Lawhive's AI, named 'Lawrence,' has passed part one of the Solicitors Qualifying Examination (SQE). The platform allows lawyers to work with their own clients or be matched with consumers and small businesses through the Lawhive marketplace. The company, founded in 2019, has previously raised an $11.9 million seed round and aims to tap into the unmet legal needs of US consumers, a market estimated to be worth $1 trillion annually.
Key takeaways:
- Lawhive, a U.K.-based legal tech startup, has raised $40 million in Series A funding to expand in the US. The round was co-led by GV (Google Ventures) and TQ Ventures.
- The company offers an AI-based SaaS platform that helps small law firms to automate their operations, thereby reducing costs for customers by up to 50% and increasing their efficiency.
- Lawhive's AI, named 'Lawrence,' has passed part one of the Solicitors Qualifying Examination (SQE). The platform can also match lawyers with consumers and small businesses through the Lawhive marketplace.
- Despite the potential competition, Lawhive's co-founder Pierre Proner believes they are the first movers in this space, focusing on "main street" law firms which are often overlooked by other legal tech startups.