Lumos: Introducing a Secure Marketplace for Litigation Finance
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About the Company
- SaaS platform
- Law Tech
In a digital world the convergence of technology and traditional sectors is no longer a novelty, but a necessity. The legal arena, often perceived as resistant to change, is undergoing a quiet transformation ushered in by the global rise of LawTech. This category represents not just the digitization of legal processes but the promise of streamlined, transparent, and accessible justice systems. Amidst this landscape, many legal professionals are eager to make an impact, creating technological solutions for industry-specific roadblocks. Yet, while they are experts in legal intricacies, lawyers often require technological assistance to bring their ideas to life.
Bridging the Gap: Litigants and Investors
One such idea became Lumos, a marketplace platform for litigation finance, which connects litigants seeking funding for their legal cases with potential funders searching for investment opportunities. Founder Madeleine Wykstra, a mission-driven lawyer who graduated from UC Berkeley in 2018, identified this gap in the legal market and came to Nolte with a strong vision – to create a digital platform which serves as a marketplace for both litigants and funders, empowering both parties with choices, security, and growth throughout their funding process.
Nolte, with a proven track record of assisting non-technical founders transform their visions into market-ready digital products, recognized the potential of Lumos and set out to ensure a robust, scalable, and market-ready execution. Litigation finance, in particular, is a domain that promises not just returns but a revolution in how legal cases are pursued and financed. It was integral that the technology we build for Wykstra not only complements but elevates the process, making this combination of law and finance both accessible and efficient.
Charting a New Direction: Nolte’s Approach
Some non technical founders come to us with an idea, some non technical founders come to us with a product that is just not doing what it should be doing. Madeleine presented us with a version of Lumos that was buggy and unresponsive to user needs. After an initial audit we agreed on the deliverable: a robust, market-ready MVP with a first-class user experience catering to both lawyers and investors.
To start, we dove into a one month Product Discovery phase.
This entailed:
- Market Analysis
We analyzed competitors to discern commonalities in market offerings and identified potential gaps Lumos could fill. - Customer Profiling
Both investors and the case holders, were put under the microscope. We crafted demographic and psychographic profiles to generate product personas. - User Interviews
Direct interactions with potential users gave us a keen sense of their pains, gains, and desires. - Design and Tech Evolution
Drawing from the insights gathered, we suggested a fresh, more assertive design concept for Lumos. Additionally, a modern tech stack was proposed, emphasizing stability, security, and scalability.
With findings in hand, we proposed a fresh backlog and a three-month roadmap, ensuring Lumos would hit the ground running.
Building Lumos: From Blueprint to Reality
Armed with a strategy, the next step was execution. Our dedicated team, consisting of software engineers, a product designer, communication expert, and product manager, worked in tandem to shape Lumos.
Agile Approach
Utilizing Kanban methodology, we maintained constant momentum. Frequent sessions with Madeleine ensured alignment, transparency, and rapid adjustments.
Tech Stack
Typescript (NestJS and NextJS) ensured seamless frontend and backend synergy. Tailwindcss gave Lumos its sleek look, and PostgreSQL provided a sturdy data foundation.
Product Development
Over three months, we crafted the access interfaces, dashboard views, user profiles, and a strategic landing page.
Lumos in Action: A Glimpse into the Marketplace
Lumos is not just another platform in the litigation finance ecosystem. Its distinctive appeal lies in its ability to serve a diverse range of stakeholders, from claimants and their legal representatives to a broad spectrum of potential investors. Lumos’ invite-only access ensures that participants are part of a curated and high-quality community, fostering an atmosphere of trust and credibility. The platform further reinforces trust by implementing rigorous verification processes for every user. This commitment to authenticity ensures that participants are not only serious about their intentions but also maintain the high standards Lumos seeks to uphold. In essence, Lumos is redefining the litigation finance marketplace, merging technology with integrity, and providing a space where genuine legal financing opportunities can flourish.
Designing for Consistency: The Creation of Lumos UI Library
The Road Ahead: Lumos’ Go-to-Market Strategy
While product development is crucial, its launch strategy can often make or break its success in the market. Recognizing this, we collaborated closely with Madeleine to conceptualize and implement a unique ‘Waiting List’ mechanism, where potential users could apply to join the Lumos community of litigators and funders. This wasn’t just about building a database; it was about strategically gauging market interest and nurturing a community before the official launch. With a meticulously designed landing page, Lumos was not only showcased to the world, but its value proposition was apparent, resonating with the very pain points of litigants, investors and law firms. Every sign-up became a testament to the pent-up demand and the potential of Lumos in litigation finance.
In Retrospect: A Partnership Rooted in Trust
Looking back at our collaborative venture with Lumos, it wasn’t just a project; it was a shared mission. Every challenge we faced was transformed into an opportunity, every obstacle, a stepping stone towards innovation. Reimagining Lumos’ tech framework, fine-tuning its brand essence, and crafting its narrative were not just tasks on a checklist but were parts of a journey we embarked upon together. Our partnership with Lumos and visionary leaders like Madeleine Wykstra underlines Nolte’s dedication and prowess in transforming dreams into tangible realities. Today, Lumos is more than a platform; it’s a beacon of innovation and trust in the litigation finance domain.
Together we launch!
Your success is our success. We are on a mission to help generate $700B in valuations for Nolte portfolio companies by 2030.
There’s one thing we ask, though. We have to share a brain and heart. From wins and failures, we have learned that ethos determines collaboration success. So we have crafted ours and expect our partnerships to live up to it.
In return, we help you launch, grow and scale with peace of mind.
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