'Explosive' growth of legal tech sees $1.6bn investment for Clio
By Nicola Laver
A leading cloud-based legal tech company has been valued at a staggering US$1.6bn after a major funding round
A leading cloud-based legal tech company has been valued at a staggering US$1.6bn after a major investment, which signalled “a historic moment in the growth of legal technology”.
The company, Clio, has announced $110m worth of funding to support an “explosive demand for cloud-based legaltech”, making the company the first global legal practice management unicorn.
Clio’s founder and CEO Jack Newton said the investment “is indicative of the explosive demand for legal technology that empowers lawyers to be cloud-based and client-centred”.
He added that the investment will enable the firm to “continue to create a more equitable and accessible legal system by making it easier for clients and law firms to work together through cloud-based technologies”.
Law firms are rapidly moving towards a permanent ‘digital first’ approach to meet client needs and expectations.
According to Statista, the legal tech market generated revenues of $17.32 bn worldwide; with revenues set to reach $25.17bn in 2025. The UK market in 2019 was estimated to be around £35m, according to Thomson Reuters.