The Legaltech Paris allows companies without legal direction (startups, small businesses and SMEs) to automate their efforts (status, contracts, capital increase …) to minimize risk. The startup wants to extend its range of services, today limited to the easiest processes to automate, to all legal needs, including HR.
The law also makes its digital revolution. In line with the legal search engine Doctrine or legal documents platform Legalstart, the French LegalTech continues its expansion with LegalPlace, which announced Tuesday, July 9, the success of its first fundraising, an amount of 6 million euros, from Day One Entrepreneurs & Partners, as well as AFIR, the investment vehicle of the Leclerc family.
Automate acts of commercial, real estate or “corporate” law
Founded in 2016, LegalPlace is aimed at companies that do not have the means to create their own legal department, that is to say, startups, VSEs and some SMEs. The startup offers them to automate their contractual production, whether it is commercial rights (relationship with customers and partners), real estate or “corporate” (employment contract, capital increase, statutes …).
“Many start-up executives, small businesses and SMEs, are doing what they can to do their own legal steps,” says Racel Flazi, CEO of LegalPlace. But it takes them a lot of time and exposes them to risks because their know-how is limited and regulations are constantly evolving “, adds the leader, a training engineer who co-founded the company with the former lawyer
More than 100,000 customers bought at least one automated legal act on the platform. The automation allows him to break the price: create a company costs about 500 euros, while a conventional break is 200 euros and the drafting of a simple contract to 100 euros, according to the startup.
If its own technology makes it possible to create documents quickly for the most easily automated operations, LegalPlace also offers human support for the most complex needs, in the form of advice from its network of experts. Its solution also makes it possible to understand the context of existing contracts, to extract the right information, to generate documents in line with the latest legislation and the specificities of each company.
“In an ideal world, businesses should all have an in-house lawyer. In fact, few have the means to do so. Our role is not to replace a lawyer, who remains the only one who can help companies in their strategic choices. But if the management of legal operations was more and better automated, the company could more easily access the best know-how and best practices of the market, “continues the leader.
Since its first round of seed funding at the end of 2017, for a total of € 1 million, LegalPlace claims growth multiplied by 7 and has doubled its workforce from 25 to 50 employees, mainly engineers, profiles “digital “and experienced lawyers.
The 6 million euros of Series A will be used to recruit twenty people by the end of 2019, especially profiles “tech” to strengthen the R & D of the company, to allow him to offer a wider range of automated solutions, and thus address more complex issues, including legal issues around human resources. The rapid and perpetual evolution of regulation, a nightmare for companies, is seen as an opportunity for LegalPlace. “Regulatory inflation gives us even more legitimacy.” At the moment, many companies are facing, for example, the obligation, from September, to set up a CSE (Social and Economic Committee). new legal topics in companies that are puzzles, “says the CEO.
The key is the switch from a legal document purchase model to the unit, to a standard “SaaS” model, with subscription and monitoring of the legal needs of the company from its creation when it is sufficiently large to have its own legal department. “Our differentiation is our very” tech “positioning, which allows us to improve and expand our range of services.There are 400 collective agreements in France, so many subtleties in contracts that no one will be able to address as well. good and as fast as us thanks to our technological advance, “says Racel Flazi.