How an Innovation and Entrepreneurship Master's sparked a digital legal revolution
The career path from law to entrepreneurial disruption isn't a common one, but for Daniel Acosta, the founder and CEO of Legalnova, it was a transformation ignited by a year studying the Innovation Management and Entrepreneurship programme (referred to as the IME programme or Master's) at Alliance Manchester Business School. Our alumnus Daniel, a former Banking Lawyer from Colombia, details a personal and professional metamorphosis that led him to co-found Legalnova, a firm positioned at the intersection of legal, accounting and tax services, designed with and for innovation.
My goal was to have a great time and to be happy in Manchester and that was achieved. By choosing this programme and focusing on happiness, as well as challenging myself across all facets of life-academic, social, and personal - everything else flowed into place. The resulting change in mindset directly led to co-founding Legalnova and two innovation-focused Start-ups: Recu and Quark.i
The genesis of Legalnova
Legalnova is not a traditional law firm; it is a company based in Miami and Colombia that provides legal, accounting, and tax services for innovative projects in LatAm (Latin America). The company, which currently has more than 50 employees, focuses on two main verticals:
- Start-ups: This was the original focus, helping them scale internationally with a global perspective on legal and tax compliance across multiple jurisdictions. They often help enterprises and tech companies scale to the United States to raise funds or establish a holding company for tax matters.
- Corporate/Large companies: This vertical assists incumbents who need a transformation in their business model.
The services are delivered through three principal stages:
- Structuring: Helping start-ups structure their business model to find profitability through tax and business consulting.
- Implementation: Providing detailed assistance after structuring, such as contract review or tax matter assistance.
- Operations: Working closely with clients daily, taking care of services like bookkeeping, tax return processes, and negotiating legal matters.
Legalnova has been running for five years, having started in the middle of the pandemic. Daniel explains that the timing was beneficial because their main value proposition from the start was to become one of the first, if not the first, 100% digital law firm in Colombia. Their existing digital infrastructure - using the cloud, e-signatures, and digitised processes - meant they were "ahead of competitors" when the pandemic forced everyone to work remotely.
The journey from law to innovation
Daniel’s background is exclusively in law. He worked as a corporate lawyer at a prominent bank in Colombia, Bancolombia, for almost five years after completing his undergraduate and a postgraduate study in finance and banking law. While working at the bank across various verticals, he decided he didn't want to follow the path of a "normal or a regular lawyer," sparking an interest in mixing innovation and technology with legal services. This eventually led him to move to Bancolombia's innovation department as an "innovation champion".
Seeking to formalise this shift, he decided to study abroad, but his only initial criterion was to avoid anything related to law. He explored various innovation programmes in the UK (Manchester, Imperial College), the Netherlands, and Spain. He narrowed his choices down by prioritising a programme taught in English to improve his language skills, which eliminated Spain. The pursuit was driven by a desire to gain skills to run a business, as he knew he wanted to be an entrepreneur but lacked a clear plan.
A suggestion from Daniel’s father encouraged him to choose a smaller city over London, proving influential in his decision to come to AMBS. The application process to Manchester went "really fast," resulting in an unconditional offer in one week. This led him to the Innovation Management and Entrepreneurship Master's programme an experience he describes as a "deal breaker moment in my life," and "probably the best year of my life".
Manchester: Academic and personal growth
The IME Master's programme offered a truly diverse environment. With a cohort of around 80 people and approximately 40 nationalities, the programme offered an "incredible experience to meet people from all around the world". Coming from a legal background, the programme was a new and complete learning process for Daniel, unlike some peers who had an undergraduate in innovation. He found the application of his legal background with the new business knowledge a "perfect combination".
A pivotal moment came in the second semester, during an elective. A professor, Andrew James, approached him and suggested he do his dissertation on legal tech and get involved with the Manchester Law and Technology Initiative. This was the spark needed, allowing Daniel to "connect the innovation and the technology with the legal industry" and shape his future business. Concepts like legal innovation, legal design, and legal tech that are now implemented at Legalnova stem directly from this period.
Beyond academics, the year was defined by a commitment to personal challenge and growth. Arriving a week early for an English course allowed Daniel to settle in and meet fellow students. He worked on improving his personal skills as well as professional, even challenging himself to attend a freshers' week pub event alone and start talking to people - something he "would never do before". These social leaps were furthered by roles as a Student Representative and a Business School Student Ambassador.
The city of Manchester itself is a perfect fit for a student. Daniel found it easy to navigate on bike, affordable, and had a great student-based lifestyle with ample opportunities for socialising, including clubbing and pubs. He also took full advantage of the UK's accessibility, traveling extensively to places like London, Cardiff, Glasgow, Edinburgh, and Liverpool.
Key takeaways for aspiring entrepreneurs
Daniel’s advice to prospective students, especially those looking to make a career switch or launch a Start-Up, centres on mindset and soft skills.
- Embrace challenges: The entire experience of moving abroad and starting the Master's was about embracing challenges and seizing opportunities. Daniel strongly recommends that people travel and study to "meet other different point of views" and gain the knowledge to challenge and transform themselves and their societies.
- Time management: Successfully completing the Master's, particularly the final dissertation, required treating it "like an employee" with an 8 AM to 5 PM schedule. He stressed that organisational skills and time distribution were crucial skills developed for balancing study, social life, and travel.
- Networking and social skills: For an entrepreneur, social networking is "everything". The IME experience was instrumental in developing the confidence and skills to be a personable networker.
- Acknowledge difficulty and build a strong team: Entrepreneurship is not easy, and you will constantly be facing problems that you must solve. It’s vital to "embrace mistakes and to learn from mistakes". Critically, entrepreneurs must be surrounded by a founding team that is "better than you" to provide support and prevent burnout from the constant burden of problem-solving.
Five years on, that initial vision has become a tangible force for innovation in the Americas. The Legalnova universe - comprising Legalnova, Recu, and Quark.i - has grown into a dynamic team of 70 professionals. This cross-border team now serves a diverse portfolio of industry leaders, from disruptive startups to established corporations.
But perhaps the clearest measure of impact is the more than 500 companies they have guided in launching their US operations, turning a complex international ambition into a powerful reality. By pioneering the integration of innovation and technology into the legal sector, Daniel is not just participating in the market; it is actively building the future of professional services in the region.
