Meet The Law Firms and LawTech Companies Helping Startups Stay Compliant

Now more than ever, as startups scale quickly, they need to make sure they are staying legally compliant.

From protecting customer data to hiring in line with employment law and fundraising under transparent terms, companies no longer need to just focus on scaling fast – but doing so according to the rules.

 

Why Compliance Matters More Than Ever For UK Startups

 

The UK is home to thousands of startups and growing, but it’s also home to some of the strictest tech laws in the world. Under UK law there is a lot of protection when it comes to customer data rights – especially under GDPR.

Not just that, but startups also need to protect their own ideas under intellectual property to prevent other companies stepping on their turf.

In essence, startups now need to proactively protect themselves legally, rather than being reactive to legal issues that come up.

 

How UK Law Firms Are Working With Startups

 

Law firms are no longer being employed to defend companies, but are now a huge part of a business’ strategy. They have evolved simply from being a defence system, to becoming a strong strategic partner.

Some examples of this in the UK include:

Russell Cooke

 

 

Russell Cooke offers packages for tech startups that include advice on any legal issues surrounding their business, as well as a flexible service that can be scaled up or scaled down depending on the deliverables needed.

But most importantly, Russell Cooke offers a fixed price package designed for startups and growing technology companies that need to keep their eye on budgets. This can help them manage their costs, without compromising on compliance.

 

Harper James

 

 

Harper James has an entire division specifically focused on startups, helping them build their companies with compliance in mind. From structuring the business to funding rounds and exit strategies, the company specialises in small, nimble businesses that want to scale fast.

 

Doyle Clayton

 

Doyle Clayton have a legal subscription service that is both wallet-friendly and specifically tailored for startup and growing businesses. From just £100 per month, startups get regular calls with team members, work on standard documents and a discount on hourly rates when needed, helping them tap into the team quickly when needed.

 

 

The Growth Of LawTech

 

It’s no surprise that legal advice is expensive, with some firms charging over £300 per hour. For many startups, this is a huge cost that can significantly cut into margins.

Because of this, a number of startups have launched to help SMEs stay compliant, without the huge price tag. Here are some of the most popular LawTech startups around:

 

Juro

 

 

Juro is an intelligent contract automation platform that uses AI to manage contracts more easily.

Operating as a end-to-end contract platform, Juro allows companies to initiate contracts across a number of platforms, using one of their templates. Then, it drafts and reviews changes, helping companies agree contracts faster, without the huge price tag.

 

Corlytics

 

 

Corlytics (previously ClauseMatch) is a document collaboration software that allows parties to edit documents in real-time, tracking changes and accessing the latest versions all in one place.

This is particularly useful for contracts, where tracked changes can take a lot of time to find and approve.

By creating a document and adding collaborators, companies are able to quickly amend key documents and lock in negotiations as quickly as possible.

 

Thirdfort

 

 

Thirdfort helps keep companies compliant with their Anti-money laundering (AML) ID verification software. This is particularly useful for startups, like fintechs, that need to verify their users and protect themselves.

Through thirdfort, companies can onboard clients in minutes, making sure they are fully compliant and never missing a red flag or risking fines.

 

Lexoo

 

 

Lexoo is a global legal marketplace, providing an alternative to international law firms for companies looking for stand-alone projects or cross-border deals.

With Lexoo, companies can always make sure they are finding the best lawyers for their projects, without being locked in to expensive retainers.

Through their marketplace, it’s easier than ever for startups to hire talented lawyers around the world.

 

Josef

 

 

Josef is a platform that automates the drafting of legal documents. With the software, companies can stay compliant with automated contracts and legal documents – all in one place.

Using AI, the company is able to simplify previously complex processes, streamline costs and reduce legal fees for bootstrapped startups.