The Leading Legal Marketplace Attributes Triple-Digit Growth to Industry Trends in Legal Operations and Cost Savings
NEW YORK, NY August 15, 2023 – Priori, the leading legal marketplace for outside counsel decision-making, is honored to announce today that the company was named to the Inc. 5000 list of fastest-growing private companies in the United States. Securing the 1,197th spot with revenue growth of 494%, Priori ranks in the top 25% of companies on this year’s list. Additionally, Priori ranks in the top 100 companies in New York and the top 175 software companies featured on this year's list.
“The past few years have seen incredible growth for Priori, and we’re thrilled to be recognized for this momentum,” commented Basha Rubin, CEO and Co-Founder of Priori. “Coming out of the pandemic and into the current economic environment, the need to ‘right-source’ outside counsel is of the utmost importance to legal departments of all sizes. The growth that landed us on the Inc. 5000 is a reflection of these macro trends. More and more companies see the benefits of using data and technology to enhance their decision-making processes for legal providers.”
Making the Inc. 5000 list is the latest in a number of significant achievements for Priori. Earlier this year, Priori’s outside counsel decision-making platform was awarded the New Law Company of the Year award at the 2023 Legalweek Leaders in Tech Law Awards. Additionally, last month Priori announced its inaugural Customer Advisory Board, which includes legal industry leaders from a diverse array of companies.
The company also celebrated other important milestones it achieved in the past year, including securing a $15 million A-1 financing round in July 2022, doubling its headcount and adding three new members to its senior leadership team. The success of the company's products, Marketplace and Scout, spurred this rapid growth. In 2022, Priori Marketplace grew its Fortune 1000 company client base by more than 50%, expanded its global reach to 70 countries, achieved triple-digit revenue retention and helped encourage diversity in the industry by providing in-house legal departments with a network of attorneys that are 51% more diverse than the overall law firm market. Priori’s Scout, an outside counsel selection and knowledge management platform, began implementation across multiple corporate legal departments, including a Fortune 10 company, and onboarded more than 25% of the AmLaw 100. In addition, the Scout platform won the distinction of Overall LegalTech Solution of the Year in the 2022 LegalTech Breakthrough Awards.
The Inc. 5000 class of 2023 represents companies that have driven rapid revenue growth while navigating inflationary pressure, the rising costs of capital and seemingly intractable hiring challenges. In all, this year’s Inc. 5000 companies have added 1,187,266 jobs to the economy over the past three years. For the full list, including company profiles and an interactive database that can be sorted by industry, location, and other criteria, visit inc.com/inc5000.
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 thousands of attorneys at firms of all sizes in all 50 states, 70 countries and covering more than 700 practice proficiencies.
With Scout, Priori has 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 used by 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