LawyerFair, a curated marketplace for buying and selling of commercial legal services, has launched an equity crowdfunding campaign on Crowdcube to raise £360,000 as it looks to expand its legal services and team.
Founded in 2014, LawyerFair states it helps companies save legal fees by matching the legal needs of businesses with pre-approved commercial lawyers, who compete for the work. Its process provides businesses with the right fit for their legal requirements and for some clients, it saves them 40-60% on legal fees.
“We believe legal services are an inefficient, low innovation marketplace where suppliers measure success by the growth in their hourly rate and our research illustrates clear market pain – a recent survey by the Legal Services Board showed that approximately 1 in 8 SMEs believe they receive value from lawyers. LawyerFair helps business owners find the right legal expert (from a pre-approved panel).”
The website also revealed it has received over 1200 legal advice requests from individuals, businesses, startups, SMEs, and asset management companies.
“This year we’ve focused on driving visibility, credibility, and trust within the SME market, including a growing network of collaborations (The IOD, Croner Solutions and Cavendish Network). We feel we have proven market appetite for change. We contribute thought leadership pieces on legal tech, business issues and were described as an ‘inspiring’ pitch in a national business competition.”
Funds from the Crowdcube initiative will be used to drive more brand awareness, hire a new CMO, development budget, and continue to create a more “sticky” platform (which will include payments, data, profiling). The company also added:
“From October 2016 to September 2017 we project revenues of £225,260. We’re due to begin working on a project with academics at University of Essex (Institute of Analytics & Data Science) we aim to start releasing data and market intelligence products during latter part of 2016 and into 2017. We also aim to expand internationally during next 12-18 months.”
Since its debut, the initiative has successfully secured over £45,000. It is set to close mid-September.
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