Bootstrap Legal is a new Legaltech and Fintech startup that has officially launched today. Bootstrap Legal is a software service that automates the drafting of complex legal documents for smaller real estate projects. The service was luanched in recognition of the fast changing world of online real estate investing and the emerging crowdfunding sector of finance. More and more smaller investors are able to access investment opportunities online. For platforms and issuers originating these offers, a streamlined and inexpensive service, that is easy to use, to provide necessary legal documents is vital.
Bootstrap Legal is the creation of Amy Wan, until recently a Partner at the law firm of Trowbridge Sidoti, LLP and former General Counsel at Patch of Land, a real estate crowdfunding platform. Wan, who is Chief Legal Hacker at Bootstrap Legal, is also a Senior Contributor to Crowdfund Insider and is well-known in the Fintech space for her outspoken advocacy on financial innovation. Wan was also recently recognized as one of ten Women to Watch by the American Bar Association.
“The one thing I heard from my clients as an attorney was the importance of speed,” explains Wan. “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. 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.”
Bootstrap Legal users simply answer a series of questions about their real estate project. Once completed, a set of 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.
Wan says this is a first of a its kind Legaltech service that slashes legal fees and expedites the process. Real estate investors typically have limited time to raise capital for their project, and Bootstrap Legal’s software is designed to allow users to control the legal process. If a user requires additional legal advice, they are connected to a real estate securities attorney to get their questions answered. Wan believes Bootstrap Legal can level the playing field providing a quality service without the excessive cost typically associated in hiring a law firm.
“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,” adds Wan. “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.”
Bootstrap Legal expects to launch additional services in the near future that leverages AI to democratize access to counsel for small business entrepreneurs.