Former lawyers create online platform to save SMEs money in their plight against legal costs.
Simplify the Law helps businesses to solve legal issues whilst avoiding extortionate costs. The Founders – former lawyers, legal publishers and technologists – have combined their expertise to develop an online platform upon which they post content designed to help unravel legal issues. Previously this information has been sold on to law firms and in-house legal teams. These partnerships have led to an average end-user rating of 8.4/10, with clients able to access online guidance and draft their own legal documents when necessary.
The platform aims to assist the 3 million SMEs suffering from £100 billion of legal losses each year. Simplify the Law currently attract 10,000 viewers per month, 80% of which read the legal guidance and 4% of which register to draft legal documents. They currently address twelve key areas of law through over 900 pages of search-optimised guidance and 228 templates for use in the online document drafting application.
Simplify the Law is now seeking investments in order to aid businesses directly without the help of traditional lawyers. Their new service targets the 968,000 trading SMEs that have up to now scoured the web in search of the necessary information to help them take on legal issues themselves.
The company has already begun attracting customers and with suitable investment they’re determined to develop more content to respond to customer needs and develop their platform to increase conversion, monetisation and stickiness.
Simplify the Law stated:
“While our initial focus is firmly on SMEs given their repeat need for legal services, there are additional, unmodelled opportunities to sell to the consumer market where 7.75m consumers spend £5bn a year on legal services and 34% would prefer a legal services provider with online capabilities.”
“Our 5 year revenue forecast for Simplify the Law is £8.7m generating a contribution to margin of £7.7m; we see this as a highly scalable business. We expect to generate a further £1m from white-label (and a further £9m if we become an Alternative Business Structure (ABS) and retain the legal work that we currently intend to refer to law firms).”
“By that point we expect to have an installed base of 178,000 registered users and 92,000 customers of whom we expect 17,800 (0.59% of trading SMEs) to have subscribed to Simplify the Law.”
“Second round funding of £300k is being sought for 7.8% equity. An exit in Year 5 at 6 x forecast revenue (£58m) would deliver more than 10 x return on investment for you.”
Invest £1,000: Simplify the Law will provide a promotional code and 100 free credits to be used on the platform. Credits can be spent on creating documents for HR, trade & e-commerce, and IP for your business or wills and trusts.
Invest £5,000: Simply the Law will provide a year’s free subscription to one of their single area packages such as IP, Trade & e-commerce or HR but investors will also receive a shareholders’ discount of 50 per cent for as long as you remain a shareholder.
Amount raised so far: £157,330
Target amount: £300,000
Equity offered: 7.80%
Tax relief: EIS
Days left: 13