A cloud-based software-as-a-service startup, Legl, just secured a sum amounting to US$ 7M (£5M) in a Series A investment announced on March 12, 2021. Leading the round is Octopus Ventures, with contributions from existing investors Samaipata, BACKED VC, and First Round Capital. The funding round also featured support from angel investors Carlos Gonzalez-Cadenas, Hayden Brown, and Al Giles. Legl is a B2B startup providing a platform for law firms to streamline key business procedures like payments, due diligence, and customer onboarding.
Purpose of the Investment
Legl plans to utilize the proceeds of the round to expand its UK customer base, increase team size and capabilities, and significantly improve its product offerings. The startup currently collaborates with about 100 United Kingdom-based law firms which include about 12 of the top 200 leading firms.
Trends and Founder’s Insights
Julia Salasky, founder of Legl (and lawyer by background), said in a statement, discussing the opportunity she saw to help law firms digitize business procedures. “There have been several major shifts into the digital world by the legal sector, which we were able to detect through our collaboration with hundreds of law firms at CrowdJustice. The first being the rising expectation of clients, both businesses and individuals, that they should have a positive, digital framework as they do with other service providers they communicate with.”
“The second being risk. Law firms are fundamentally risk-averse, performing client-facing processes in a fragmented, manual way like receiving payments over the phone or carrying out compliance checks through email. This ends up substantially increasing the risks.”
“The third shift is Covid. Many face-to-face or manual operational procedures do not work when remote-first is the standard.”
It is well-known that law firms have a reputation for being ‘unconcerned’ with making efficiency gains. Legl’s business model of charging clients by the hour, however, does not intrude on the billable hour, stating that as one of the reasons the SaaS has witnessed such “massive uptake” in short order.
“We are eradicating the time-consuming, admin-heavy activities that lawyers cannot bill for. The result is that lawyers can focus on what they do best, legal work,” adds Salasky. When asked about the flagship features of Legl, Salasky outlines ‘no-code workflows’. This empowers non-tech-savvy users to replicate their activities for clients in any practice environment but without manual labor.
Legl is a B2B platform providing cloud-based solutions and incorporating law firms into the digital-first world. The startup was officially founded in 2019 by Julia Salasky, with its headquarters in London, England, United Kingdom. This funding is the startup’s first significant investment after their bootstrapping stage, displaying a positive growth trajectory in their future financial operations.
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