With a focus on small law firms, Lawhive, an AI-driven legaltech platform based in London, has raised over £9.5 million ($11.9 million) in initial money to advance its mission of democratizing access to professional, reasonably priced legal services for individuals and small businesses.
The consumer legal market in the United Kingdom, estimated to be worth £25 billion, has faced criticism due to its excessively expensive fees and excessively intricate, technical procedures. As a result, every year about one million firms and four million individuals lack the essential legal assistance.
Lawhive is targeted for tiny businesses with little resources, in contrast to many AI-based software solutions. Among the “big law” AI-powered businesses are Spellbook (located in Canada; raised $32.4 million), Harvey (based in the United States; raised $106 million), and Robin AI (based in the United Kingdom; raised $43.4 million).
Lawhive’s marketplace enables attorneys to assist their current clientele as well as establish new ones. The legaltech platform uses cutting-edge AI to automate a variety of legal procedures, saving attorneys’ time, cutting expenses, and improving client efficiency.
At the moment, Lawhive works with more than 100 attorneys and solicitors in the UK. It has created an operating system for consumer law that automates standard procedures including document gathering, client onboarding, and KYC/AML. As a result, attorneys can concentrate on more fulfilling facets of their employment and make a lot more money than they would in more conventional circumstances.
Based on Lawhive’s unique LLM technology, the centerpiece of the company’s services is Lawrence, an AI attorney. In comparison to other LLMs, Lawrence has demonstrated excellent competence in legal activities. He even passed the Solicitors Qualifying Examination (SQE), scoring 81 percent, considerably over the required 55 percent. Lawrence helps with duties usually performed by paralegals or junior attorneys, freeing up senior attorneys to focus on more intricate and valuable elements of cases.
The CEO and co-founder of Lawhive, Pierre Proner, stressed that the platform’s goal is to make legal access a universal right by lowering the cost and increasing the accessibility of high-quality legal services.
With the additional funding, Lawhive intends to grow its staff by actively hiring software developers and AI engineers.
In his remarks on the investment, Vidu Shanmugarajah, a partner at GV and a qualified attorney, highlighted Lawhive’s contribution to revolutionizing the legal sector with cutting-edge technology. He emphasized that the platform considerably improves legal workflows and increases access to legal assistance, making it more widely available and reasonably priced.