Here’s the 17-page pitch deck legal-job marketplace Legal.io used to impress Tiger Global and raise an $11.6 million Series A
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- Legal.io, a legal-job marketplace, raised $11.6 million for its Series A, led by Tiger Global.
- The legal-tech startup helps enterprise companies hire legal professionals.
- Pieter Gunst, its CEO and founder, walked Insider through its pitch deck.
Introduce the company
Legal.io, a hiring marketplace for legal talent, announced in March it raised a $11.6 million Series A round.
The hedge-fund giant Tiger Global, which has invested in high-profile companies like Facebook, Stripe, and Peloton, led the funding round.
Founded in 2015 by a former DLA Piper lawyer, Legal.io helps large enterprise companies like Zoom, Medallia, and Nextdoor hire lawyers and other legal professionals. It has over 40 enterprise customers, and 70% of those are publicly listed companies with legal departments, according to Pieter Gunst, the startup’s founder and CEO.
Begin by showing traction
Gunst said he liked to grab investors’ attention by showing off traction, including a 4.5-times revenue growth from the beginning of 2020 to the end of 2021.
Paint a picture of the wider context
Legal.io was founded on the thesis that as online networks like LinkedIn become more mature, there was a greater need for industry-specific hiring platforms, like Doximity for the medical industry, Gunst said.
The startup is geared toward the needs of the legal industry, especially as lawyers are increasingly eyeing nontraditional paths away from Big Law.
Present the problem
The legal market is huge but highly fragmented, with thousands of law firms and staffing companies. Legal.io wants to become the “nexus” to connect companies and legal talent and provide them with industry-specific data to help them make their hiring decisions.
Illustrate the trends
Gunst pinpointed three major trends that make Legal.io timely: the rising demand for flexible work, a lack of data on things like salary and pricing, and the influence that technology is having on the legal industry.
Explain where Legal.io comes in
Legal.io addresses those trends by creating a marketplace for lawyers and other legal talent for both temporary and permanent roles. There are more than 8,000 legal professionals in its network, and they have access to information like salary data and data around which software companies use.
The startup also organizes in-person events, weekly newsletters, and invite-only Slack channels to create a sense of community for its users, according to Gunst.
Dive into your solution
The two main ways users engage with Legal.io are through its flex-counsel marketplace and its job-listings portal. It’s completely free for job seekers to make an account, Gunst said.
The startup has also started to experiment with advertising to monetize their product.
Show what the website looks like on the user side …
Unlike on LinkedIn, Legal.io’s profiles show law-specific information, like a lawyer’s practice area and any legal-tech software they’re versed in. They also show the person’s availability and rate.
… the vendor side …
Gunst uses Xakia as an example of legal-tech software that some of its customer companies use.
“We know exactly who in our network is familiar with these tools and how fast uptake of these tools are growing,” Gunst said.
This kind of information, along with market salaries, can help bring transparency to the industry, Gunst added.
… and the job-discovery side
Legal.io curates job postings out of 24,000 available positions, finding those it believes will be of the best interest to its network, Gunst said. The startup has helped its more than 40 customers make anywhere from one to 10 hires.
“We’re not like a traditional staffing agency trying to fill 50 open roles. We’re trying to inform our community of legal professionals about what’s happening in the job market,” Gunst said.
A key way Legal.io differentiates itself is through data. The startup uses technology to narrow down a pool of candidates and then interviews each candidate to verify their background and experiences before presenting them to companies, according to Gunst.
Sketch out the market
Gunst recognizes that Legal.io isn’t competing with just staffing agencies. It’s also eyeing the money that enterprises spend on Big Law firms for certain needs.
“You’re not going to do your M&A with us — you’re going to go to Cleary. But you might hire support staff to support that law firm through us,” Gunst said.
Map out the competitive landscape
Legal.io differentiates itself from other marketplaces and hiring software with its focus on community and flexible hiring options.
Chart the revenue growth
Specific revenue numbers have been removed from this public-facing version of the deck, but the growth from the start of 2020 to the end of 2021 is clear.
“Our network is very diverse,” Gunst said. “I think one of the interesting things about having flexible work options for legal professionals is that you open up to a wider audience of people that might have certain constraints but are really good fits for nontraditional roles.”
Introduce the team
Legal.io has a team of just 10 employees. Gunst said the startup planned to use the $11.6 million in Series A funding to make its first key marketing hires to scale its business and triple revenue over the next year or so.
The startup will also build out its community efforts and salary directory, Gunst added.