LawAdvisor Venture, a London-based legal technology platform, announced on Thursday that it has secured $5M funding in the Seed round from Ralph Baxter, Ben Davey, Jason Barnwell, Gary Tully, and Lars Rasmussen, founder of Google Map.
How will the funding be used?
The company will use the fund to scale the team and capitalise on opportunities to revolutionise the practice of law with the aid of technology.
The investors plan to form a new advisory panel aimed at helping LawAdvisor for the same. The advisory panel consists of Steve Albrecht (General Counsel Barclays Execution Services), Christopher Grant(Consultant and LawTech UK Panel member), Stephanie Hamon (Head of Legal Operations Consulting), Norton Rose Fulbright, and David Kerr, Former CEO, Bird & Bird.
“We founded LawAdvisor to use technology to address some of the fundamental flaws in the way the law was practiced and services were delivered. Having seen those challenges first hand, we brought in some of the leading legal teams around the world to develop solutions to those most pressing problems in collaboration with the leading thinkers in the industry,” says Brennan Ong, founder, and CEO of LawAdvisor Ventures.
“Since launching LegalEye and Fibonacci this year, we have been blown by the reaction of our early customers and the wider market. We now want to further develop our technology so it can solve even more of the challenges today’s lawyers are facing and roll it out across more legal teams around the world. Our direct expertise in both technology and the law, coupled with our low code, the building-block approach has proven to be a game-changer for legal teams. With the support of our investors and advisors, we can focus on growing our team, improving our products, and developing the business to fundamentally transform the way legal services are delivered,” he adds.
Transforming legal practise
Last year, the company launched two new SaaS solutions for the legal profession – LegalEye and Fibonacci.
These solutions are designed to transform how law firms work with corporate in-house legal departments and the way legal matters are managed.
LegalEye – It enables in-house teams and law firms to track and manage their interactions, derive actionable insights from upcoming and existing engagements, and facilitate better knowledge sharing within the industry.
According to the company’s projection, this tool can save lawyers, from both in-house and law firms, 40-60% of the time they spend managing tenders, depending on the complexity of the matter.
Fibonacci – It is a no-code legal project and matter management system that provides in-house counsel and law firms with the tools to execute all kinds of legal matters, projects, and transactions.
It enables teams to build project plans, create and automate playbooks, discuss changes, create and manage documents and track progress with all stakeholders in a single workspace through a simple, intuitive user interface, claims the company.
LawAdvisor says that both use technology to enhance collaboration and communication between lawyers and other stakeholders to boost productivity and maximise the time lawyers spend on casework rather than administrative tasks.
Revenues, clients, and investors’ comments
The company has achieved annual recurring license revenues in excess of $2M on their release, writes the company. At present, the clients include Bird & Bird, Simmons & Simmons, Paul Hastings, Clifford Chance, Shearman & Sterling, and Barclays.
Ralph Baxter says, “To make a difference, legal tech companies must understand the pain points facing lawyers and their clients, and fashion solutions that meaningfully address them; LawAdvisor does just that, making it an exceptional new contributor to the legal services ecosystem. Led by a remarkable team, LawAdvisor has the potential to change the way legal service is delivered, for the benefit of everyone. I am excited to help the team realise these goals.”
Ben Davey, says, “The LawAdvisor team has built something that has huge potential to transform the legal profession. In an industry that has traditionally been reluctant to embrace new technology and ways of working, the collaborative approach taken to developing solutions to the industry’s trickiest issues has seen the team create something that in a short space of time could become industry standard. Combine that with the outcomes LawAdvisor’s customers see using the technology, and it’s easy to get very excited about where this business is headed. The calibre of the investors and advisors joining me in supporting this venture is a testament to just how transformative it could be. I’m very much looking forward to being part of that journey as LawAdvisor continues to go from strength to strength.”