Court reporting agency CourtScribes is all about innovation.
Theranos promised cutting edge health care results. The trouble was, those claims weren’t true, and that’s something innovators in the legal industry should take seriously. Court reporting agency CourtScribes certainly does.
Carolyn Elefant, writing for Above The Law, points out that there are lessons for legal innovators in the story of Theranos.
Elefant writes:
Theranos’s technology wasn’t ready for prime time.
But rather than come clean, Theranos kept the fairy tale going long after the clock struck midnight. According to the SEC complaint, Theranos employed third-parties to run its purportedly innovative blood tests using conventional technology, while continuing to represent to investors that it ran the tests in-house. (Complaint ¶49). Theranos also told investors that it had multiple contracts with the military and that its testing devices had been employed on the battlefield and in medevac helicopters when the Department of Defense had only used it once in a study. (Complaint ¶68). In late 2015, a Wall Street Journalreport exposed many of Theranos’s false claims and in turn set in motion investigations by other regulators, including the SEC.
So how does something like this happen with sophisticated investors and wide media coverage of technology companies? Easy. Everyone loves a disruptor.
Enfant argues that similar things happen in the legal industry.
At the same time, true innovators like the CourtScribes court reporting agency really are changing things up.
“CourtScribes is changing the court reporting industry by using Internet age technology to create the official record of court proceedings, using remote transcriptionists and charging attorneys up to 50% less than what they now pay, and as … a disruptive technology will not only improve the quality of services, but also ultimately extend and even democratize the use of services that are today often restricted only to high profile or high dollar value cases,” writes Barry Unger, a professor and entrepreneur, in a white paper.
