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PocketLaw, an all-in-one automated platform that enables companies to create, sign and manage all their contracts, has raised €10 million (roughly $11 million USD) in a series A round of funding.
Founded in Stockholm, Sweden, in 2018, PocketLaw targets subject-matter experts (SMEs) with all the smarts they need to manage and automate many of their repetitive, day-to-day legal tasks.
Creating contracts and legal documents from scratch can be a resource-intensive endeavor — lawyers may charge by the hour to essentially repurpose existing files for a new client — while digital template banks offer an alternative solution that is slightly less expensive. PocketLaw, aims to make the contract-creation process significantly cheaper and quicker, enabling users to build “bespoke legal agreements” in a matter of minutes through automation and a question-and-answer approach supported by on-screen digital guides.
Elsewhere, the PocketLaw platform features include the capability to collaborate with the various stakeholders in a legal agreement. This may include sharing to-do lists and tasks as well as garnering immediate feedback, while it supports the full tracking and management of multiple agreements through the cloud.
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Gartner recently predicted that companies will increase their legal technology spending to roughly 12% of their in-house budget by 2025, representing a three-fold increase in 2020. Companies are basically seeking efficiency gains by “digitizing key workflows and expanding the use of automation,” according to Gartner.
And that, effectively, is the role that PocketLaw and its legal-tech brethren see themselves playing in the coming years — freeing lawyers to carry out the more complex “lawyering” work, with automated tools taking care of the more mundane tasks.
“The regulatory landscape — and legal complexity for businesses — is growing rapidly, forcing companies to invest more time and money in legal services just to survive,” PocketLaw CEO and cofounder Kira Unger told VentureBeat. “But most day-to-day legal work consists of simple, repetitive tasks and given the cost of massive in-house legal teams, adding more people to the problem isn’t the solution. By providing automated solutions together with high-quality templates and other content developed by lawyers, PocketLaw helps every team in a company manage ‘legal’ with efficiency and ease.”
It’s worth noting that while PocketLaw is mostly targeting smaller businesses, in reality, it can be used by businesses of all sizes that are looking to optimize their internal resources. PocketLaw’s customers include billion-dollar Norwegian media giant Schibsted.
“PocketLaw can be used by any business and any stakeholder in the world, regardless of size, financial muscle and experience,” Unger added. “However, our primary priority to date has been to support all SMEs out there for clear reasons — this is a massive market, with lots of companies in need of support on a daily basis and today — most of these businesses stand-alone, without strong financial means and in-house experience to manage legal on their own.”
Prior to now, PocketLaw had raised a little over $3 million in seed funding and with its latest cash injection, the company said that it plans to scale its software-as-a-service (SaaS) platform across Europe.
PocketLaw’s series A round was led by European venture capital juggernaut Atomico, with participation from various angel investors.
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