Previously doing business as iDisclose, LawCloud – a Legaltech firm based in New York City, has signed a licensing agreement with the law firm of Ellenoff Grossman & Schole LLP (EGS).
LawCloud provides several legal services including software that automates a portion of the legal filing process for investment crowdfunding platforms. The service enables users to more easily generate legal documents thus allowing a law firm or other customer to process more filings at a lower price point.
Through its iDisclose brand, LawCloud currently offers applications to generate private placement memoranda and regulation crowdfunding (Reg CF) disclosure documents. The company will also be bringing to market a Regulation A+ application that was jointly developed with our advisory board member, Zachary Fallon, who helped write the SEC rules associated with that provision.
Doug Ellenoff, the managing partner of EGS, is a co-founder of LawCloud.
Michael Knox, CEO of LawCloud, said they are thrilled with the agreement with EGS and believe other tech-enabled law firms will benefit from their service:
“Technology is no longer merely a curiosity for law firms, it has evolved to the point where the benefits are concrete and quantifiable. We look forward to helping law firms with this transition” said Knox.
Doug Ellenoff said they have seen first-hand the benefits these solutions have provided to other lawyers and platforms and have decided that it’s time to comprehensively integrate these, and other solutions, across their platform.
“Building upon our history of flat fees to create a harmony of interests with our clients, we believe that utilizing technology will further increase our productivity, cause higher quality legal services, and enable us to offer clients highly competitive rates for a range of activities. We are mindful of new law firm business models and believe that licensing the LawCloud/iDisclose technology will cause EGS to leapfrog other firms that do not have our current standing in many established areas of practice.”
LawCloud believes there is a huge opportunity for Legaltech to reduce the cost of legal services, particularly as it relates to small businesses and startups, and expects to continue expanding its product offerings to further support such companies.
