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
Legalstart.fr $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.