Like any other industry that employs contract work, Low trade It provides legal professionals with a way to independently perform their own virtual legal affairs.
Raad Ahmed and Ashish Walia set up the company in 2016 with an initial focus on start-ups and small businesses, trying to find product and market fit, but legal use by companies of that size is project-based. It was rare. If the company goes bankrupt, it is short-term.
In 2019, Ahmed told TechCrunch that the company shifted its focus to working with mid-sized and enterprise-level companies by marketing to the legal department, at which point growth began.
Currently, Lawtrades is working with companies such as Doordash, Gusto and Pinterest to provide a market for professionals who can hire remotely and flexibly. The technology allows professionals and businesses to profile, timely, monitor projects and make payments through the platform.
“Ultimately, this is a new Internet-native working model, a $ 100 billion market that hasn’t been so confused over the last 100 years, so we’re legally starting,” Ahmed said.
He and Wallia wanted to build a different hiring experience than something like LinkedIn. There, companies had to screen hundreds of applicants to find a small number of qualified applicants. Professionals can also offer a flat pricing structure, unlike law firms, which usually have overheads and other corporate costs that are considered for billable time.
After doubling revenue in 2021, it ended with a $ 6 million Series A round led by Four Cities Capital with the participation of Draper Associates and 500 Startups. The round was attended by nearly 100 clients, angel investors and company founders, including Gumroad founder Sahil Lavingia, Teachable’s Ankur Nagpal, and GoDaddy’s CEO Aman Bhutani.
“Because the world is finally accepting remote law firms and more lawyers are leaving major law firms to work for them, cash flow is positive and we are leveraging revenue-based financing. There was no need to raise significantly diluted shares, “Ahmed said.
At the end of 2021, Lawtrades had 80 customers on the platform and 150 active engagements. In terms of talent, there are over 1,000 profiles from 400 created by the end of 2020. It is currently running on an invitation-only model, with 5% being accepted by the network. The network configuration is 60% female and over 35% minority.
In December, the company’s revenue execution rate was $ 8 million, up from $ 3 million in early 2021, Ahmed added. To date, the network has earned more than $ 11 million on the platform, with more than 60,000 hours of work recorded on the platform in 2021, an increase of 200% from 2020.
Ahmed plans to use the new funds to rebrand the company, launch iOS apps, expand into other disciplines such as finance and management consulting, and gain an international footprint. He also plans to double Lawtrades’ current workforce from 15 to 30 across products, support and sales.
“The world of work is in a unique position,” he added. “People work remotely and businesses are looking for talent, so it’s a total talent war where the best people get the best offers. In our model, the job that an individual wants to do. We have the power to choose the type. By doing so, we can attract great talent and acquire the companies that want to hire it. We are repeatedly pushing the limits of 40 hours a week. “
Lawtrades aims to change how your company utilizes legal resources – TechCrunch Source link Lawtrades aims to change how your company utilizes legal resources – TechCrunch