The recent discussion around LawStar, a legal citation tool startup, has sparked an intriguing debate about marketing to law students and challenging traditional assumptions about student spending patterns. While conventional wisdom suggests that students are universally price-sensitive customers, the reality in specialized fields like law appears more nuanced.
The Law Student Market Paradox
The community's response reveals a complex picture of law student spending habits. While some maintain that students are notoriously frugal, others point to unique characteristics of the law school environment. Law students, particularly in the US, often demonstrate different spending patterns compared to typical university students, largely due to their professional trajectory and the high-stakes nature of their education.
If you aren't in the US, you wouldn't know, but law students aren't your standard student, and they aren't notoriously cheap. We're paying for an education well in excess of $100,000 in tuition alone.
Market Sizing and Strategy Pitfalls
A critical discussion point emerged around the founder's market sizing approach. The community highlighted a common startup mistake: relying on top-down market calculations rather than bottom-up validation. While the theoretical market of 110,000 law students might suggest significant potential, experienced entrepreneurs emphasize the importance of starting with small, achievable customer acquisition goals and scaling gradually.
Market Statistics:
- Total law students in US: ~110,000
- Journal participation: ~25%
- Initial pricing: $6.25/month or $60/year
- Target market penetration: 10%
- Projected potential ARR: $165,000
Alternative Business Models
The discussion revealed several alternative approaches that might have been more viable. Many commenters suggested targeting law schools directly rather than individual students, potentially offering institutional licenses. Others pointed to the possibility of focusing on law firms and practicing attorneys who have more immediate purchasing power and clearer ROI calculations.
Key Market Segments:
- Law Students
- Law Schools (institutional)
- Law Journals
- Bar Prep Companies
- Legal Research Platforms
- Legal Writing Tools
The Long-term Strategy Consideration
An interesting perspective emerged regarding the strategic value of targeting students. While immediate revenue might be limited, some community members drew parallels to Venmo's successful strategy of building brand loyalty during users' student years. This approach suggests that capturing users early in their careers could lead to sustained business relationships as they transition into professional practice.
The discussion ultimately highlights the importance of thorough market understanding and the potential pitfalls of conventional wisdom about student markets, particularly in specialized professional fields like law.
Source Citations: Building LawStar