Quicklegal: An Emerging Tech With A Compelling Value Proposition
In a world where just about anyone with an idea and a couple of bucks can attempt to create the "next big thing," it is rare to come across a startup that genuinely has a compelling value proposition. Nevertheless, I believe Quicklegal is one such opportunity, and I encourage readers to visit the company's website, www.quicklegal.com, to learn more about its services.
The legal technology industry is growing rapidly. Just last year, law firms in the U.S. earned $266 billion in revenue, but with more and more clients becoming computer-savvy and depending on the use of modern technology, the traditional law firm model is breaking. Clients are demanding affordable legal advice on demand and most law firms aren't equipped to provide it. Quicklegal is designed to be fast, efficient and easy to use for both the consumer and the attorney. When something happens or a question arises, many consumers wish they had an attorney to chat with for few minutes to ease their concern and help them contemplate the next step. Attorneys, who are often looking for ways to service more clients and bring in new streams of income, need a way to assist these consumers - but not at the risk of nonpayment or unnecessary liability risks.
Quicklegal is a company leveraging the growing demand for both immediate and efficient communications between attorneys and prospective clients. On the one hand, the company provides clients immediate access to attorneys on demand through the Quicklegal application (which will soon be available for download on Google Play and the AppStore). In doing so, Quicklegal makes a portion of its revenue by assessing a small fee to the attorney. At any time, the client can opt to extend the dialogue to his satisfaction, whether that time is required for the transferring of legal documents or simply to discuss additional legal matters.
On the other, Quicklegal provides attorneys with immediate access to prospective clients unlike any other platform on the market today. Specifically, the service allows attorneys to council prospective clients, and, in turn, promote their personal practice. The obvious incentive here for attorneys is to retain clients through Quicklegal. Of course, this luxury comes with a subscription fee, but given the enormous value potential of retaining legal clients, I believe that Quicklegal will likely receive an influx in subscriptions going forward.
Quicklegal, which is based in Sacramento, just launched its platform in October and is hoping to expand beyond California into 10 states by year's end.
Granted, Quicklegal is currently private, so investors shouldn't expect to see the equity being traded on a major exchange anytime soon. It is however fielding investment inquiries. According to AngelList, the company had raised $200K in October at a valuation of $1.5M.
As for the long-term, investors should be on the lookout for Quicklegal, as its superior communications platform technology could very well take the legal world by storm.
Disclosure: The information presented is for entertainment purposes only, and in no way should it be construed as investment advice. I am not receiving any compensation for the said article ...
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Sounds exciting, and would gladly buy shares if it were publicly available. Alas, I lack $200k to be an early investor.
What I saw was that they had raised $200K originally. Where did you get that number Alexis, did you contact them directly?
Interesting. How did this company get on your radar? And do you have a relationship or any other conflict of interest which has not been disclosed? Thanks.
Hi Alpha Stockman, thanks for your comment. In addition to the disclosure I've provided above, I will say that I have no interest in Quicklegal, nor do I have any relations with the company. However, my brother, Justin Lowenthal, was former general counsel for Quicklegal. That is how I discovered the startup. This article was not written at his direction nor the company's.
I thought about writing on the company in late 2014, but never got to it. But when Quicklegal recently won first place at the TechWeek competition, I made it a priority. I hope you enjoyed the article.
Best,
Trevor