A Brisbane-based lawtech startup that provides companies with web-based procurement tools to find, instruct and manage law firms has received AUS$500,000 (£285,000) from a local investment fund.
Lawcadia, which launched in February, has received seed funding from Queensland-based angel investor ACAC Innovation, becoming the fund’s 19th startup to receive investment in just over 12 months.
Lawcadia says it only allows top-tier, mid-tier, international and high-end boutique firms to pitch for work on its platform, where companies post work and an online procurement process helps them to review and compare high-level pitches and detailed proposals.
Lawcadia’s financial reporting tool provides a framework for companies to review fees, giving visibility and accurate reporting on what has been charged, what is in progress and what is coming up for each matter.
Its client dashboard provides a single location to manage all matters, across firms and regardless of jurisdiction.
At the end of a matter, lawyers are reviewed based on six key factors including pricing transparency, expertise and commerciality of advice within Lawcadia’s rating system.
“Companies and government need accurate, transparent pricing for legal services without compromising service or quality. At the moment this is not occurring,” said Warwick Walsh, CEO and founder of Lawcadia.
“This funding will see Lawcadia quickly expand our team and allow us to continue to optimise our platform and further our product development.”
Lawcadia, which has over 25 qualifying law firms already registered, says the platform is an opportunity for law firms to access new clients. The pricing model for its procurement tool certainly favours the instructing company, charging law firms 5% of the fees that a client is billed for that matter.
“Lawcadia has an innovative approach to solving the big issues in the commercial legal industry. This investment reflects the quality of the initiative, the growth potential, and the opportunity to shape the future of the global legal market,” said Andy Greig, founder and senior director of ACAC Innovation.