MyLegalBriefcase, a Toronto-based startup that develops legal software aimed to streamline the client experience, has been acquired by Caravel Law Professional Corporation, a Canadian legal services firm.
“There is a lot of burgeoning innovation in the legal space.”
– Monica Goyal
The purchase price of the deal was not disclosed. As part of the acquisition, Monica Goyal, creator of the MyLegalBriefcase legal software and one of ABA Journal’s 10 Women to Watch in Legal Tech, will be stepping into the newly created role of director of legal innovation at Caravel Law.
“Caravel has always impressed me with its fresh approach to delivering services that add value,” said Goyal. “There is a lot of burgeoning innovation in the legal space, and I look forward to furthering the Caravel technology position.”
Founded in 2010, MyLegalBriefcase is a software solution aimed to assist smaller clients who require legal services that are not effective and affordable.
Through MyLegalBriefcase’s platform, clients are presented with an online questionnaire which they use to fill out the details of their claim. The software then uses the information to generate the necessary forms for the Ontario Small Claims Court. My Legal Briefcase also offers clients consulting services with a lawyer and provides advice on how to pursue a claim.
The legaltech market brought in approximately $1.2 billion in 2019 and is expected to increase considerably this year with the rising demand for virtual law offices and digital courtrooms, due to the COVID-19 pandemic. Legaltech has seen a boom in investment over recent years, with total investment in this market. According to a study by Deloitte in 2018, the top three emerging legal technology trends include artificial intelligence, cloud storage, and blockchain.
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Canada is home to several prominent legaltech startups and scale-ups, including Vancouver-based Clio, which last year raised a substantial $330 million Series D round. Clio also has an integration with MyLegalBriefcase.
Athennian, another legaltech startup based in Calgary, recently acquired Redox Technologies after raising $10 million in financing after tracking increased inbound interest during the pandemic.
Canada is also home to Ryerson University’s Legal Innovation Zone, which claims to be the world’s first legaltech incubator focused solely on supporting and developing solutions and techniques to improve legal services and the justice system.
“Our goal is to continue to look at client-focused technology solutions and combine them with our relentless drive for client satisfaction,” said Caravel CEO Stuart Wood. “Technology should enhance the work that our lawyers deliver, and with Monica’s expertise in this arena, we plan to continue evolving so that we always over-deliver to our clients. We are beyond excited to add someone of her calibre to our organization.”
Image source Monica Goyal via monicangoyal.com.