London-based legal marketplace Lexoo has secured fresh funding from startup catalyst Forward Partners and Jonathan McKay (Chairman of Just Giving).
The London-based startup lets businesses get multiple fixed-price quotes from hand-picked lawyers, saving businesses an average of 46% on legal fees. Since launching in July 2014, Lexoo is growing quickly at 30% month-on-month user growth, with more than a 1,000 quotes generated through the platform so far.
CEO Daniel van Binsbergen, explains: “We make positive that only lawyers who are basically specialised in a specific region of legislation are invited to quote for a job and we monitor and interview every single one lawyer before they can sign up for the system.”
As an ex-lawyer, Daniel understands that if you go with an advised lawyer it is challenging to choose, irrespective of whether the price tag you are quoted makes sense or not. A transparent marketplace like Lexoo solves this.
“We’ve been working with Lexoo from day one and are very excited about where they are headed. Their combination of better pricing and superior experience for customers is a potent weapon,” says Forward Managing Partner, Nic Brisbourne.
They are one of few legal startups tackling the legal services market in the UK, giving them a significant head start. “And that’s just the tip of the iceberg,” says CEO Daniel. “On a global scale, legal startups attracted some $750 million in funding over 2013/14. They’re aiming at a $716 billion global market – the opportunities are everywhere”.
With businesses pushing back on stratospheric rates and significant inefficiencies that plague the legal sector, startups like Lexoo are gaining traction in a market that’s traditionally seen as a technology ‘laggard’.
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