Small business legal platform Linkilaw has acquired legal comparison site LawyerFair
The acquisition will help the legal tech firm fulfill its aim of delivering the "most comprehensive, cost effective and flexible legal service for small firms"
Linkilaw, a legal platform for small businesses, has acquired legal comparison site LawyerFair creating the “largest legal marketplace” in the UK.
Both operating in the lucrative legal tech scene, the acquisition will help Linkilaw fulfill its aim of delivering the “most comprehensive, cost effective and flexible legal service for small firms”, with hopes it can now offer clients 75% savings across its new and existing services.
London-based Linkilaw, which was founded in 2015 by Alexandra Isenegger and helps connects start-ups with affordable and verified legal advice, is also working on using increased AI to help drive down operating costs.
Founded in 2014 by Andrew Weaver, LawyerFair is also a curated marketplace for buying and selling of commercial legal aid, and originally pitched itself as the “AirBnB of legal services”.
On the site, businesses in need of legal assistance submit a confidential request for help before receiving proposals from pre-approved lawyers which they can either accept or reject.
Free for users, payment is only required if a small business enlists the help of a lawyer via the site.
A recent report from YouGov reported that UK small firms suffer with eight legal issues per year and are collectively losing £7m an hour as a result of neglecting their legal obligations – further suggesting the legal tech space is one that will continue to grow.
Indeed, competitors for Linkilaw include the likes of Startups 100-listed comparison site Lexoo, and Ajuve – an online arbitration platform specialising in helping smaller firms.
Not just serving businesses, recent years have also seen a rise in the number of legal start-ups catering for law firms themselves.
Young Gun-founded Apperio helps give law firms, and their clients, more transparency over legal fees.
On the acquisition, Isenegger said:
“The UK legal sector is out of touch with and failing the needs of ordinary business. They don’t understand start up culture and there is a complete mis-match in service provision and pricing models.
“Many bootstrapped start-ups have suffered with the injustice of either paying thousands of pounds on legal fees, searching the internet for irrelevant templates or simply foregoing legal work altogether. This leaves founders unable to understand the legal obligations they have to their business and is putting the potential of great ideas in jeopardy.”