Lexoo is a UK-based legal technology company launched in June 2014 with headquarters in London, United Kingdom. Lexoo provides a lawyer-matching online marketplace, enabling businesses to find a lawyer by providing multiple quotes from specialised solicitors.
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History
Lexoo was founded in June 2014 by Daniel van Binsbergen, a former lawyer at De Brauw Blackstone Westbroek, and Chris O'Sullivan, a developer, having raised $400,000 in seed funding from Forward Partners and Jonathan McKay, the Chairman of JustGiving. In November 2015, Lexoo raised a further $1.3 million in funding from a number of investors, including the London Co-Investment Fund, Duncan Jennings (founder of Vouchercodes.co.uk), Tim Jackson of Lean Investments, Robin Grant (founder of We Are Social) and Forward Partners.
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Business model
After a client posts an enquiry on Lexoo's website, Lexoo selects a number of lawyers to provide fixed-price quotes for the client's work. Lexoo screens and interviews every lawyer before they join its platform. Lexoo claims to save businesses an average of 46% on their legal fees by prioritising lawyers with low overheads.
Lexoo is free for clients, but lawyers on the platform pay a commission on any work they obtain through the platform.
Media attention
TechCrunch identified that, compared to other markets, the fees charged by legal practitioners are traditionally non transparent, and considered Lexoo "a classic example of how markets can be made more efficient and transparent by moving them online".
Forbes described Lexoo as "the democratisation of legal services", noting that "the participating solicitors know they are quoting in a competitive environment, so they will offer their best price up front, without businesses having to ask for it. All the ingredients of a classic disruptive start-up."
In June 2015, the Financial Times selected Lexoo as its "Innovation to Watch" and Startups.co.uk listed Lexoo among the top 100 startups in the UK in 2015.
Lexoo has also been featured by PE Hub, Legal Futures, Talk Business Magazine and Tech City News.
Source of the article : Wikipedia
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