Filevine rakes in $108 mln as cash flows to legal technology

REUTERS/Dado Ruvic/Illustration

(Reuters) - Filevine, which makes a platform for managing legal work, on Thursday became the second major legal technology company since the start of April to publicly disclose a round of funding exceeding $100 million.

The Salt Lake City-based company said it closed a $108 million Series D financing round led by StepStone Group. Existing backers Golub Capital, Signal Peak Ventures and Meritech Capital also participated.

Contract management company LinkSquares said on April 4 it raised $100 million in Series C funding, in another of the year's largest legal tech rounds so far.

Filevine offers software to help firms manage cases, documents and contracts by automating tasks and deadlines and allowing for team collaboration, according to its website.

Filevine said that law firms have turned to its software as the industry contends with record client demand and limited attorneys.

The company said fresh funding will help fuel market expansion into big law, corporate, insurance defense, government and nonprofits. Filevine's website currently lists several personal injury and trial firms as clients.

Scott Mozarsky, a managing director at M&A advisory firm JEGI Clarity, said in an email he expects funding to continue to flow to legal tech companies in 2022, citing "rapidly accelerating tech adoption" by law firms and companies as one factor.

He pointed to other large rounds in the legal sector exceeding $100 million in the past year raised by companies including Ironclad, Clio and Everlaw.

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