The case management software business continues its global expansion
Online legal services company Rocket Lawyer has received a £ 161 million injection of funding to meet growing demand for its services and to develop its cloud-based case management system.
Legal Futures reports that Rocket Lawyer, which was founded in the US in 2008 and founded in the UK in 2012, claims to have served 25 million people and organizations during that time and, while unregulated itself, employs lawyers based in the UK and Advise Wales.
The $ 223 million equity financing was led by Vista Credit Partners, a strategic credit investor and financing partner focused on the enterprise software, data and technology markets.
In a statement, they said they would work together to scale the Rocket Legal Cloud platform “to meet the strong and accelerating demand for the company’s native digital judicial tools”.
Charley Moore, CEO and Founder of Rocket Lawyer, said, “Vista Credit Partners shares our commitment to making justice available to all with a connected device.
“The pandemic increased and accelerated the demand for our cloud-based digital legal solutions as we enabled the documentation of millions of legal situations and the advice and compliance of lawyers without a physical presence.”
He added that the UK “remains essential to our global strategy”.
David Flannery, President of Vista Credit Partners added, “The pandemic has accelerated the transition from legacy systems to a more accessible digital future, particularly in the legal space. We believe this climate offers Rocket Lawyer an incredible growth opportunity. “
We reported last year that Rocket Lawyer imported its model back to the US from England and Wales, making it one of the first companies to be approved by the Utah Supreme Court’s Office of Legal Services Innovation to participate in its regulatory sandbox.
This is a two-year experiment to test business models that are not otherwise allowed under strict US regulations that limit legal practice to attorneys.
Utah paved the way to allow non-traditional models that are similar to alternative business structures (ABS).
Although Rocket Lawyer provides legal documentation online, it needs to be careful what advice it can give clients as it is not a law firm. There is a group of outside lawyers that users can contact for a free initial 30 minute consultation with discounted fees if they need further assistance.
By participating in the Utah sandbox, as here, the company can hire lawyers directly and do the legal work itself.
Arizona has since introduced the first ABS regime in the US, and Rocket Lawyer plans to become one there.