Legal Tech is the term for technology companies that develop online software reducing or eliminating completely the need for legal advice, or/and connecting people with legal experts more efficiently through online marketplaces and matching websites.
The coronavirus has pushed the digitization of nearly every business sector, including the field of law. Legal companies are seeking more innovation to enhance efficiency and decrease costs, hence turning to technology. Legal tech startups are attracting the attention of venture capitalists, who are willing to put their money where their mouths are. According to Legaltech News, legal tech companies raised $35.19 million in venture funding from June 1 to June 30, with 29 investment rounds being raised for growth and 15 seed investments.
A lot of money is going to established companies that are already past the seed stage and have a running business, for instance, and those are usually much older companies. New companies that are trying something that is innovative or different are still struggling to raise capital.
Raymond Blijd, principal CEO of legal tech investment analyzer Legalcomplex| Law.com
Grails’ team has tracked and gathered a list of 57 legal tech companies worth watching. Here is our name picks selection:
Avvoka is a cloud platform that enables businesses to automatically generate, track, e-sign, and store standard-form legal contracts. Since its 2015 inception, the company has raised a total of $216.5K in funding over two rounds. Avvoka operates on the exact brand match domain name Avvoka.com.
BRYTER is a no-code software platform that helps companies worldwide to digitize and scale their services. Michael Grupp founded the company in 2018 in Berlin, Germany. BRYTER has raised a total of $89M in funding over four rounds, with the latest one closed on Apr 7, 2021. BRYTER has chosen the exact brand match domain name BRYTER.com.
Clio is a cloud-based legal practice management solution that helps law firms practice management and client collaboration. The company was founded in 2008 in Vancouver, Canada. Clio has raised a total of $386M in funding over five rounds so far and is operating on EBM domain name Clio.com.
DoNotPay is a legal services chatbot mobile app that offers legal counsel powered by artificial intelligence for a small monthly fee. The company’s mission is to help clients affordably resolve small legal claims. Joshua Browder, a British-American entrepreneur, founded the company in 2016 in the Western US. Over four rounds DoNotPay has raised a total of $27.7M in funding, with the latest funding being raised on Aug 1, 2021, in a Series B round. The company has chosen the EBM domain name DoNotPay.com.
Forty-two out of fifty-eight companies have chosen an exact brand match domain name, with forty-three using a .com extension.
Let’s see which domain extensions these companies mainly chose to build their brands.
As you can see, most companies have opted for the globally recognizable .com domain extension. .com stands for “commercial,” as it was initially intended to be used for commercial organizations. For the past 36 years since its creation, .com has become a brand of itself. Here you can see more tips on what domain extension is best to use for your startup.
Four companies use a dash in their domain name.
Hyphens are often used to separate two-word domains as they are the only spacing character allowed in a domain name. Here’s an interview that might help you in case you’re wondering should hyphens be used in domain names.