Leading Legal Tech Company Secures $15 million in Series A-1 Funding, Hits Triple-Digit Revenue Growth and Appoints Four Vice Presidents to the Senior Management Team
NEW YORK, NY March 14, 2023 – Priori Legal, the leading legal marketplace for in-house legal teams, today announced significant growth in 2022 on the heels of achieving important milestones for the company. In July 2022, Priori closed a $15 million Series A-1 financing round, setting the stage for growth and development throughout the year. In addition to this financing, the company reported triple-digit revenue growth and net revenue retention. The company more than doubled its headcount in 2022, including adding four new vice presidents to the senior management team.
“We are very proud of our 2022 accomplishments and are so grateful for the trust of our investors and clients as well as the extraordinary hard work of our team, who made our growth possible,” commented Basha Rubin, CEO and Co-Founder of Priori.
Senior Leadership Appointments
Priori doubled its headcount in 2022 and expanded its senior leadership team, bringing four new vice presidents on board: Jill Black, Vice President of Marketing is a seasoned senior executive with more than 20 years of experience in the legaltech industry. Becky Regan, Vice President of Data Analytics and Success, Scout, is a finance, analytics and operations executive with 18 years of experience including startups and companies in the Fortune 100. Ramya Varma, Vice President of Finance, is an accomplished finance executive with more than 15 years of experience in corporate financial management and investing in the tech industry. Iris Sullivan, Vice President of People Operations, has more than 12 years of experience in technology and e-commerce.
Reaching Key Milestones
With this growth, Priori reached key milestones in the development of its two products: Priori Marketplace, the leading global legal marketplace, and Scout, an enterprise SaaS platform for outside counsel decision-making. Some key product milestones included:
Growing its F1000 company client base by over 50%
Expanding its global reach to 70 countries
Achieving triple digit net revenue retention
Encouraging diversity in the legal industry—Priori Marketplace attorneys are about 51% more diverse than the overall law firm market
Implementing Scout across five corporate legal departments including Hearst, Marsh McLennan, and Zimmer Biomet
Onboarding 45 law firms including five of the AmLaw 15 and nearly 25% of the AmLaw 100, with additional law firms in progress
Winning a LegalTech Breakthrough award for “Overall LegalTech Solution of the Year”
Rewarded for Innovation
Priori continued to drive transformation in the legal space and was honored by various software and legal industry organizations for its innovation, thought leadership and entrepreneurship. Below are some of the accomplishments the company received in 2022:
Priori was a finalist in the ALM Innovation awards in the New Law company and Legal Operations Solutions categories in 2022
Priori was recognized by Buying Legal Council with its collaboration award for the company’s partnership with Hearst Corporation on Scout
Priori was awarded the “Overall LegalTech Solution of the Year” for Scout by the LegalTech Breakthrough awards
Priori was included in The Financial Times “Accelerating Business” Special Report for its work on Scout
Sharing Industry Expertise & Thought Leadership
Priori’s leadership team and team members also spoke at more than a dozen legal, technology and financial events in 2022 and shared their expertise on various topics such as fundraising, legal technology trends, hiring and filling staffing gaps, post-pandemic challenges, reimagining legal work and promoting DEI in the legal industry.
Some of the notable speaking engagements and events Priori participated in included the Corporate Legal Operations Consortium (CLOC) Global Institute, Legal Operators Summit by the Sea, The Economist General Counsel Summit, Women Influence & Power in Law Annual Conference, Buying Legal Council (BLC) 2022 Buying Legal Programming Conference, Association of Corporate Counsel (ACC) Annual Meeting, Legal Innovators Network LINK-Up and The Legal Tech Fund’s TLTF Summit.
"Looking ahead to 2023, we are optimistic that it will be a year of significant growth for both our products–Marketplace and Scout,” explained Rubin. “The market for legal services in North America is almost $400 billion. Economic uncertainty means hiring freezes and increased pressure on outside counsel budgets. When legal departments are tasked with accomplishing ‘more with less,’ the importance of finding the right lawyers and firms for new projects at the right price is paramount. We are looking forward to partnering with legal departments to drive efficiency, cost-savings and transparency in the outside counsel hiring process."
Rethinking Outside Counsel Management
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 flagship product connecting in-house teams with Priori’s global vetted network of attorneys. Today, Marketplace provides access to more than 8,000 attorneys at firms of all sizes in all 50 states, 70 countries and covering more than 700 practice proficiencies.
With Scout, Priori introduced a new category of software for legal teams: outside counsel selection and knowledge management. Scout puts valuable data about trusted firms, individual attorneys and engagement history at the team’s fingertips so in-house teams can identify the right staffing for new legal projects and track performance over time. Scout is currently in beta with Hearst, Marsh McLennan, Zimmer Biomet and a Fortune 10 company, and law firm Orrick.
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.
Jill Black, Vice President, Marketing