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Boundary Capital has announced its latest investment in LawyerFair, a disruptive legal services platform aimed at Small and Medium-Sizes Enterprises (SMEs).
LawyerFair is an early-stage technology company already changing the way legal services are procured to provide value to both SMEs and law firms. It provides an easy-to-use platform, and some smart matching algorithms to guide and filter SMEs to the most appropriate lawyers.
Whilst there are plenty of websites for personal legal assistance, a web service and SaaS software for SMEs with accurate matching and filtering has not been properly developed before.
SMEs can select the most appropriate lawyer for the job based on highly targeted expertise, market reviews and price and has a prescribed code of practice for law firm panel members, beyond any required by Law Society rules and regulations. It also allows lawyers to manage their own fee-earner’s time and marketing spend more effectively.
The LawyerFair model promotes and discriminates in favour of lawyers who are service-orientated. It also provides and develops innovative tools for both clients and lawyers to engage more effectively. The basic service is free to use by SMEs.
Boundary Capital led a seed SEIS and non-SEIS investment round. Boundary Capital’s model is to appoint experienced, investing directors as Venturers and includes John Stapleton, ex-Managing Partner of law firm Thomas Eggar acting as Chairman for LawyerFair.
Stapleton says: “With user needs changing and new opportunities appearing via the use of technology, LawyerFair will set the standard on how legal services will be best procured in a competitive environment, and appropriately delivered, from now on.”
The CEO, Andrew Weaver, has over 20 years’ experience in legal and professional services and is a former Barrister’s Clerk. He comments: “The business was founded out of a personal passion in addressing real-life bad client experiences and clear market pain. We provide a dynamic market platform that matches the legal needs of business owners with a pre-approved panel of exceptional lawyers who provide a modern approach to customer service. It has for too long been a supply led profession where timed billing put all the commercial risk on the shoulders of the buyer. LawyerFair is shifting this dynamic towards a more customer led process, where choice, competition and efficiency helps drive much greater value and for lawyers to become trusted business partners, not an expensive last resort.”
Dr David Gee, Boundary Capital’s investor director adds: “The SME legal services market in the UK is huge but the delivery of services is fragmented and disparate. We see a substantial opportunity and we were excited by the way that LawyerFair systematically tackled the issues required to address this need. Whilst the business is still relatively young, we are greatly encouraged by the user testimonials on both sides, and the growth in the services which evidences the benefits to the market as a whole.”