LEGAL PROCUREMENT DISRUPTOR SECURES $500,000 FUNDING BOOST
10 May 2017, Written by Paris Faint
IT'S ONLY been two years since Warwick Walsh left a career in private practice to establish Lawcadia, a tech-based legal procurement company that has already drawn serious attention from the industry, not to mention serious funding.
The entrepreneur noticed a gap in the market around the way that companies procure and manage legal services, so he developed an online platform to streamline and holistically manage that tender process.
Now, Walsh's company has secured a $500,000 funding boost from the Queensland Government Business Development Fund to accelerate the business and take its innovative product to the next level. This comes almost a year after Lawcadia's first successful funding round in June 2016.
"Our growth accelerated after our first funding in June last year," says Walsh.
"Now that the Business Development Fund is closed, it has allowed us to increase headcount as well as to further develop the product and improve the customer onboarding process."
Treasurer and Minister for Trade and Investment Curtis Pitt says "investing in companies such as Lawcadia is good for Queensland", and notes that companies similar to Walsh's are on the government's investment radar.
"This home-grown company is the first legaltech startup to receive funding from the Business Development Fund and it's exactly the type of innovative business that the Palaszczuk government is looking to invest in," says Pitt.
"The Lawcadia business model aims to help companies and governments in global markets rethink the way they procure and manage legal services and use data on their legal matters."
Walsh is proud of the significant steps his company has taken to become a leading disruptor in Brisbane's legal market.
While he believes the state of innovation has improved in general, Walsh says the law scene in Australia is still ripe for entrepreneurs who are looking to change the game.
"In the 18 months since I've started the business, I think innovation has increased in importance with all the law firms we have been speaking to," he says.
"I do think there is a massive opportunity in the legal tech sector generally, and I think that Australia can be a really key player in that area from a global perspective."
Walsh advises any lawyer thinking about a foray into the startup space to establish a strong business structure early on, and bring on partners with the right expertise.
"I have two board members that have come from outside the legal industry, one has a tech background and the other is an experienced management consultant," says Walsh.
"Looking at the legal industry not from a legal perspective, but from a tech and consulting perspective, has been incredibly valuable.
"You are constantly challenged by law firms, challenged by clients and challenged from abroad. You need to be able to react to that, and having a great advisory group around you that is actively involved in the business is vital."
Business News Australia
Author: Paris Faint