Next, we look at the legalTech sector, where a number of financing rounds have taken place in companies such as SimpleLegalLeverton or Avvo.
The legal sector is full of cumbersome, simple and mechanistic processes that do not add value. Although it is true that the experience and argumentation skills of lawyers are a differential factor in trials, the number of applications that try to facilitate judicial processes, taking on laborious tasks with little added value or providing legal knowledge to people with a lack of legal knowledge, is growing all the time.
LegalTech Statistics
According to the latest study carried out by Expansión, in Spain, "The 80% of lawyers suffer from stress and don't even get six hours of sleep".. But this is a situation that seems to be recurrent in almost all European countries, according to the latest statistics presented.
This is a reality that the LegalTech sector is taking advantage of to facilitate processes, reduce costs and streamline procedures by including technology in a sector as traditional as the legal sector.
Within this sector, we have picked up several relevant operations:
SimpleLegal
SimpleLegal is an American start-up dedicated to the creation and updating of legal contentHe advises on how to take legal action in everyday situations. He also assists as a personal assistant with problems that may arise on a day-to-day basis within the company.
Thanks to its simplicity and applicability, this company has been able to raise $10M by the venture capital fund Emergence, thus helping the creation of new services and their expansion to medium-sized companies.
Leverton
Leverton is a German company that uses Artificial Intelligence to extract data from contracts and analyse it.The company's services, helping to facilitate the accounting and taxation processes and avoiding litigation by complying with the law in a simple way.
In addition, the platform is available in 25 countries, adapting to the legislation in force in each of them and allowing its use in parent companies with different tax regulations.
Because it has been able to secure large clients, including 200 of the Fortune 1000, the company has been able to raise €10M in the last capital increaseThis has enabled the adaptability of the business to new territories.
Avvo
This American firm aims to be a reference platform, precisely in the United States, and it has been the initiator of a directory where users can post legal questions and expert lawyers can answer them.This will help to bring justice closer to citizens and reduce the costs of legal consultations.
In addition, Avvo functions as a social network, where you can search for the recruitment of lawyers specialising in each area, where you can rate their services and allow new lawyers to promote themselves to society.
The scalability of the business and the intermediation capacity have been key to the platform's success. The company has been able to raise $71.5M in mid-2018 for the funding of new marketing campaigns to enable the company to grow in number of users.
