There can be no doubt about it. Legal tech is on fire… and what a glorious fire it is!
The investors have spoken loudly with cheques in hand. You got it – we’re talking about Avvo’s US$71.5mn funding round this week, bringing total funding in Avvo to ~$132mn. This values Avvo at an incredible US$650mn. To put this in perspective, that’s more than five times the value of publicly traded Travelzoo (TZOO) and more than twice the value of Canadian tech darling and recent IPO Shopify (SHOP).
What does this tell us? The legal system continues to be a black box… or so it seems to consumers and small businesses in need of legal advice. Finding a lawyer is scary and, when push comes to shove, we need someone to hold our hand through the process. Platforms like Avvo and Kabuk are going to play a huge role in helping to demystify the legal landscape and enabling people make more informed decisions. At the same time, we both help lawyers who are hungry for more business connect with the clients that need them. That’s right – operating at the intersection of client and lawyer needs (read more about that here) – the best place to be!
How Avvo began: Avvo started as an online review platform for lawyers, enabling people without a direct referral to incorporate client feedback into their choice of a lawyer. This was a real game changer, helping to reduce informational asymmetries in the process of sourcing a lawyer. I look forward to see what’s next for Avvo, especially with this round of funding!
How we’re different from Avvo: While Kabuk and Avvo have similar aims, they are two very different beasts. Kabuk is taking a different approach to connecting clients with lawyers with its proprietary platform for appointment booking and schedule management. That’s right – not only can clients find a lawyer on Kabuk, they can book a consult too! Further, while Avvo gives prospective clients perspective on any US-based lawyer they like, Kabuk gives a more bespoke visage only displaying lawyers who have actually subscribed for the site and are actively looking for more business. This helps us maintain high-quality profiles, with all the latest and greatest info, and ensures that clients can quickly find the information they are looking for and retain the right lawyer for their needs. While Kabuk will be adding recommendations to its platform in the near future, display of these recommendations will be opt in or out and only clients that have booked through the Kabuk platform will be able to leave a review. More top secret interactive features are coming very soon so stay tuned!!
It’s fantastic to see investments flowing into legal innovation like wine. Here’s to many more to come!
Are you a VC disappointed in missing the boat on the Avvo deal and looking to get themselves a piece of that Legal tech pie before it goes supernova? Don’t worry – Kabuk is here for all those negative triggers in life. Give us a call (and let’s pop a cork) 😉
Kabuk connects consumers with the legal providers they need, when they need them, and enables them to request desired appointments online. Our platform is designed to streamline the legal discovery process, putting needed information right at the fingertips of consumers, and helping them to make more informed decisions. For legal providers, we help increase your online presence and improve your customer acquisition efforts. Check us out at kabuklaw.com and follow us at @KabukLaw.