Shay -
Los Angeles, CA (USA)
Role(s):
Founder/Owner/Principal
Legal Mates
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Startup
Location:
Los Angeles
Industry:
Legal
Year Founded:
2020
Number Employees:
1-10 people
Business Stage:
Growth (not profitable)
Entity Type:
Limited Liability Company
Description:
The US legal industry is a $300+ billion annual market, consisting of more than 100 million lawsuits filed annually by the nearly 1.5 million licensed attorneys. The predominant portion of cases are referred across attorneys, yet, the existing methods of case referral remains outdated and inefficient. Cases are commonly referred in one of three ways: 1. To who you know; 2. To whom you meet at a conference; and (more recently) 3. To who you might connect with on social media (Facebook or LinkedIn). The inefficiency in referral is of financial significance, as the greatest portion of revenue for small to medium-sized law firms are attorney referral fees, whilst large firms obtain cases from such smaller firms. Time is paramount in law - perhaps even more than most professions - as financial gain is tied to either billable hours (as in criminal or patent law) or case performance, as collected on a contingency basis (as in personal injury law). We at Legal Mates have simplified case referrals with our patent-pending software/mobile application that allows attorneys to transfer cases unencumbered by who they know and where they are.