What Is Bootstrap Legal? by Amy Wan, Esq.
Bootstrap Legal Founder, Amy Wan: Which is why I started this company, to find ways that we could use technology to give regular people access to legal services.
Bootstrap Legal is a legal technology and fintech company. What we’re basically doing is trying to create the future of what we think the law can be. And a lot of that tends to tie back in to finance.
Bootstrap Legal is…and I think this harkens back to the reason I went to law school, right? And the reason I went to law school was to help people out. But as an attorney you end up finding out you’re helping large corporations, really rich people and I think that normal people are priced out of legal services which is why I started this company to find ways that we could use technology to give regular people access to legal services.
So today we do two things. One is a document automation project, so what that entails is that (we started out in real estate) any one who is trying to raise money for a real estate opportunity, has to follow securities laws. Normally if they went to an attorney, it would take the attorney maybe a month to get the documents because it would cost maybe $10,000 to $30,000 dollars. We use technology to automate that process to make the process faster, cheaper and easier. Especially for your beginning real estate investor.
And the second project that we’re working on today is more of a blockchain project. You know, ICO’s and everything happening in the crypto communities is really taking off now. And as we were looking at the space, we though “Wow, this space has so much potential.” But what it does not have is transactional confidence, the stuff that powers everything in the crypto space, whatever protocol that you are transacting on is done with something called Smart Contracts. And Smart Contracts (despite their name) are sometimes not so smart. They actually have a lot of vulnerabilities. So what we’re trying to do is fix those vulnerabilities by essentially creating a legal layer for the crypto community. So what that means is that we have one line of code that goes into a Smart Contract. If anything happens to that Smart Contract for any reason the parties can just trigger the code, it freezes execution of the smart contract and then kicks the whole thing over into a dispute resolution marketplace.
And then the entire thing, for a lot of logistical and cultural reasons, sits on top of a digital, borderless jurisdiction.
So it’s really meant to be a more friendly forum for people transacting in the crypto space.
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