Lawmatics, a San Diego startup developing marketing and CRM software for lawyers, announced that it has raised $ 2.5 million in seed money.
CEO Matt Spiegel previously worked as a lawyer himself and told me that while tech companies have a wide range of marketing tools to choose from, "lawyers couldn't adopt them" because they needed a product that was tailored to their specific needs .
That is why Spiegel founded Lawmatics with CTO Roey Chasman. He said that a law firm's relationship with its clients can be broken down into three phases: admission (when a client decides whether to hire a law firm); the active legal case; and after the case is resolved. Apparently most of the legal software is designed for phase two, while Lawmatics focuses on phases one and three.
The platform includes a CRM system to manage the initial customer enrollment process, as well as tools that can automate much of what Spiegel calls "blocking and tackling" marketing, such as: B. sending birthday messages to previous clients – which may sound like a minor's job, but Spiegel said it's critical for law firms to "nurture" these relationships because most of their business comes from referrals.
Lawmatics' early adopters, Spiegel added, were made up of law firms in areas where "if you need a lawyer, go to Google and search for" personal injury, "" bankruptcy, "" estate planning, "and all those consumer-facing law firms. "The pandemic accelerated the startup's growth as" lawyers are now at home, their business is virtual and they need more tools ".
Spiegels had successfully sold technology to lawyers in the past with the practice management startup MyCase, acquired by AppFolio in 2012 (AppFolio recently sold MyCase to a variety of funds for $ 193 million). He said the strategies for growing both companies are "almost identical" – the products are different, but "it's really the same segment running the same playbook, just with additional go-to-market strategies."
Funding was led by Eniac Ventures and Forefront Venture Partners, with the participation of Revel Ventures and Bridge Venture Partners.
"In my 10 years as an investor, I've seen few teams more passionate, determined, and able to revolutionize an industry," Eniac's Tim Young said in a statement. "Not only did they create the best software product the legal market has seen, they created a movement."