Following waves of modernization in fintech, healthtech, and insurtech, the $1 trillion global legal services industry is next to undergo systemic transformation, the investors in The LegalTech Fund, believe. Over the next decade, law firms and in-house legal teams will see their business models tested and redefined, which will ultimately expand access to legal support, they say.
The LegalTech Fund (TLTF) is a Fort Lauderdale-based venture capital firm that launched in 2021 and exclusively focuses on investing in legal technology companies at the seed and Series A stages. Today, the firm announced today it has closed its second fund, at $110 million.
“We launched TLTF to help entrepreneurs transforming the world of law realize their vision, and we are doing just that,” said Zach Posner, TLTF Co-Founder and Managing Partner Zach Posner. “Legal technology is no longer niche; it is starting to be understood that it sits at the center of every business transaction. Our strategic partners’ investments put them in a strong and unique position to lead the industry’s transformation and ultimately create more value for their clients.”
Following the firm’s $28.5 million Fund I, Fund II attracted a mix of institutional and strategic investors, and with their support TLTF will continue to invest globally in early-stage legaltech startups.
Global law firm and anchor partner McDermott Will & Schulte and Consilio, a global leader in legal technology solutions and enterprise legal services, were the lead investors. Also participating in Fund II are Burford Capital, Clio, Docusign, Harbor, Orrick, Thomson Reuters Ventures, and others.
The LegalTech Fund provides access to the latest innovations shaping the future of law, said Ira Coleman, Chairman of McDermott Will & Schulte. “The world of law is at an inflection point that will transform our industry. We’re committed to driving that disruption, not being disrupted by it.”
So far, the fund has supported more than 80 entrepreneurs with startup investments up to $1 million. TLTF’s portfolio companies include Miami-based FirmPilot, which helps lawyers infuse artificial intelligence into their marketing efforts; Wexler, which provides the AI platform for complex litigation; Entegrata, which helps legal teams utilize AI and analytics; Flo Recruit, which modernizes legal hiring; and HelloPrenup, which expands access to affordable legal planning. BlackCloak, SimpleClosure and Intelligent Legal Solutions are reshaping the delivery, security and scalability of both the business and practice of law through automation and AI.
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