London, UK-based, an AI-powered platform for lawyers based in London Lawhive raised more than EUR 11 million in Seed funding. The company announced the fundraise on April 15, 2024. GV (Google Ventures) along with Episode 1 Ventures provided the funding to the firm.
Purpose of funding for Lawhive
With the newest funding, the firm hopes to further its goal of lowering the cost and simplifying the process of providing consumers and small businesses with high-quality, knowledgeable legal assistance.
With the money it has raised, the company intends to hire more people for a variety of positions, including software developers and AI experts.
What the company’s official has to add
Pierre Proner, CEO and co-founder of Lawhive said, “Access to the law should be a basic right, available to everyone. Unfortunately, this isn’t the case. Our vision is to combine AI and best-in-class lawyers to reduce the time and cost of providing high-quality legal support, increasing access for millions of people who need it.”
He further added, “This isn’t about AI replacing humans. Our AI lawyer, Lawrence, is doing work that human lawyers don’t want to do and are wasting their valuable time doing. AI is allowing more people to access high-quality legal help from a qualified professional at an affordable price while also allowing some of the country’s top lawyers to work more efficiently on the parts of the law that they enjoy and earn more money doing so.”
What the other experts have to add
Vidu Shanmugarajah, Partner at GV, said, “As a lawyer by training, I have experienced firsthand how needed technology-driven innovation is in the legal sector. Lawhive represents a transformative shift for both lawyers and consumers. Through combining a feature-rich platform with groundbreaking AI, Lawhive not only dramatically improves legal workflows but also makes high quality legal advice more accessible and affordable to a broader audience. This investment underscores our belief in Lawhive’s potential to redefine the legal industry.”
About the company
Lawhive has developed an operating system for consumer law that automates routine, repetitive administrative procedures, including KYC/AML, client onboarding, and document gathering. Lawhive presently works with more than 100 solicitors and lawyers throughout the UK. By using Lawhive, attorneys can work more productively and concentrate on the more satisfying aspects of their business while making a lot more money than they would at a conventional high street practice.
Lawrence, an AI lawyer at the heart of the Lawhive platform, was developed on top of Lawhive’s own optimized LLM, which has outperformed all other LLMs in handling legal work. Lawrence achieved a passing grade of 81% on the Solicitors Qualifying Examination (SQE), above the required passing level of 55%. Lawrence may already perform legal work at the junior or paralegal level, supporting the work of more experienced attorneys and freeing them up to concentrate on managing the most important aspects of a case and helping their clients.
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