Most law firms have precious few resources to dedicate to technology, data or even administration. The legal industry though large and important, is one of the last major industries to be fundamentally transformed by technology.
Canada-based legal tech software company Clio, which operates under the legal name Themis Solutions Inc., was among the first companies to offer transformation with software that handles tasks including scheduling, billing, client intake and document management.
The founders of Clio launched the beta version of their legal practice management software at the American Bar Association Techshow in 2008, as the legal profession was in dire need of a technological makeover.
The response has been very good from industry and investors. Last September, Clio raised US$250 million in a Series D funding round from TCV and JMI Equity.
“Although many people think about the legal industry as high-flying lawyers working in the downtown skyscrapers in 1,000-person law firms, the reality is that 80 per cent of lawyers practice in firms of 10 lawyers or less and a full half of all lawyers practice solo,” says Jack Newton, CEO and co-founder of the Vancouver-based software-as-a-service company.
“The company has grown over the course of 12 years from just myself and [co-founder Rian Gauvreau] running the show and wearing all the hats to over 500 people in five offices worldwide today,” Mr. Newton says.
If the software has been valuable, the real-time data it provides has proven invaluable.
“That real-time environment is something that gives us an unbelievably powerful view on how our systems are being utilised by our customers,” Mr. Newton says.