After raising $5.5m from Kindred Ventures and a16z Speedrun, among other investors this summer, NewMod Fearn has formally launched – joining an ever-growing group of ‘new model’ / AI-native law firms seeking to disrupt the market. One of its founders, Han Kim, previously worked at Big Law firm Morrison & Foerster.
In this case, Fearn focuses on patent prosecution for startups, ‘combining patent experts and PhDs with proprietary models purpose-built for patent law’, offering rapid work and fixed, far lower fees than what most of the market provides.
‘The firm can take a founder from explaining an invention to a review-ready patent application in hours,’ they added.
— Advertisement —
—
The NewMod then juxtaposes this with the comment that ‘a conventional patent application can take 30 to 40 hours of attorney time [and] cost $18,000 to $40,000 in legal fees, while startups wait months to protect technology that can change by the day’.
They added that Fearn drafts and prosecutes patents ‘across software, hardware, robotics, semiconductors, defense, biotech and pharma’, and most importantly of all……..they do this ‘with fixed fees, [providing] provisional filings in as little as three business days, and a guarantee that puts its drafting fee at risk if a non-provisional application receives no allowed claims’.
In short, they’re taking the risk – and delivering work on a predictable and very rapid basis. The NewMod force is strong in this one…!
They also use a proprietary drafting and client management system. This meant, they said: ‘Instead of treating a patent as one long linear document, it represents the patent as a graph: it maps claims to the supporting text, figures and technical material behind them, while preserving attorney edits and a full record of how each section was produced.’
As noted, Han Kim worked at MoFo, and fellow co-founder Angela Gao has earned a PhD in computer science and AI.
Kim commented: ‘We started Fearn because the technology and the economics of patent law are now inseparable.
‘If AI makes the work faster, the client should feel that in the turnaround time and the bill. That only works if you build the firm around the technology from day one. Our goal is to give startups the quality of a top patent practice with a speed, price and level of visibility that the traditional model was never designed to offer.’
Is this a big deal?
It feels like AL is announcing a NewMod law firm every week now… Recently there was Kyra, then Vetta, and now Fearn. All serious propositions, all with lawyers from good firms, and all focused on chunky legal needs – and looking to take market share in their segments. More will no doubt arrive.
As mentioned by AL before, all the NewMods, from Crosby, Covenant, General Legal, Norm, to Soxton, to now the many fresh arrivals, are relatively small at present. But, they will grow. It could be some years before Big Law feels the heat, but inevitably – if all of their plans work out – they may take a notable portion of market share in their respective areas of focus.
The big question then is: how will Big Law respond? And can it respond – at least within the current model?
More about Fearn here.
—
Legal Innovators Conferences in London and New York this November
Come and join us in London this November 4th + 5th at Legal Innovators. The conference at the intersection of legal AI and the business of law. Day One: law firms, Day Two: inhouse.
Legal Innovators UK – London, Nov 4 and 5
And,
Legal Innovators New York – Nov 17 and 18
See you at Legal Innovators New York – Nov 17 and 18 – join us at the intersection of legal AI and the business of law in New York for the most important legal innovation event of the year! Day One: law firms, Day Two: inhouse. Top speakers from across the legal AI world, leading law firms, and major companies. All for one purpose: to describe and explore the frontier of legal technology. See you there!
UK and New York event links are here:
Discover more from Artificial Lawyer
Subscribe to get the latest posts sent to your email.