasing the viability, uniqueness, and potential impact of our Online Law Consultancy Firm.
We invite you to explore the detailed analysis and projections in the following sections to fully
grasp the exciting opportunity presented by this venture.

Introduction:
The Online Law Consultancy Firm introduces an innovative platform that merges legal expertise
with digital convenience. Recognizing the challenges of traditional legal consultation, our app-
driven solution aims to provide accessible and timely legal advice for individuals, startups, and
businesses. By capitalizing on the digital age, our platform offers a user-friendly experience,
ensuring that legal guidance is easily accessible whenever and wherever needed.

Product/Service:
The Online Law Consultancy Firm introduces a groundbreaking app-based platform that
reimagines the process of seeking legal guidance. Through this innovative solution, individuals,
startups, and businesses can effortlessly connect with experienced legal professionals for expert
advice and consultation. The app streamlines the user journey, allowing users to submit their
legal queries, get matched with specialized legal advisors, engage in secure chat or video
consultations, and receive tailored advice—all within a secure and confidential digital
environment. With a diverse network of legal experts covering various domains, users can
receive prompt and personalized assistance for a wide range of legal concerns, eliminating the
constraints of traditional in-person consultations. The Online Law Consultancy Firm's
commitment to convenience, security, and accessibility signifies a transformative shift in how
legal expertise is accessed in the digital age, empowering users to make informed decisions and
navigate legal complexities with confidence.
Technology:
The Online Law Consultancy Firm harnesses state-of-the-art technology to create a seamless and
secure platform that facilitates efficient interactions between users and legal experts. Our
advanced technological infrastructure ensures a user-friendly experience while prioritizing the
confidentiality and security of all communications and data.

Key Technological Features:

Secure Chat and Video Communication: The app integrates encrypted chat and video
communication capabilities, allowing users to engage in confidential discussions with legal
advisors.

Matching Algorithm: Our sophisticated matching algorithm connects users with the most
suitable legal professionals based on the specific legal domain of their query.

Document Sharing: Users can securely share relevant documents and files with their assigned
legal advisors, streamlining the consultation process.

Notification System: The app employs a real-time notification system to alert users about
responses, consultation schedules, and important updates.

User-Friendly Interface: The intuitive and responsive user interface ensures a seamless
experience for users of all levels of tech-savviness.

Example:
John, an entrepreneur seeking guidance on a trademark application, logs into the Online Law
Consultancy Firm app. He initiates a chat session with a trademark law specialist by sharing key
details and documents related to his query. The secure chat environment ensures that his
information remains confidential. During the conversation, John and the legal advisor also
engage in a video call to discuss the finer points of the trademark application. The app's real-time
notifications keep John informed about the advisor's responses and consultation schedule. The
user-friendly interface enhances John's experience, allowing him to navigate the app effortlessly
and access the legal expertise he needs.
The Online Law Consultancy Firm's strategic incorporation of cutting-edge technology not only
provides a seamless and efficient user experience but also instills confidence in users that their
interactions are secure and their data remains private throughout their legal consultation journey.

Intended Market Environment:

The Online Law Consultancy Firm operates within a dynamic market environment that reflects
the changing landscape of legal services and the evolving preferences of individuals, startups,
and businesses. Our app-driven platform aligns with key trends and market demands, positioning
us to cater to a diverse range of clients seeking accessible and convenient legal advice.

Target Markets:
Individuals: Individuals navigating personal legal matters, such as family law issues, estate
planning, and consumer rights, find value in accessing legal guidance through a user-friendly app
that simplifies complex legal jargon.

Startups: Startups seeking legal counsel on business formation, intellectual property protection,
and contract negotiations benefit from prompt and tailored advice that empowers them to make
informed decisions as they establish their ventures.

Small to Medium Enterprises (SMEs): SMEs, often lacking in-house legal departments,
appreciate the ease of connecting with legal experts through an app for various legal concerns,
ranging from employment matters to regulatory compliance.

Entrepreneurs: Entrepreneurs juggling multiple roles can access quick and focused legal
guidance through the app, enabling them to overcome legal hurdles and concentrate on growing
their enterprises.

Market Dynamics:

Digital Accessibility: The widespread use of smartphones and the increasing reliance on digital
platforms make online legal consultation a natural progression for users seeking instant access to
expert advice.

Cost Efficiency: Our platform offers a cost-effective alternative to traditional legal consultation
methods, eliminating the need for physical appointments and reducing overhead expenses.
Time Sensitivity: Users' busy schedules demand efficient solutions. The app's ability to provide
timely responses aligns with the fast-paced nature of contemporary life.

Customization: Clients appreciate the ability to select legal experts based on their specific
needs, fostering a personalized and productive consultation experience.

Competition:
Rivalry:
1. The law firm industry has numerous competitors in the market, but our app-based service sets
us apart with its low cost and fast pace, giving us a unique advantage. While the number of
competitors is a threat, our distinguishing factors present an opportunity for the business.

2. The industry itself is experiencing rapid growth due to increasing demand, providing a
significant opportunity for our business to expand.

On the whole, the business faces a moderate level of threat and opportunity as well.

Substitute:

1. The Price of our service is lower than that of our competitors. Thus, it is an opportunity for us
as people can be attracted to the affordability of our product.

2. The Quality of our service is high. We supply high quality services within a low-price range
which makes choosing our services more attractive to the customers.

3. Switching costs from our services to any other services will be a bit high. If a customer wants
to go to a different firm, they will have to physically go there which will cost them time and
money. Other than that, the services provided by us are more affordable than any other firm that
provides such services. Thus, it is an opportunity for us.

New Entry:

1. The Investment required to have a business similar to ours running is low. Thus, it is a threat
to us as a new entry can be a thorn at our side when we are looking for customers.
2. The advantage of economic scale is not present. Which means, the more the services are
utilized, the pricing won’t vary as the type of services provided does not change based on how
much it is being used.

3. Brand Loyalty is an important factor. If we provide high quality services at a low price,
customers will be pleased and will want to stick with our services even if there is another option
available. Thus, it is an opportunity.

4. There are some rules that are to be followed when it comes to entering this field. Since it is a
law-based business environment, strict rules and regulations are to be followed and maintained to
ensure that the provided services are according to the standards. Thus, it is an opportunity as new
entries will face barriers when trying to join this field.

Industry:
Key Industry Factors:
Digital Transformation: The legal services industry is undergoing a digital transformation,
driven by the increasing adoption of technology for communication, documentation, and
consultation.

Remote Access: Clients are seeking ways to access legal expertise remotely, a trend further
accelerated by the global shift towards remote work and virtual interactions.

Customized Solutions: Modern clients expect tailored legal advice that addresses their unique
concerns rather than a one-size-fits-all approach.

Cost and Time Efficiency: The industry recognizes the value of providing efficient and cost-
effective solutions to clients who require legal advice without lengthy delays or high expenses.

Market Outlook:
Growth Potential: The demand for digital legal services is on the rise, driven by the need for
convenient, efficient, and expert guidance across various legal domains.

Client-Centric Approach: The industry is shifting towards a more client-centric model,

focusing on enhancing user experience and meeting clients' specific needs.
Collaboration with Technology: Legal professionals are increasingly open to adopting
technology to streamline their processes and better serve clients in an evolving digital landscape.
Example:
Within the broader legal services industry, the Online Law Consultancy Firm capitalizes on the
momentum of the digital transformation. As individuals, startups, and businesses seek immediate
and targeted legal advice, our app aligns with the industry's move toward remote access and
customized solutions. By seamlessly integrating technology and legal expertise, we position
ourselves to cater to the changing expectations of clients who value convenience, efficiency, and
specialized guidance.

In navigating this evolving industry, the Online Law Consultancy Firm is at the forefront of
combining legal acumen with technological innovation, redefining how legal advice is accessed
and delivered in a rapidly changing world. As the industry continues to evolve, our commitment
to providing accessible and expert legal consultation through our app remains a significant
contributing factor to our success.

Marketing and Sales Strategy:

Key Elements of the Strategy:

Digital Presence: We establish a strong online presence through a professional website and
active social media profiles, showcasing our expertise and the benefits of our app-based
platform.

Content Marketing: Regularly publishing informative legal articles, blog posts, and videos on
topics of interest establishes our authority and engages potential clients.

Social Media Engagement: Active engagement on social media platforms facilitates dialogue,
addresses legal queries, and fosters a sense of community among users.

Strategic Partnerships: Collaborations with legal firms, startup accelerators, and business
associations expand our reach and provide credibility within relevant industries.
User Testimonials: Sharing success stories and positive feedback from clients on our app and
website enhances trust and showcases our effectiveness.

Paid Advertising: Targeted online advertising campaigns increase visibility among the target
audience, driving traffic to our app and website.

Example:
When Sarah, a small business owner, encounters legal uncertainties, she searches online for
accessible legal solutions. Through strategic digital marketing efforts, she discovers the
Lawspective’s website and social media profiles, which offer informative articles and helpful
legal tips. Impressed by the user testimonials and the credibility established through strategic
partnerships with legal associations, Sarah downloads the app.

Once within the app, Sarah finds an intuitive interface that addresses her legal concerns
promptly. The positive experience she gains from the user-friendly consultation process
encourages her to share her satisfaction on social media, contributing to our word-of-mouth
marketing.

By combining a strong online presence, valuable content, strategic partnerships, and user
engagement, the Online Law Consultancy Firm's marketing and sales strategy ensures that users
like Sarah are not only attracted to our platform but also find value in the service we provide.
This holistic approach aligns with our commitment to offering accessible legal consultation and
building lasting relationships with our diverse client base.

Critical Risk Factors:

While the Online Law Consultancy Firm presents a promising business model, it's important to
acknowledge and mitigate potential risks that could impact the success and sustainability of the
venture. Identifying and addressing these critical risk factors proactively enhances our ability to
navigate challenges effectively.

Regulatory Compliance: Changes in legal regulations, licensing requirements, and data privacy
laws could affect our ability to operate the app and provide legal advice across different
jurisdictions.
Cybersecurity and Data Privacy: The security of user data is paramount. A data breach or
privacy violation could result in legal liabilities, loss of user trust, and reputational damage.

Legal Liability: Despite the app's accurate advice, there is a risk of users misinterpreting or
misapplying information, leading to potential legal disputes that could impact the firm's
reputation and financial stability.
There are other risk factors as well that needs to be analyzed and taken into account before
starting the journey. Some factors may arise after the business has progressed for some time.
Thus, some precautions to avoid these problems must also be taken to keep the business from
failing.

Financial Plan:
Financial projections provide a clear outlook on the business's expected financial performance
over a specific period. Here's an example of financial projections, including a Break-Even
Analysis, Income Statement, and Balance Sheet, for a small startup Online Law Consultancy
Firm operating over the course of a year:

Break-Even Analysis:

 Selling Price per Consultation: 4,200 BDT

 Variable Cost per Consultation: 1,260 BDT

 Fixed Costs (Monthly): 420,000 BDT

 Break-Even Point (Consultations): 420,000 BDT / (4,200 BDT - 1,260 BDT) = 142.86
consultations

 Monthly Revenue at Break-Even: 142.86 consultations * 4,200 BDT = 600,000 BDT

Income Statement Projection (Year 1):

Description Amount (BDT)

Revenue 15,600,000

Variable Costs 4,680,000

Description Amount (BDT)

Gross Profit 10,920,000

Fixed Costs 3,120,000

Operating Income (EBIT) 7,800,000

Interest Expense 260,000

Net Income Before Tax 7,540,000

Income Tax (30%) 2,262,000

Net Income 5,278,000

Balance Sheet Projection (Year 1):

Assets Amount (BDT) Liabilities and Equity Amount (BDT)

Cash 1,680,000 Accounts Payable 420,000

Accounts Receivable 1,260,000 Short-Term Debt 700,000

Prepaid Expenses 252,000 Long-Term Debt 1,400,000

Equipment 2,100,000 Equity (Owner's Capital) 8,013,000

Total Assets 5,292,000 Total Liabilities & Equity 10,533,000

These projections are based on various assumptions, including the number of consultations,
pricing, costs, and tax rates. Actual performance may vary from these projections. It's essential to
regularly monitor and adjust projections as the business progresses and actual data becomes
available.

Conclusion:
In conclusion, the Online Law Consultancy Firm presents a pioneering venture that harmonizes
technological innovation with legal expertise to meet the evolving demands of individuals, startups, and
businesses seeking accessible and tailored legal advice. Through our app-based platform, we have
strategically addressed key components across the business feasibility study, positioning ourselves for
success in the dynamic legal services landscape.

The viability of the proposed Online Law Consultancy Firm is underscored by its alignment with
significant market trends. The surge in digital accessibility, coupled with the increasing
preference for remote consultations, sets the stage for our app to become a pivotal player in the
legal consultancy industry. Moreover, our diverse target markets, ranging from individuals to
startups and SMEs, validate the market need for a user-centric, efficient, and cost-effective
solution like ours.

The firm's foundation is grounded in a robust technology infrastructure. With encrypted

communication, accurate matching algorithms, and secure document sharing, we ensure the
safety, confidentiality, and convenience of all interactions within the platform. The integration of
technology to simplify and streamline legal consultations is both a testament to our forward-
thinking approach and a response to the demands of modern users.

Furthermore, the financial projections exhibit a sound financial trajectory, outlining revenue
streams, costs, and expected profitability. Our break-even analysis demonstrates a prudent
approach to revenue generation, while the projected income statement and balance sheet
underscore the potential for sustainable growth and a solid financial position.

Nonetheless, we recognize and acknowledge the critical risk factors inherent in our venture. To
address these risks, we have devised comprehensive mitigation strategies. From stringent
cybersecurity measures and quality assurance protocols to compliance with legal and regulatory
frameworks, these strategies underscore our commitment to providing a secure, accurate, and
compliant service.

In essence, the Online Law Consultancy Firm encapsulates a transformative approach to legal
consultation that not only meets the present needs of clients but anticipates the future demands of
an ever-evolving industry. By embracing technology, fostering strategic partnerships, and
prioritizing user experience, we are poised to emerge as a trailblazer in the realm of online legal
consultancy. As we embark on this journey, we are confident that our dedication to excellence,
innovation, and client satisfaction will propel us toward sustainable success.