Legatics is an intelligent deal platform that transforms the way in which repetitive legal tasks are managed by automating workflows and providing all parties with transparency over their transaction.
Legatics acts as a central store for key documents, keeps track of statuses, allows parties to upload documents directly to the platform and produces a transaction bible at the click of a button. An overview screen displays the live status of a deal, providing real-time visibility over progress and any outstanding actions.
What is your company’s mission?
Legatics transforms legal transactions globally by automating the process-driven work of lawyers and providing a more efficient and transparent manner of running those transactions.
What’s different about your company / product?
We are redesigning legal processes to cut out deal administration and let lawyers focus on legal tasks. We do this by writing simple software that speaks the same language as lawyers and their clients, whilst adding in powerful automation behind the scenes. We do all of this based on close collaboration with and feedback from our users.
How did you start off and when?
CEO Anthony Seale, previously a magic circle finance associate, founded Legatics in 2015. Legatics is now a fast-growing, legal technology startup with a current team of 17 and several open positions.
Where is your company at in its business journey now?
Legatics has grown to a team of 17 with customers including some of the world's largest law firms, such as Allen & Overy and Herbert Smith Freehills, who have originated deals using Legatics in more than 20 countries.
Legatics has been featured in several leading publications including The Financial Times, Forbes, The Lawyer, Legal Business, Legal Week, Legal IT Insider, Artificial Lawyer and Butterworth Journal of International Banking and Finance Law.
What have been your biggest challenges to get where you are today
Getting initial buy-in from lawyers to change how they run their transactions was challenging, but once they have seen Legatics in action they understand the value that it brings to the team.
The speed at which large firms operate is different to that of a startup and they are also used to contracting with large companies. The time from first contact to sale can therefore be very long and their contracts often do not cater for models such as SaaS.
What are you most excited about working in our LawTech Eagle Lab?
We want to work with those firms and legal teams that are most interested in cutting edge innovation that delivers real and practical benefits to their lawyers. As the number of such firms is growing, we are growing too.
What does the future hold for your company – what are your plans? What’s the next big challenge?
In October 2018 Legatics secured six-figure equity investment from external investors as a seed round from a combination of angel investors and venture partners, funding which is being used to grow the team and bring a number of ideas that were previously at ‘lab’ stage to fruition.
As an Entrepreneur what tips do you have for entrepreneurs starting out on their journey?
As exciting as it is to work in the fast-paced environment of a fast-growing technology company, make sure that you know what you are getting yourself in for before launching your own business or joining such a company.
It requires resilience, the ability to juggle multiple competing priorities and, in comparison to a City law firm salary, a pay cut so make sure that you are ready for this both emotionally and financially.