Online Legal Service Marketplace UpCounsel Captures $10 Million in Series A Funding Led by Menlo Ventures

UpcounselUpCounsel, an online marketplace for legal services, announced it has secured $10 million in Series A funding to accelerate further adoption of its on-demand legal marketplace. New investor Menlo Ventures led the funding round with participation from previous investors including Homebrew and Metamorphic Ventures.

The company has raised $13.9 million to date and offers cost-effective legal counsel to businesses while equipping attorneys with the necessary tools to grow and manage their practices effortlessly. Matt Faustman, CEO of UpCounsel, shared:

“Businesses and their decisions makers – from CEOs to General Counsels – use UpCounsel to complement or replace the expensive and less efficient services of traditional law firms. We obsess about giving businesses access to the very best attorneys, and then supporting them with tools to make the traditionally painful service relationship productive, transparent, and cost-effective. We’ve even had some law firms start to hire ad hoc legal staff through us because it’s just that efficient.”

Matt FaustmanUpCounsel empowers the next wave of the on-demand workforce, professionals and white collar workers. In 2014, UpCounsel’s top 10 attorneys made more than $1 million in aggregate. Attorneys who use UpCounsel get immediate access to the company’s free practice management, marketing, document, and payment tools on top of guaranteed payments and assistance with collections and payment plans for clients.

Faustman continued:

“The key to success here is to equally invest in amazing products that empower our lawyer community. The future of legal services lays with the solopreneur lawyer, and we are just at the starting line of unlocking their impact on the industry.”

This year, UpCounsel has experienced 20 percent month-over-month in revenue growth and 30 percent month-over-month in lawyer signups across the U.S. The new round will be used to expand the company’s sales and marketing teams while continuing to expand on features that put UpCounsel in center of the business/lawyer relationship.

Venky GanesanVenky Ganesan, managing director at Menlo Ventures, added:

“On-demand marketplaces are where the next 10 million jobs will be created and today’s ‘Right Now Economy’ is only going to continue to grow which is a vital reason why we wanted to assist with UpCounsel’s growth and progression. We’re at the cusp of a golden age and UpCounsel is at the forefront of providing high quality professional services.”

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