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

REUTERS/Dado Ruvic/Illustration

(Reuters) – Filevine, which helps make a system for handling lawful perform, on Thursday became the next big legal technologies firm since the start of April to publicly disclose a spherical of funding exceeding $100 million.

The Salt Lake Town-based mostly enterprise stated it closed a $108 million Collection D funding round led by StepStone Team. Existing backers Golub Cash, Signal Peak Ventures and Meritech Cash also participated.

Agreement management organization LinkSquares reported on April 4 it elevated $100 million in Sequence C funding, in yet another of the year’s biggest lawful tech rounds so far.

Filevine gives software program to aid firms control circumstances, paperwork and contracts by automating responsibilities and deadlines and permitting for staff collaboration, according to its internet site.

Filevine reported that regulation corporations have turned to its program as the market contends with report consumer need and constrained lawyers.

The company said fresh new funding will support gas market growth into huge law, corporate, insurance protection, govt and nonprofits. Filevine’s internet site currently lists several individual injury and demo companies as clientele.

Scott Mozarsky, a managing director at M&A advisory agency JEGI Clarity, said in an e-mail he expects funding to continue on to stream to legal tech businesses in 2022, citing “rapidly accelerating tech adoption” by legislation corporations and organizations as one component.

He pointed to other massive rounds in the authorized sector exceeding $100 million in the earlier yr elevated by businesses like Ironclad, Clio and Everlaw.

Read additional:

LinkSquares nets $100 mln in latest massive legal tech funding spherical

Legal tech buzzed through 2021 with IPOs, new ‘unicorns’

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