With 198% ARR expansion in two yrs and a customer net retention price over 130%, Filevine serves the unmet requires of regulation companies navigating document desire and an historic expertise lack
SALT LAKE Town, April 14, 2022 /PRNewswire/ — Filevine, a leading legal perform system, introduced today that it raised $108 million in a Sequence D funding spherical led by StepStone Team, with supplemental funding from Golub Cash. Signal Peak Ventures and Meritech Capital, repeat buyers in Filevine, also participated in this round. As law corporations contend with climbing demand from customers and a expertise scarcity, several have turned to Filevine’s all-in-just one authorized suite to enhance effectiveness, mitigate stress, and develop earnings. The Collection D funding will assist electrical power Filevine’s growth a lot more deeply into significant law, coverage protection, corporate, governmental, and nonprofit legal counsel groups, creating on the firm’s expertise in litigation and particular injuries regulation.
Started in 2014, Filevine is developing a new interface for authorized work. CEO and co-founder Ryan Anderson, a previous litigator, felt that legacy legal software package was ill-equipped to manage the urgent responsibilities that bombarded him and his colleagues. Regular document administration options, venture administration apps, and collaboration program didn’t meet the special requires of authorized experts. Anderson and his co-founders created Filevine to fill this void in the business software-as-a-service (SaaS) current market.
Shortly after Filevine released, the inadequacies of legacy lawful application turned obvious. Workloads amplified without proportionate development in team, and then COVID-19 forced remote get the job done on the sector. By 2021, record need for authorized services, a shortage of competent talent, and higher burnout among legal industry experts had been driving companies to undertake new know-how at report premiums. In truth, the legal tech sector is predicted to improve at a compound once-a-year development fee (CAGR) of above six per cent in between 2019 and 2025 according to Statista.
Filevine’s enterprise overall performance demonstrates just how perfectly the enterprise has resonated with legal industry experts, bridging the hole concerning desire and talent. Above the previous two decades, Filevine accomplished 198% development in yearly recurring profits (ARR) whilst preserving a client internet retention charge of over 130%. In 2021 alone, Filevine signed 708 new clients throughout the lawful marketplace. Since acquiring Outlaw, a agreement management resolution, in May perhaps 2021, Filevine has grown Outlaw’s ARR by 400%.
An Inc. 5000 and Deloitte Quickly 500 enterprise in 2021, Filevine has managed to maintain remarkable development as the enterprise matures. Last calendar year, Filevine also received numerous honors which includes “Total Situation Management Business of the Calendar year” from the Lawful Tech Breakthrough Awards and “Greatest SaaS for Productivity” in the 2021 SaaS Awards.
“Filevine has authorized us to flip the script on how lawful get the job done is done. You employed to say, ‘Okay, we are acquiring at the rear of — just include a pair much more typists or a few much more secretaries.’ Now I say, ‘how can we transform the workflow to be much more effective? What can we standardize? What can we automate in Filevine?'” claimed Bob DeRose, Handling Companion at Barkan Meizlish DeRose Cox, LLP. “It permits me to seek the services of smarter and only enhance headcount when it is actually essential.”
Named a 2021 Top Workplace by The Salt Lake Tribune, Filevine welcomed 370 staff in 2021. The firm also deepened its leadership bench with many key hires:
- Ian Charles, Chief Monetary Officer, joined Filevine with about 25 many years of economic leadership in general public marketplaces, M&A, and internationalization. He earlier held the role of CFO at FLEXE, Scoop Systems, and Planful and served as CFO Husband or wife for The Brenner Group®.
- Scott Brown, Chief Technology Officer, is an company technological know-how leader with a report of products innovation, income advancement, and scalable architecture. Prior to becoming a member of Filevine, he was CTO of Integrate and has held government roles at OVH US, iCitizen, Media Temple, and GoDaddy.
- Jen Grey, SVP of Advertising & Corporate Strategy, was promoted to a new expanded position focused on strategic preparing, GTM growth, and organization alignment and execution. She joined Filevine in 2020 and formerly held leadership positions at Qualtrics and Weave all through their hypergrowth phases, and at Adobe.
“Acquiring reworked legal function and organization for non-public methods, we’re psyched to additional broaden within just corporate, governmental, and nonprofit counsel groups that encounter the same work worries but assistance their corporations in a different way,” explained Ryan Anderson, CEO of Filevine. “We are having on this development opportunity with new executives and a seasoned group of leaders who carry on to awe our buyers with their dedication and success.”
Filevine not long ago made interior promotions to figure out the general performance of its management corps. Promotions include things like Sean Dowdle to EVP of Income, Alex Pearson to Common Counsel, Michael Anderson to SVP of Products Method, Cain Elliott to Head Lawful Futurist, and co-founder Nate Morris to Main Culture Officer.
For far more details check out www.filevine.com.
Filevine is transforming the way authorized work receives finished for legislation practitioners and their shoppers. As the main lawful do the job system, Filevine is devoted to empowering all companies with resources to simplify and elevate complex, high-stakes legal do the job. Powering anything from document management and shopper conversation to legal drafting and deadline and activity management, above 25,000 lawful industry experts use Filevine everyday to supply excellence in each individual contract, deadline, and end result. Filevine is the best lawful application company on the Inc. 5000 list, has been named a person of the Utah Company Rapid 50 and is among the prime 50 quickest-rising privately-owned application providers in accordance to the 2021 Inc. 5000 record.
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