For the first time last year, annual investment in legal technology companies reached $1 billion. This year, legal tech investments have already surpassed that, totaling at least $1.2 billion to date — a record for annual investment in legal technology, and with three months still to go before year end.

I surveyed investments in legal technology this year and found a total of $1,190,215,968 invested to date. The actual number is even higher, because two significant investments announced just this month — in LexFox,  a German company that provides legal portals for consumers, and in Axiom, one of the world’s largest alternative legal services providers — did not disclose their amounts.

The year’s biggest deal to date happened just two weeks ago, with news that two major growth equity companies had invested a whopping $250 million in law practice management company Clio. The second biggest deal came just days into 2019, when enterprise-workflow company Onit announced a $200 million investment.

Of the 41 companies listed below, at least 12 are focused on some aspect of contracts and contracting – including contract management, contract review and contract automation. These include four of the top six – Onit, IcertisContractPodAI and Fadada.

Three notes about this data:

  • Where investment amounts were reported in non-U.S. currencies, I have converted the amounts to U.S. dollars as of the date of this post, not as of the date of the announcements.
  • The numbers are based on publicly reported investments, which may not reveal the full picture. For example, I have listed a $40 million investment in Litera based on the amount reported by the investor, HgCapital Trust plc. However, that investment came from a specific fund as part of Hg’s acquisition of Litera, and the total acquisition price, while not disclosed, is said to have been more than $400 million.
  • This chart does not include mergers and acquisitions.

Here are the year’s legal tech investments to date.

Legal Tech Investments 2019

Company Amount Country Description Date Type
Clio $250,000,000 Canada Law practice management 9/4/2019 Series D
Onit $200,000,000 U.S. Legal and contract management and automation 1/8/2019 Private Equity
Icertis $115,000,000 U.S. Cloud-based contract lifecycle management 7/17/2019 Series E
DISCO $83,000,000 U.S. E-discovery 1/24/2019 Series E
ContractPodAI $55,000,000 U.K. AI contract management 7/18/2019 Series B
Fadada $55,000,000 China Electronic signatures and contract management 3/6/2019 Series C
Litify $50,000,000 U.S. Law practice management 6/6/2019 Series A
Tessian $42,000,000 U.K. Email security 1/16/2019 Venture
Litera Microsystems $40,000,000 U.S. Document technology 5/7/2019 Private equity
Notarize $36,937,968 U.S. Online notary public service 8/27/2019 Series B
Elevate $25,000,000 U.S. Alternative legal services provider 6/17/2019 Venture
Ironclad $23,000,000 U.S. Contract management for legal departments 1/30/2019 Series B
Verbit $23,000,000 U.S. AI-driven transcription and captioning 1/29/2019 Series A
Nivaura $20,000,000 U.K. Issuance of financial instruments 2/27/2019 Seed
Seal $15,000,000 U.S. Contract discovery and management 3/28/2019 Corporate
164 $15,000,000 China Legal service platform 5/6/2019 Seed
Helpcheck $12,500,000 Germany Legal help for consumers 1/16/2019 Series A $11,300,000 France Create and manage legal documents 3/12/2019 Venture
Luminance $10,000,000 U.K. AI document analysis and review 2/7/2019 Series B
ayfie $10,000,000 Norway Search and text analytics 8/15/2019 Venture
Farewill $9,400,000 U.K. Online will creation 1/21/2019 Venture
Peppermint Technology $9,000,000 U.K. Law practice management 1/25/2019 Corporate
Brightflag $8,000,000 Ireland Manage outside counsel costs 4/5/2019 Series A
Filevine $8,300,000 U.S. Law practice management 1/29/2019 Series A
Boundless $7,800,000 U.S. Immigration platform 3/21/2019 Series A
Signaturit $7,800,000 Spain Electronic signatures and document management 2/19/2019 Series A
Clause $5,500,000 U.S. Smart contracts application 6/27/2019 Series A
LinkSquares $4,800,000 U.S. AI-powered contract management 3/7/2019 Seed
Plexus $4,650,000 Australia Legal automation for in-house counsel 5/10/2019 Series A
DoNotPay $4,600,000 U.K. Legal apps for consumers 7/3/2019 Seed
Evisort $4,500,000 U.S. AI-powered contract management 2/12/2019 Seed
Lexion $4,200,000 U.S. AI contract management 7/19/2019 Seed
SeedLegals $4,000,000 U.K. Platform to manage seed-funding rounds in U.K. 5/28/2019 Series A
Clairvolex $3,500,000 U.S. IP asset management 6/26/2019 Series B
DocJuris $2,500,000 U.S. Contract review 1/15/2019 Seed
Legal OS $2,200,000 Germany Library of legal content 6/19/2019 Seed
Genie AI $2,500,000 U.K. Automatic legal contract drafting 7/23/2019 Seed
Trellis $2,000,000 U.S. Litigation analytics 3/27/2019 Seed
Orbital Witness $1,540,000 U.K. Real estate due diligence 5/16/2019 Seed
Autto $1,000,000 U.K. Legal workflow automation 8/22/2019 Seed
Josef $688,000 Australia Platform for building legal chatbots 5/6/2019 Seed
TOTAL $1,150,215,968

In addition to these, there have been other investments in which the amount has not been disclosed. Among these:

  • LexFox,  a German company that provides legal portals for consumers, announced Sept. 3 that it had raised a “seven-digit round” of financing led by Earlybird and Target Global, but it did not disclose the amount.
  • Axiom, one of the world’s largest alternative legal services providers, announced on Sept. 5 that it has entered into an agreement with private equity firm Permira by which a company backed by Permira funds will take a significant investment in Axiom.
Photo of Bob Ambrogi Bob Ambrogi

Bob is a lawyer, veteran legal journalist, and award-winning blogger and podcaster. In 2011, he was named to the inaugural Fastcase 50, honoring “the law’s smartest, most courageous innovators, techies, visionaries and leaders.” Earlier in his career, he was editor-in-chief of several legal publications, including The National Law Journal, and editorial director of ALM’s Litigation Services Division.