NEW YORK, NY, July 20, 2022: Priori Legal, the leading legal marketplace for in-house legal teams, announced today that it closed a $15M A-1 financing round led by Eagle Proprietary Investments. Priori will use the newly invested funds to scale operations to meet the unprecedented in-house client demand for a global marketplace platform, to discover new attorney talent, and manage their existing outside counsel relationships.
In addition to Eagle, new investors include Thomson Reuters Ventures, The LegalTechFund, Thirty Five Ventures, Peak6 Strategic Capital and Soma Ventures. Existing investors – Bridge Investments, Great Oaks Venture Capital, HearstLab, Mindset Ventures and Jambhala – also participated in this funding round.
Priori’s CEO and Co-Founder Basha Rubin commented, “We are thrilled to partner with Eagle, Thomson Reuters and the others. We have added capital partners with deep legal industry experience to accelerate our growth and enhance our technology to add more value to in-house teams and law firms.”
The investment will help fund go-to-market strategies, fuel new product development and increase functionality of its existing products. The funding will also be used to substantially grow headcount across all functions – including sales, marketing, engineering, and operations.
Mirra Levitt, Priori’s Chief Product Officer and Co-Founder added, “With this financing, we will become the go-to platform for in-house teams and legal operation professionals to make their outside counsel hiring decisions.”
Founded by Basha Rubin and Mirra Levitt, who met as classmates at Yale Law School, Priori works with in-house legal teams at companies of all sizes to connect legal departments with the right outside counsel for projects globally, saving them time and money. Priori’s clients include everything from Fortune 50 enterprises to leading technology companies. Marketplace is the company’s talent network that connects attorneys from its global vetted network and Scout is an outside counsel panel management SaaS platform.
“We’ve been incredibly impressed by Basha and Mirra’s leadership of Priori, as evidenced by its extraordinary growth, how delighted their customers are with the technology and the value it drives for their businesses, and their reputation in the legal tech market. We’ve been following the legal tech space for a long time and believe that Priori will be one of the leading companies in the sector,” commented Deval Dvivedi, Head of International at Eagle.
Tamara Steffens, Managing Director, Thomson Reuters Ventures, added, “At Thomson Reuters Ventures we invest in technology that elevates our customers’ experience. Priori digitally transforms the interactions between corporate legal departments and outside counsel, and we are excited to work together to help accelerate their trajectory as leading innovators in the legal tech industry.”
Priori’s Marketplace revenue increased approximately 250 percent over the past year with more than 8,000 attorneys at firms of all sizes available on the platform. With lawyers in all 50 states and 55 countries, attorneys cover more than 700 practice proficiencies.
Priori’s SaaS product, Scout, is currently in beta with Hearst, Marsh McLennan, Zimmer Biomet and a Fortune 10 technology company. More than 30 law firms, including Orrick, Priori’s beta law firm partner, and 13 other of the AmLaw 50 firms, have joined Scout to share attorney and firm-level data with the clients.
An Trotter, Senior Director of Operations, Office of the General Counsel at Hearst, said, “Hearst has been a power user of Priori’s Marketplace since 2018 and is excited to participate in the Scout beta. We’ve had great results with Priori. Not only has our team been able to identify the right lawyers for projects – whether niche expertise, local counsel, overflow support, cost-control or staffing, we’ve achieved better value, saved time and had higher satisfaction and been able to make progress against our diversity goals.”
Thought Leadership & Recognition
As Priori continues to drive transformation in the legal space and beyond, it has been continually recognized by various software and legal industry organizations for its innovation, thought leadership and entrepreneurship. Below are some of the recent awards the company has received recognition from:
- A finalist in the ALM Innovation awards in the New Law company and Legal Operations Solutions categories in 2022
- Priori’s Chief Product Officer and Co-Founder Mirra Levitt was named a 2021 Fastcase 50 winner, an award that recognizes innovators, techies, visionaries and leaders
- Ranked a Chambers Tier 1 Global LawTech Company in 2021
- Priori’s CEO and Co-Founder Basha Rubin was shortlisted as a Financial Times Legal Business Technologist of the Year in 2019
- Priori was shortlisted as a Financial Times Intelligent Business in 2018 and 2019 for its work reducing the cost of legal services for corporate clients by 60-80 percent
About Priori Legal (‘Priori’)
Priori revolutionizes how legal teams find, engage, and manage outside counsel. Ranked a Chambers Tier 1 Global LawTech company and a Financial Times Intelligent Business, Priori’s cutting-edge technology powers two products that are redefining the procurement of legal services. Marketplace is a global platform that connects in-house legal teams with new talent from a vetted, global network of attorneys at firms of all sizes. Scout surfaces insights about trusted outside counsel relationships to drive informed hiring decisions and D&I initiatives. For more information, visit www.priorilegal.com.
About Eagle Proprietary Investments Ltd. ('Eagle')
Eagle is a globally diversified private investment company focused on investing in early stage companies that are disrupting their respective industries. Eagle’s team seeks out and invests alongside high integrity and high functioning management teams. They seek to be a value-add investor by devoting a significant amount of time understanding the needs of portfolio companies and working closely alongside management teams to drive strategic, operational and financial growth. Eagle was founded in 2008 and is based in the Dubai International Financial Centre (DIFC), Dubai, UAE.
Jill Black, Vice President, Marketing