Legal management software provider Clio has marked a historic moment in the growth of legal technology by becoming the first legal practice management unicorn globally.
On Tuesday 27 April at 2pm, Clio, the UK’s leading case management software provider, announced a new valuation of US$1.6 billion following the raising of a US$110 million investment in its Series E funding round. The investment, which was led by funds and accounts advised by T. Rowe Price Associates, Inc. and also included OMERS Growth Equity, is a significant milestone in the legal technology field.
Following the investment and new valuation, Clio is now the first legal practice management “unicorn” (a term used to describe a privately held startup company with a value of over $1 billion) in the world.
According to Jack Newton, CEO and Founder of Clio:
“This investment is indicative of the explosive demand for legal technology that empowers lawyers to be cloud-based and client-centred.
“The support from T. Rowe Price funds and accounts and OMERS Growth Equity will enable us to continue to create a more equitable and accessible legal system by making it easier for clients and law firms to work together through cloud-based technologies.”
The investment is reflective of a global legal industry that is in the midst of a swift and massive transformation to cloud technology due to the need for law firms to find new ways to deliver services to clients. Although these needs were brought on by the events of the past year, the move to digital-first law firms is a permanent one as consumer expectations and behaviours change.
Clio, which is working in partnership with the Law Society of England and Wales and is an approved supplier of the Law Society of Scotland, will use the funding to further invest in its platform, strategic acquisitions, and partnerships aligned with the company’s mission to transform the legal experience for all.
The funding will also expedite Clio’s plans to grow its workforce by 40 per cent in the UK and Ireland in 2021, with a focus on bolstering its product and engineering teams to continue innovating and evolving its product offerings.
For more information about Clio, and how it is creating a better normal for legal professionals, see clio.com/uk.
Or, to try out Clio for yourself, book your free demonstration here.
This article was submitted to be published by Clio as part of their advertising agreement with Today’s Wills and Probate. The views expressed in this article are those of the submitter and not those of Today’s Wills and Probate.