Filevine rakes in $108 mln as cash flows to legal technology

REUTERS/Dado Ruvic/Illustration

(Reuters) – Filevine, which will make a system for managing legal do the job, on Thursday became the 2nd key authorized engineering business because the commence of April to publicly disclose a round of funding exceeding $100 million.

The Salt Lake City-primarily based business reported it closed a $108 million Sequence D financing spherical led by StepStone Group. Current backers Golub Capital, Sign Peak Ventures and Meritech Funds also participated.

Deal management business LinkSquares stated on April 4 it raised $100 million in Collection C funding, in a different of the year’s premier lawful tech rounds so far.

Filevine delivers program to support corporations deal with scenarios, paperwork and contracts by automating responsibilities and deadlines and allowing for group collaboration, in accordance to its web-site.

Filevine stated that legislation corporations have turned to its program as the sector contends with record customer need and limited attorneys.

The firm mentioned clean funding will aid gas current market enlargement into massive legislation, company, insurance plan protection, authorities and nonprofits. Filevine’s site currently lists numerous individual personal injury and demo companies as shoppers.

Scott Mozarsky, a managing director at M&A advisory business JEGI Clarity, explained in an e-mail he expects funding to continue on to stream to legal tech firms in 2022, citing “quickly accelerating tech adoption” by legislation corporations and organizations as just one aspect.

He pointed to other big rounds in the legal sector exceeding $100 million in the past calendar year raised by businesses such as Ironclad, Clio and Everlaw.

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