Slides from Kristian Anker - Co-founder and co-CEO at Legal Hero. Watch the StartupTalk at www.psvacademy.dk

1. LegalHero Presentation
October 2021

2. Digital platform with over 150 legal experts and 40+
intelligent contract- and document templates.
Who is LegalHero?
Thousands of customers have since 2016 rated us 4.8 out of 5
Fixed pricing and technology solutions, tailored to the
individual companys needs.
Everything on one simple platform, allowing business
to manage all legal operations, all the time.
Customers using LegalHero

3. The workforce within EU
will be working freelance within
the next 5 years.
45%
*McKinsey & Co
Of all companies, are willing, or
have already, switched to
“alternative legal service
providers” (ALSP).
52%
*Deloitte
Why LegalHero?

4. Based on
fi
xed hourly rate of:
1.796,-
150+ experts
Counselling
O
ff
erings
SmartDocs
Dynamic templates. Add
counselling on top.
‣ Fixed priced on-demand lawyers
working on
fl
exible contracts.
‣ We scope, source and facilitate the
entire proces. Price up front.
‣ Payment upon completion.
‣ Fixed price starting from 299 kr.
‣ Tailored solutions via API or “White
label” with speci
fi
ed pricing.
On-demand legal counsel
SmartDocs
From 299,-

5. Startups & SMB Enterprise & In-House
Our customers

6. SmartDocs
‣ Easily create your own
documents & contracts
‣ Guidance and easy access to support
during the creation process
‣ Store, sign, and send for a review
with on of our experts in one go
5

7. On-demand legal counselling
‣ Manage all of your legal needs from
one place
‣ Work with vetted experts on one simple
and secure platform
‣ 100%
fi
xed fees and
transparent pricing structure
5

8. Lene
Cand.jur. 1995 (KU)
Experience from:
Regnar
Cand.jur. 1999 (KU), MBA Kellogg School of Management
Experience from:
Sarah
Cand.jur. 2011 (Aarhus University), LL.M. (King’s College)
Experience from:
Our lawyers
LegalHeros lawyers:
1. 100+ lawyers on the platform i DK
2. Highly specialised within 1-2 retsområder
3. Average of 11 years of experience
4. Screened by LegalHero
5. Top 15%

9. Early days of working with pricing
“What are both sides willing to pay, or get paid?”
The most important question for LegalHero in the beginning:

10. Early days of working with pricing: Asking questions
‣ Over the phone
fi
eld studies
‣ Real
fi
eld studies 🥙
‣ Found an equilibrium. Made sure to add our margin to ensure long term
pro
fi
tability.
‣ B2C vs B2C - two completely different ways if thinking about price.
How to get the answers you need. Stupidly simple stuff works the best.

11. Do we really want to focus so much on price?
Learnings after pushing a “low-price” agenda.
‣ Focusing too much on price will make you seem cheap - is that really what
you want? Remember, in the beginning,
fi
rst impressions matter.
‣ Being cheap is usually a less compelling one-liner, without context as to why
you are cheap.
‣ Typical response we heard when talking about our price: “If it is that cheap,
what is the
fl
ip side?” 🤨
‣ When people don’t understand, what they are buying, price becomes the
only comparable metric.
‣ Selling legal services is selling trust. Being known as “cheap” is not
necessarily a good thing.

12. First iteration of our prices
Iteration after pushing a low-priced agenda.
‣ Explain why you are cheap(er).
‣ Be upfront and answer the questions in relation to price, you hear all the
time.
‣ Increase price to remove unnecessary friction if too many questions. You
don’t always have to be 80% cheaper. 50% will do. Keep/increase your
margins 💰
‣ Increased price again. Lower price again.
‣ Starting to iterate and realise the different segments of customers and how
to approach them.

13. Learnings after
fi
rst iteration on price
Your worst concerns are often just that.
‣ Old customers will often have an opinion. Listen to them, but do not get
discouraged.
‣ Increasing prices helped os move away from a “discount” to a “fair”-priced
product.
‣ Less talk about our prices - more talk about our offerings. 💁

14. Second iteration on price
Keep experimenting. Your customers want you to make money.
‣ When we signi
fi
cantly increase our prices a second time - the pattern was
overall the same.
‣ Our customers understood that the company was progressing and so were
we, and the need to charge more for some services was warranted.
‣ No long time advances. Don’t talk too much about it if you can avoid it.
‣ For SaaS, I recommend announcing it long time in advance.
‣ Make sure your contracts or TOS gives you the right to update your prices.
‣ Honor your legacy or “grandfather”-customers. In most cases, they are
your best ambassadors and worth the investment 🧙

15. Overall learnings after two major price changes
“Products” should be priced. The value of the customer should.
‣ Know what customers you are “hunting” or and understand how it sells:
fl
ies, mice, rabbits, deers or elephants. See Christoph Janz: How to build a
$100m business 🪰 🐁 🐇 🦌 🐘
‣ Understand, that ind the beginning you are looking for product-market-
fi
t.
Iterate iterate iterate. There is a time before and after product-market-
fi
t.
‣ Look at each customer, segment, and base your price on the value of that
particular customer or segment.
‣ Make sure your sales & marketing strategy aligns with your product. Don’t
hire sales people to sell $1 products. Find your product-channel-
fi
t.

16. My best advice for working with pricing
In the beginning there is no right or wrong answers. You have the power. Hustle and learn
‣ Build early prototypes of your product and start selling it before it is ready.
‣ Get the feedback from the market as if the product was ready to launch. Try
building a “fake" website and let customers go through the sign-up
fl
ow.
‣ Keep trying, until you make it. 🙃
‣ Dont focus on the prize itself. Focus on the prizing structure and the value
of the customer.
‣ Be methodical about your efforts and ‘trust the process’. Rather have one
happy paying customer and build from that.