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Why Veeto Is Not For Everyone

And why it's not for Donald Trump

This is a list.

people donald trump has sued

But of what? Any guesses?

It's a sample of all of the people, places and things that Donald Trump has either sued or threatened to sue in the last couple of decades. In case you're wondering, the Eastern Pequots...over there on the right...that's a Native American tribe with less than a thousand members.

No one is safe from the long arm of justice. If Donald Trump feels like you have wronged him, he will fight the good fight, no matter the economics.

And that leads me to my first point.

There are two types of people in the world: those like Donald Trump who can afford to stand up for themselves in any case, and everyone else, people like you and me, to whom the constraints of rational economics apply. People to whom rational economics apply cannot afford to pursue justice when the stakes are below a certain dollar threshold. That threshold is about $2,500.

Here's why. At stakes of $2,500 or below, it's hard for you to justify hiring an attorney to solve your legal problem for you. It's also hard for you to justify putting in the leg work to try doing it yourself, because, not only is your time worth something too, but if you have no legal training, you can't be confident that you would actually achieve the outcome you desire. Therefore, when the amount of money at stake in a dispute is $2,500 or less, most consumers just walk away--not Donald Trump, of course, but you and I are different than Donald Trump.

Joshua Kubicki of The Legal Transformation Institute estimates that...

  • 50% of US consumers have at least one legal event per year but that only 20% of them use a lawyer.
  • For the remainder, there is roughly $45 billion in untapped market potential.
  • There are 23 million small businesses in the US.
  • Roughly 7 million did not seek the help of a lawyer when presented with a significant legal event.
  • Those that did get legal help, report that they spend on average $7600 per year. This creates an untapped market (the 7 million who avoid lawyers) equal to roughly $45bb.

Let's focus on the consumer segment for a minute. I estimate that the average US consumer household walks away from about $2,000-$3,000 every year that they are otherwise entitled to claim for some legal reason. Most people don't pay attention to how often buyer's remorse occurs in the wake of their own purchases, much less add up all of the abandoned compensation each moment of buyer's remorse signals.

I will deconstruct that $2,000-3,000 estimate a bit.

Here is just one example, and it's one with which I am extremely familiar. When we were still in beta, validating some of the core Veeto concepts, we focused on a single use-case. For three years, in fact, we focused on it. That use-case was people who wished to get out of cell phone contracts.

The average amount of money we helped people claim and win was about $650, which, by itself would account for 22%-33% of that estimate. The remaining 70%-80% consists largely of other legal events that many people might not even think of as legal events: things like $10 and $20, small-ticket purchases for things like groceries and cleaning products and other mundane necessaries. If you own a house and are thus responsible for maintaining everything in it and around it, then it becomes much easier to imagine how a given consumer household could hit $2,000-$3,000 estimate in a single year.

Veeto is not for Donald Trump.

Veeto is for you and me. It's for my mom and my neighbor, for my best friend and my hair-dresser (for clarity, my mom is not my best friend, and she does not live next to me or cut my hair; those are each different people). It's for people who have no choice but to make rational financial decisions, people who know what the sting of financial unfairness feels like when you can't afford to pursue compensation that you know you are equitably entitled to. Veeto is for anyone who has ever said, "it's not worth it," right before you walked away from justice.

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