Legaltech explodes
![Legaltech explodes](/_next/image?url=https%3A%2F%2Fpublic.solicitorsjournal.com%2Fapi%2Ffeatureimage%2FBoardroome05bd.jpg&w=1920&q=85)
By Nicola Laver
Leading cloud-based legaltech company Clio has been valued at a staggering US$1.6bn after a major investment, which signalled “a historic moment in the growth of legal technology”. Clio announced $110m worth of funding to support an “explosive demand for cloud-based legaltech”, making the company the first global legal practice management unicorn. 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.