Why should small law firms miss out on the power of AI to aid their legal tech processes?
Lawhive, an AI-driven legal tech platform based in London, is focused on small law firms, with the goal of helping consumers and small businesses access professional legal services at affordable prices. We have secured more than £9.5 million ($11.9 million) in seed funding to propel us forward.
The UK consumer law market, valued at around £25 billion, has been criticized for being prohibitively expensive and overly complex and jargon-heavy. This leaves approximately 4 million individuals and her 1 million businesses without the legal assistance they need each year.
Unlike many AI-based software programs, Lawhive focuses on small businesses with tight budgets. Some of the “big law” startups leveraging AI include Harvey (US-based, raised $106 million), Robin AI (UK-based, raised $43.4 million), and Spellbook (Canada-based, $32.4 million). procurement).
Lawhive allows lawyers to serve their own clients and connect with new clients through the marketplace. Legaltech platforms leverage advanced AI to streamline various legal tasks, saving time for lawyers, reducing costs for clients, and increasing efficiency.
Lawhive currently works with over 100 solicitors and barristers across the UK. The company has developed a consumer law operating system that automates routine tasks such as KYC/AML, client onboarding, and document collection. This allows lawyers to focus on the more rewarding aspects of their work and earn significantly more than in a traditional environment.
At the heart of Lawhive’s service is an AI lawyer named Lawrence, based on Lawhive’s proprietary LLM technology. Lawrence has achieved excellent results in legal practice compared to his other LLMs, and has also passed the Solicitor Qualification Examination (SQE) with a score of 81%, which is below his 55% of the passing criteria. far exceeds. By assisting with tasks typically performed by junior lawyers and paralegals, Lawrence frees up senior lawyers to focus on more complex and high-value aspects of litigation.
Pierre Proner, CEO and co-founder of Lawhive, said the platform is designed to make legal access a universal right and make high-quality legal services more affordable and accessible. I emphasized.
Lawhive plans to use the new funding to expand its team and aggressively hire AI engineers and software developers.
Commenting on the investment, Vidhu Shanmugaraja, Partner and Trained Lawyer at GV, pointed to Rohive’s role in transforming the legal industry through innovative technology. He highlighted that the platform will significantly enhance legal workflows and expand access to legal advice, making it more accessible and affordable to a wider audience.
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