LawBite is a Lawtech marketplace enterprise solving a £13bn problem for SMEs by democratising the delivery of business law. Since launching, the platform has addressed over 28,000 SME legal enquiries through its Platform, matching them with its 50 lawyers, covering everything from start-up to exit. LawBite drives traffic to its web and app Platform through digital marketing and partnerships with SME-facing Brands.
The Platform provides:
(i) access to an automated workflow system for completing legal work using our tech and machine learning tools
(ii) access to our own virtual SRA regulated Law Firm (‘LawBriefs’) which is bolted into the Platform
(iii) tools to upload, edit, share, e-sign and store documents
(iv) a dynamically updated client dashboard covering all advice matters and documents.
The secure scalable technology delivers fast, easy access to professional legal advice, optimising the legal process delivery through data science and machine learning, passing these efficiencies and savings on to the end customer.
The current COVID-19 impacted business environment has validated LawBite’s tech driven business, based on lawyers working remotely – a concept that works increasingly well for lawyers – especially the 70% of our lawyers who are female.
We now have the opportunity to accelerate the development of LawBite’s already mature technology platform with further machine learning advancements to support some of the most exciting distribution partners – big brands in finance, insurance and tech who are transforming their own industries with differentiated product offerings for their targeted SME customers. This is the largest market segment and they are early adopters of innovation and change.
Where did the idea come from?
I am a Barrister by training and worked in-house for large Media tech companies – Sony, Bertelsmann, Warner…I ran Legal and Business Divisions and then Digital Divisions for Sony and Bertelsmann. I noticed that Law firms were not interested in SMEs – only larger clients paying big bills.
Since SMEs represent over 99% of UK companies this seemed to be a big gap. I felt that you could create an interesting business if you could build a Tech Platform that reached this diverse audience and gave SMEs law the way they want it (fast, affordable and easy to access) rather than the way they normally experience it (slow, expensive and complicated).
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What we’ve achieved so far…
- Exceptional customer experience
- 98% Feefo Customer approval rating
- 60% Enquiry to Quote ratio & 70% Quote to Order ratio
- Strong recurring revenue model
- 70% Repeat Business monthly (Ad-hoc & subscribe customers)
- 50% of orders are from existing subscribing customers
What can we hope to see from Lawbite in the future?
You can expect to see several more distribution partnerships with Lawbite and big, household name brands as well driving more internationalisation which may buck the national trend as the UK’s post-Brexit transition period comes to an end. We will maintain our investments in new Tech and AI to preserve Lawbite’s competitive advantage and to continue to refine our service and products to meet the needs of SMES.
We are in the process of rolling out two new subscription products ‘Essentials’ and ‘Lawbite First’ aimed at the first year of business for any newly formed SMEs. We are ready to support the surge of start-ups post COVID that have already begun to emerge with new formations currently running 50% ahead of last year’s figures.
For more information visit: www.lawbite.co.uk