in seed financing. CEO Matt Spiegel utilized to practice law himself, and he informed me that even though tech companies have a wide variety of marketing tools to select from,”legal representatives have actually not had the ability to adopt them,” because they need an item that’s tailored to their specific needs.
That’s why Spiegel established Lawmatics with CTO Roey Chasman. He stated that a law practice’s relationship with its customers can be divided into 3 stages– consumption (when a client is choosing whether to employ a company); the active legal case; and after the case has been fixed. Apparently most legal software application is developed to handle phase two, while Lawmatics concentrates on phases one and three.
The platform includes a CRM system to handle the initial customer consumption procedure, in addition to tools that can automate a lot of what Spiegel called the “stopping and tackling” of marketing, like sending out birthday messages to previous clients– which may seem like a small task, however Spiegel said it’s essential for law firms to “nurture” those relationships, due to the fact that most of their service originates from recommendations.
Lawmatics’ early adopters, Spiegel included, have consisted of the companies in areas where “if you require a legal representative, you go to Google and start browsing ‘personal injury,’ ‘bankruptcy,’ ‘estate preparation,’ all these consumer-driven law office.” And the pandemic resulted in sped up the startup’s development, because “lawyers are at home now, their company is virtual and they need more tools.”
Spiegel’s had success selling technology to legal representatives in the past, with his practice management software start-up MyCase obtained by AppFolio in 2012 (AppFolio recently sold MyCase to a range of funds for $193 million). He said that the strategies for growing both companies are “practically identical”– the products are various, but “it’s truly the exact same sector, running the exact same playbook, only with extra go-to-market methods.”
The financing was led by Eniac Ventures and Leading Edge Endeavor Partners, with involvement from Revel Ventures and Bridge Endeavor Partners.
“In my ten years investing I have witnessed couple of groups more passionate, identified, and efficient in transforming a market,” stated Eniac’s Tim Young in a declaration. “They have not just produced the very best software item the legal market has seen, they have produced a motion.”
Article curated by RJ Shara from Source. RJ Shara is a Bay Area Radio Host (Radio Jockey) who talks about the startup ecosystem – entrepreneurs, investments, policies and more on her show The Silicon Dreams. The show streams on Radio Zindagi 1170AM on Mondays from 3.30 PM to 4 PM.