A yacht broker is suing the founder of Revolut ( @nikstoronsky) for €17.5m after he didn’t pay the broker of his €350m superyacht.
His family office says the claim is without merit and will be defended.
Here's a breakdown of the full case 🧵
@NikStoronsky For a €350M transaction, ambiguity over a few lines in a contract can turn into a multimillion-euro lawsuit.
That’s why getting the legal structure right before negotiations start can matter as much as the deal itself.
When @Dominicraab qualified as a lawyer, firms billed in five minute units.
That's just how the industry was designed.
As Dominic puts it: “It shows what a producer-oriented sector it was. We want to turn that around.”
At Index Law, we believe that AI should handle the repetitive work where confidence is high. The human should be the last mile, applying judgement and making the final call.
That’s a much better model for the client.
If you're thinking about how legal services should change with AI, we'd love to hear from you.
The opportunity with legal AI isn’t making big law 20 or 30% more efficient.
It’s redesigning what a law firm is, around the client.
That’s what me and Dominic went back & forth on when we first started talking about Index.
As he puts it: “redesign the model so the consumer can get faster, more accurate, higher impact legal advice.”
That's what we're doing at Index Law: don't just make the law firm faster. Give the client something better to buy.
Thanks @LukeKnight & Ronan Chambers for having us on etn.!
If you're a founder, GC or lawyer thinking about this, reach out.
What @qatindex and @DominicRaab are doing is incredibly smart and will
be the foundation of how these legacy systems will have to function in the coming years. They’re positioned to capture a huge amount of upside.
Thanks for taking the time.
Great to join @SebJohnsonUK@ScalingEurope with Index Law Founder & CEO Quddus Pativada @qatindex to discuss his vision for a native AI legal services firm - and my role in supporting the team. 👇
The Rt Hon. Dominic Raab ( @dominicraab ), fmr. UK Deputy Prime Minister is joining us to build an AI-native legal company!
A few months ago, Dominic and I met to talk about the future of law. We kept meeting, kept pulling apart the model, and kept coming back to the same conclusion: AI won’t just make lawyers faster. It will change what a legal company is.
So we decided to build one together.
Dominic has been the UK's Deputy Prime Minister, Lord Chancellor, Justice Secretary and Foreign Secretary, and before politics practiced as an international lawyer. He’s joining Index as a Founding Senior Advisor, working hands-on & closely with me on strategy, international expansion and the trust required to build an AI-native legal company at serious scale.
The idea behind Index is simple: don’t just sell software to the law firm. Rebuild the law firm around software.
Very excited to have Dominic advising and helping form the company at founding!
If you’re a founder, GC, lawyer or investor thinking about where legal services go next, reach out.
Full blog post in the comments.
I paid a US lawyer $100k+ to learn everything about my business.
Then I had a legal issue in Dubai and had to start from zero with a different lawyer.
The new lawyer needed the company history, the contracts, the people involved, what had already happened and why previous decisions had been made. Much of what I'd already paid another lawyer to understand had to be reconstructed.
A new location obviously needs local expertise. But all the context my US lawyer had built up was reset.
It happens inside firms too. A partner leaves, an associate changes team or a matter gets handed to somebody new, and knowledge that took months or years to build moves to somebody else's inbox.
AI companies talk constantly about context windows and persistent memory.
Legal services have had a context problem for decades.
The next version of a law firm should separate the two things. Local legal expertise can change when the matter changes. The client's institutional memory shouldn't change.
That's part of our thesis at Index Law. You shouldn't have to constantly be switching context with law firms in different jurisdictions.
If you're going through something similar, reach out to me directly at [email protected] :)
I paid over £1,000 to translate the court documents in my mother's case. The same job now costs a few dollars of inference.
Her case needed an Indian lawyer to read UAE court papers. Several PDFs, certified translation.
The translator wasn't overcharging. That's just the going rate for certified legal translation.
That's what people get wrong about legal costs. Almost none of it is anyone gouging you. It's a hundred line items that were fair when they were priced, and nobody has repriced any of them since.
If you're going through something similar, send me a quote you thought was fair and I'll tell you what it costs now :)
I paid over £1,000 to translate the court documents in my mother's case. The same job now costs a few dollars of inference.
Her case needed an Indian lawyer to read UAE court papers. Several PDFs, certified translation.
The translator wasn't overcharging. That's just the going rate for certified legal translation.
That's what people get wrong about legal costs. Almost none of it is anyone gouging you. It's a hundred line items that were fair when they were priced, and nobody has repriced any of them since.
If you're going through something similar, send me a quote you thought was fair and I'll tell you what it costs now :)
Most legal documents have been written millions of times before. Why are we still paying hourly rates?
Our thesis at Index is that a human lawyer is only needed for the last 20-30% of a case. Not the first 80.
Our CEO @qatindex: