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Theory and Principle Celebrates 5 Years, Announces Official Launch of Product Co-Development Studio
Theory and Principle looks to the next 5 years, focuses on accelerating deployment of legal tech products to market
Portland, Maine—JANUARY 30, 2023— The start of the new year marks the five year anniversary of Theory and Principle, www.theoryandprinciple.com, the influential provider of custom software design and development services to the global legal industry. While remaining a boutique, Theory and Principle has had outsized influence and impact across all segments of the industry, including AmLaw 100 firms, non-profit organizations, legal technology companies, and more.
While the core of Theory and Principle’s business has been to provide bespoke design and development services to its clients, the company announces the launch of a new business unit, T&P Studio. T&P Studio is a co-development arm of the company that partners with legal industry organizations or individuals who have ideas for products but may not have the product team, budget, or other elements needed to bring a product to market. T&P will also be bringing its own product ideas to market through T&P Studio.
T&P will validate partner ideas and then manage all areas of product strategy, design, development, and launch. Depending on the terms of the partnership, the T&P team will also participate in ownership, go-to-market strategy, sales, marketing, etc. The Studio is designed for flexibility given the wide range of partnership interests in the market. For example, some partners may want a product to exist, but want no part in the ownership, sales and marketing, while other partners may want all of the rights to own, market, and sell the product, but cannot afford the initial build.
“As a company, we design, build, and deploy modern, beautiful legal technology products rapidly — we’ve simply had our hands in more legal tech products than any company out there,” says Theory and Principle CEO Nicole Bradick. “As a result, we have the team, infrastructure, experience, and processes to partner with organizations who have ideas but not the resources to move their concepts forward. This model is a win for us, our partners, and the industry. We want to see more innovative SaaS products get to market faster by de-risking the effort for anyone with a great idea,” continued Bradick.
T&P Studio already has two anchor SaaS products: Virtual Law Clinic (www.virtuallawclinic.com), a pro bono management platform that came out of a co-development arrangement with law firm Simpson Thacher and Bartlett, LLP, and Map Engine (www.mapengine.io), a multi-jurisdictional data map visualization tool that came out of a co-development arrangement with legal innovation consultancy Sente Advisors.
The partnership terms vary based on the particular arrangements by the parties, but can involve some combination of cost-sharing, task-sharing, revenue-sharing, and more. Theory and Principle encourages any interested parties to reach out to discuss possible avenues to partnership.