Priori Legal, a marketplace for in-house legal teams to find and hire outside counsel, is today announcing that it has raised $6.3 million in a Series A financing.
“We’re thrilled,” Rubin said in the episode. “We’ve been growing rapidly and that growth has only accelerated during the pandemic, when legal departments are increasingly tasked with accomplishing more with less. As a result, they’re turning to Priori to help them accomplish those goals.”
Participating in the financing were existing investors Hearst Corporation, which will now have a seat on the company’s board, Great Oaks Venture Capital, and Jambhala Investments.
Also participating were notable investors with backgrounds in the legal industry, including Tim Steinert, former general counsel of Alibaba Group; Mindset Ventures, whose partner Jules Miller was cofounder of Hire an Esquire and cofounder of Evolve Law; Bridge Investments, whose venture partner Mike Suchsland is the former President of Thomson Reuters Legal Business; and Orrick’s Legal Technology Fund.
Rubin, Priori’s CEO, and Levitt, its chief product officer, met as classmates at Yale Law School. They shared a vision for how a legal marketplace could disrupt the BigLaw model for Fortune 500 companies by using data and technology to unbundle legal services. Today, their clients include Fortune 500 enterprises and leading technology companies.
The company’s attorney network includes more than 1,500 lawyers from firms ranging in size from solos to Am Law 100. The network includes lawyers in all 50 states and 47 countries who cover over 700 practice proficiencies.
The company, which has seen its business grow significantly this year, said it will use the funds to scale its operations to meet increasing demand. It will also use the funds to further develop its product and its ability to leverage data to ensure that customers can hire the right lawyer at the right price.