Lawbite, an online legal service that offers an affordable, virtual law firm service catering to small companies, has successfully raised £172,100 on equity crowdfunding portal Crowdcube. The offer had originally targeted a raise of £120,000 but closed at 143% of goal – well over-funded. The single largest investment was for £22,500 as 188 backers came together to support his startup. Lawbite has applied for a grant from City Deal and has a good shot at receiving a 3 to 1 non equity award of £50,000. Thus boosting their funds even further. The ability to qualify was contingent upon the crowdfunding round besting £150,000.
Lawbite is led by Clive Rich, an experienced entertainment and media attorney who has practiced for almost 30 years working with clients such as Yahoo, Apple and the BBC. He is also an author, having published the book, “The Yes Book: the Art of Better Negotiation” released by Random House in 2013.
Clive Rich was recently quoted in RealBusiness stating;
There is a structural problem in the UK legal industry of perceived over-charging of clients,” says Rich. “Add to this the fact that lawyers are too slow, and speak in an alien language which only they understand and you have a massive gap in the market.”
The LawBite solution is an online legal service providing “simple law for small companies”.
All Lawbite documentation and advice is provided by attorneys but at a fraction of the traditional pricing structure charged by many law firms today. Any legal questions are answered within four working hours from the initial request. Legal documents, written in “plain English” are available for purchase on the platform which may be edited directly or with the assistance of an attorney.
Lawbite is challenging the entire legal profession by providing a disruptive service that delivers legal advice at a reasonable cost. Most business categories experience periods of disruptive innovation and Lawbite wants to be proactive by leading the way for the legal industry in the UK.
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