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Lawmatics raises $2.5M to help lawyers market themselves
Lawmatics, a San Diego startup that’s building marketing and CRM software for lawyers, is announcing that it has raised $2.5 million in seed funding.
CEO Matt Siegel used to practice law himself, and he told me that even though tech companies have a wide range of marketing tools to choose from, lawyers have not been able to adopt them,” because they need a product thats tailored to their specific needs.
Thats why Siegel founded Lawmatics with CTO Roey Chasman. He said that a law firms relationship with its clients can be divided into three phases intake (when a client is deciding whether to hire a firm); the active legal case; and after the case has been resolved. Apparently most legal software is designed to handle phase two, while Lawmatics focuses on phases one and three.
The platform includes a CRM system to manage the initial client intake process, as well as tools that can automate a lot of what Siegel called the blocking and tackling of marketing, like sending birthday messages to former clients which might sound like a minor task, but Siegel said its crucial for law firms to nurture those relationships, because most of their business comes from referrals.
Lawmatics early adopters, Siegel added, have consisted of the firms in areas where if you need a lawyer, you go to Google and start searching personal injury, bankruptcy, estate planning, all these consumer-driven law firms. And the pandemic led to accelerated the startup’s growth, because lawyers are at home now, their business is virtual and they need more tools.
Siegels had success selling technology to lawyers in the past, with his practice management software startup MyCase acquired by AppFolio in 2012 (AppFolio recently sold MyCase to a variety of funds for $193 million). He said that the strategies for growing both companies are almost identical the products are different, but its really the same segment, running the same playbook, only with additional go-to-market strategies.
The funding was led by Eniac Ventures and Forefront Venture Partners, with participation from Revel Ventures and Bridge Venture Partners.
In my 10 years investing I have witnessed few teams more passionate, determined, and capable of revolutionizing an industry, said Eniacs Tim Young in a statement. They have not only created the best software product the legal market has seen, they have created a movement.