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Interview:
Peter Janssen from Legal Capital.
By Stuart Ayling
Peter Janssen is the founder of Legal
Capital, a Brisbane-based law firm that specialises in Corporate and Commercial Law with a particular emphasis on
I.T. companies. Peter has extensive experience with I.T. related legal matters including deal flow management, intellectual property and corporate compliance.
Stuart Ayling: Tell me about the idea behind Legal Capital. Where did it come from?
Peter Janssen: Legal Capital fills the need in the Brisbane marketplace of legal services for affordable and approachable corporate counsel. Many companies have internal counsel at say $150k+/year who then engage large city firms who charge additional fees at high hourly rates of say $350 to $450/hour. Clients get the 'run around' of numerous fee earners and lose the tightness that comes from a relationship with a 'hands on' partner.
We try and offer both roles at a better hourly rate of $275/hour. Clients get the expertise on tap with someone who becomes part of their business and so understands it well, is very responsive and pro-active.
SA: The name "Legal Capital" isn't your average law firm name. Why did you choose it?
PJ: Legal Capital was created as our brand name for 2 reasons. Firstly to differentiate
our legal services from normal commercial practices to show that we concentrate on private equity, buying and selling companies and corporate finance. Secondly, when clients engage lawyers they often see them as an expense item on the P&L.
We wanted to rectify that perception so we are seen as an asset on the balance sheet, just like other intangibles such as human capital and intellectual capital. Good lawyers help create value and should be seen as an asset.
SA: Over time you've tried a number of marketing activities for your legal firm. Can you tell me what has worked for you, and what hasn't?
PJ: I used to trade as Peter Janssen & Associates and found that people who knew me referred work but marketing to the larger corporate world was difficult without the backing of a big city firm name. Brochures, calls and lunches can only go so far. Legal Capital Lawyers captures the imagination immediately and we have had many more successful marketing initiatives under that brand than the previous business name.
[SA: note that typical marketing
techniques of brochures and sales calls have not been very productive
for this service business, a common situation for professional services.]
SA: Late last year (2002) you visited the Silicon Valley area in the USA. Why did you do that?
PJ: Legal Capital assists Australian entrepreneurs access North American markets and capital. There is no substitute for direct face-to-face contacts with US law firms, venture capital firms and accounting firms. The purpose of my visit was to cement the Legal Capital network of professionals ready to assist my Australian clients.
SA: What are your thoughts on the support and development of innovative ideas in Australia? Would you like to see any changes?
PJ: Australian entrepreneurs and inventors are the best in the world and yet our markets here are so small that they fail to attract the capital (venture or private) necessary to commercialise their innovation. Therefore we need to go assertively on the front foot and penetrate overseas markets and cut deals where we keep IP for our part of the world. We need better angel level investors here to get concept into prototype stage and give them an exit in the US that has a high return on investment.
SA: Do you have any other comments for innovators who may be thinking about commercialising their concept?
PJ: See lawyers like Legal Capital early. Not only will you protect the IP and so be in a better position to get capital to expand, but moreover you will get the contacts both here and off shore and the wisdom needed to create and execute a successful business plan.
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