Compass and vLex Canada featured in The Lawyer's Daily
In the context of a two-part series on legal entrepreneurship in Canada, LexisNexis publication "The Lawyer's Daily" featured Compass CEO Colin Lachance and vLex Canada's plans to bring competitive discipline and choice to the Canadian legal research market.
On the subject of entrepreneurship, Colin had this to say:
In part two of the series, the article captures the matter of how the legacy of Compass (Maritime Law Book) informs the future of vLex Canada:
And regarding how Compass/vLex Canada will do things different and support the overall development of a competitive market:
On the subject of entrepreneurship, Colin had this to say:
Lachance acknowledged the risks involved, and insisted lawyers embrace it, even if they do so slowly. “There’s lots of room for hobbyist lawyers who participate in legal hacker communities. I encourage lawyers to indulge their interest in working with other professionals to develop solutions. It’s exciting, it’s engaging and you don’t have to give up your job to do it," he said.
“If you want to turn this into a business, you must go all in.”
In part two of the series, the article captures the matter of how the legacy of Compass (Maritime Law Book) informs the future of vLex Canada:
Lachance views “Maritime Law Book” as “a blessing and a curse,” and he has a long-term plan to deal with the issue. The name engenders respect and familiarity among courts and the client base. “We have users at several national firms who have always used it so they moved with us to the new platform,” he said. But he anticipates questions like “Why Maritime? Is it law of the sea?”
He concluded: “It’s not a name that will age well. We’re emphasizing the platform name, vLex Canada.” When asked whether the initials MLB might cause confusion with a certain sports league, Lachance paused. “I’d stop using the name for a pile of money,” he quipped.
And regarding how Compass/vLex Canada will do things different and support the overall development of a competitive market:
Lachance recognizes the gaps between Compass and its established competitors, as well as the need to close those gaps. Rather than acquire products for their features or build those features in-house (and incur unwanted delays and financial strain), Compass intends to integrate with existing tools.
“When we choose not to move in a given direction, we will partner and co-operate with others who are in that space,” he added. “The big players need to be in all spaces. We would rather be in an ecosystem that connects with many different sources.”