The pandemic was a catalyst for sweeping changes in the adoption of cloud-based technology in virtually all industries, and the legal profession is no exception. The accelerated move towards a digital-first mentality caused an important shift in consumer behaviours and expectations.
From employment law to humanitarian causes, lawyers and the legal profession are the underpinning of how society handles such changes. And when it comes to legaltech, and supporting the legal professionals, Clio is at the forefront. They are spearheading a new era of legal service, one that is client-centered in its approach to addressing the needs of the legal market, and one that will bridge the gap between those in need and those providing legal services.
Clio has become a company to watch on a global scale. After raising a Series B investment back in 2012, to the tune of $6 million, they followed up two years later with a sizeable Series C investment of $20 million. Then, in 2019, a monstrous Series D round—valued at more than a quarter-billion dollars— led by TCV and JMI Equity, marking one of the biggest VC investments in a legaltech company ever.
Most recently, Clio announced a new valuation of $1.6 billion USD after raising its Series E at $110 million USD led by funds and accounts advised by T. Rowe Price Associates, Inc. and also included OMERS Growth Equity, propelling it into “unicorn” status, making history as the first legal practice management unicorn globally.
“This investment is indicative of the explosive demand for legal technology that empowers lawyers to be cloud-based and client-centered,” Jack Newton, CEO of Clio, said of the round in April. “The support will enable us to continue to create a more equitable and accessible legal system by making it easier for clients and law firms to work together through cloud-based technologies.”
“Clio has significant growth opportunities given the company’s innovative product offerings and leading market position in the legal-tech space,” believes Andrew Davis, Director of Private Investments at T. Rowe Price Associates.
“We remain impressed by the continued ability of Jack Newton and his team to execute, innovate, and deliver an amazing experience to their customers,” added Mark Shulgan, Managing Director of OMERS Growth Equity. “We believe Clio has clearly established itself as a market-leading legal-tech firm and will deliver growth for decades to come.”
That growth includes a substantial uptick in headcount. Clio will be directing some of its fresh funding toward bolstering its workforce. The company wants to hire more than 250 employees in 2021, which would increase total employees by roughly 40% in a single year. That should not be a challenging task for Clio, whose workplace benefits program includes in-house performance coaching, course and book reimbursement, minimum four-week vacation, and customizable extended health benefits.
Clio also has an award-winning company culture that thrives on the belief that better solutions are built by people who bring a variety of perspectives, share different skills and come from a range of backgrounds and experiences. They operate on a digital-first approach to their mindset and infrastructure–meaning you can choose to work from home, or one of their beautifully designed offices in Toronto, Vancouver, Calgary or Dublin, when they reopen.
Clio was recently recognized as one of Canada’s Best Managed Companies – Gold Standard (Deloitte), Fast Company’s Most Innovative Companies, and Elpha’s Top Workplaces for Women, YWCA Women of Distinction Award for Outstanding Workplace
Already employing 600 full-time individuals across Canada, the US, and Ireland, Clio is hiring plenty more at the upcoming Tech Talent Canada Virtual Job Fair. The job fair, happening tomorrow, June 23rd, is a unique recruiting event that connects fast growing companies with top tech talent.