Legal Answers Website Receives $600K Funding
On 26.02.11, In Legal Industry, by Blake
A website dedicated to providing “crowd sourced” answers to various legal questions posed by different companies in California, most especially startups, is receiving $600,000 funding from individual investors and from Google Ventures.
LawPivot, the website receiving the funding, could actually disrupt various basic business practices in the legal industry, according to a story run by Fast Company in November. At that time, the 80 lawyers who were approved by the website to supply the answers were from the country’s top 100 law firms.
CEO Jay Mandal said that the companies would often get 3 answers for every question. There is also a new feature in LawPivot that would be recommending the best lawyers for the questions posed. This would be based on data concerning users and trends.
Lawyers are benefited by the site since they would be able to find new clients. At current time, companies that pose questions on LawPivot do not pay anything. Lawyers also do not get to pay for any leads generated by Law Pivot, but according to Tech Crunch, this will soon change.