Similar to other industries that are embracing contract work, Lawtrades offers a way for legal professionals to become independent and run their own virtual law firms.
Raad Ahmed and Ashish Walia started the company in 2016 initially focusing on startups and small businesses, trying to find a suitable product for the market (like we do), but finding that legal use among companies of this size were often project-based, infrequent. and in the short term if the company folds.
In 2019, the company shifted to working with midsize and enterprise businesses by selling to legal services, and that’s when growth took off, Ahmed told TechCrunch.
Today, Lawtrades works with companies, like Doordash, Gusto and Pinterest, to offer them a market of professionals who can be hired remotely and with flexibility. Its technology allows professionals and businesses to create profiles and be connected with opportunities, track projects and pay through the platform.
“At the end of the day, it’s a new, internet-native business model that we’re starting with, because it’s a $100 billion market that hasn’t been disrupted much in the last 100 years. years,” Ahmed said.
He and Walia wanted to create a different hiring experience than LinkedIn, where companies would have to weed out hundreds of applicants to find the few qualified people. Professionals are also able to provide a flat rate pricing structure, unlike law firms which have overhead and other business costs that are usually factored into billable hours.
After revenues doubled in 2021, it closed a $6 million Series A round, led by Four Cities Capital, with participation from Draper Associates and 500 startups. The round also included nearly 100 clients, angel investors and business founders, including Gumroad founder Sahil Lavingia, Teachable’s Ankur Nagpal and GoDaddy CEO Aman Bhutani.
“As the world finally embraces remote legal work and more lawyers are leaving large law firms to work for themselves, we are having positive cash flow and leveraging equity-based financing. revenues, so we didn’t have to do a big dilutive capital raise,” says Ahmed.
At the end of 2021, Lawtrades had 80 clients on the platform and 150 active engagements. On the talent side, there are over 1,000 profiles, up from 400 created at the end of 2020. Currently, it operates on an invite-only model and 5% are accepted into the network. The composition of the network is 60% women and more than 35% are minorities.
In December, the company’s revenue rate was $8 million, up from $3 million at the start of 2021, Ahmed added. Over $11 million has been earned on the platform to date by the network and over 60,000 hours of work have been logged on the platform in 2021, a 200% increase from 2020.
Ahmed plans to use the new funding to rebrand the company, launch an iOS app, expand into other professional categories, like finance and management consulting, and gain an international footprint. He also intends to double Lawtrades’ current headcount from 15 to 30 for products, support and sales.
“The world of work is in a unique position,” he added. “People are working remotely and companies are looking for talent, so it’s an all-out talent war with the best people getting the best deals. With our model, the individual has the power to choose the type of work they want to do. he wants to do. That’s how we’re able to attract amazing talent and then be able to get companies that want to hire them. We’re iterating and pushing the boundaries of the 40 hour work week .