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LeanLaw raises $4M in Series A to be the Industry Leader in Financial Workflow for Legal Technology
BOISE, Idaho, March 21, 2023-- LeanLaw, the leading financial operating system for law firms, has announced the successful completion of a $4 million Series A raise led by FINTOP Capital. LeanLaw is a financial workflow company, creating embedded financial services -- from time tracking to invoicing to payments to data insights -- to help law firms operate smarter and more profitable businesses.
In today’s uncertain business climate, it has become an imperative for law firms to run their practices more effectively. Law firms struggle to streamline their business processes - leading to escalating accounts receivable, late or unpaid invoices and their clients questioning what they are being billed for.
This latest round of funding positions LeanLaw to become a competitive challenger to legacy legal tech and to move forward with its fintech integrations:
• LeanLaw’s first fintech integration was with QuickBooks Online for small and mid size law firms. This industry-best integration helps modern, low-overhead firms streamline their billing & accounting, saving as much as $200,000 in overhead costs annually.
• In 2021 LeanLaw introduced LeanLaw Payments: the essential workflow around financial onboarding, tracking, and invoice delivery, demonstrating the value of the law firm to its clients. The goal: for clients to collect 100% retainers, 100% ePayments, and have $0 AR.
• The partnership with FINTOP will provide expertise and access into the industry's top fintech community. First up: embedded banking and embedded payroll to further extend a fluid financial operating system for the firm.
By leveraging the latest technologies and embedded financial services -- binding together disconnected workflows into an all-in-one financial operating system -- LeanLaw helps law firms and professional services run smarter, lower-overhead, and more efficient businesses.
"With cloud-based billing and invoice workflows, law firms will see invoices paid 70% faster with LeanLaw’s streamlined accounting workflows," said Jonathon Fishman, CEO of LeanLaw. “LeanLaw’s greatness comes from understanding the cross section of what we can automate, integrate and what are the data opportunities. FINTOP’s investment will accelerate our ability to deliver product innovation, bringing even more value to our clients."
“The next phase of growth in workflow software is going to be the integration of operations and finance,” said Chris Haley, Partner at FINTOP Capital. "At FINTOP, we have witnessed the shift toward embedded financial services and the many benefits it brings to clients. We look forward to partnering with LeanLaw to help law firms operate smarter and improve their financial performance.” Haley will join LeanLaw’s board.
LeanLaw is a financial workflow company focused on helping law firms be more efficient, collaborative and profitable. LeanLaw helps law firms discover, through their own easily-accessible, internal data, the health of the law firm’s operations. Data driven law firms can leverage these discoveries to become more productive and profitable.
LeanLaw is the #1 Highest Ranked Legal Software in the Quickbooks Online App Store and has a 99% Customer Retention Rate.
LeanLaw's innovative AI-powered legal billing and reporting tech create rich data for the law firm to improve their operational efficiency: from productivity, payment reports, and attorney origination -- the data for the health of the entire law firm becomes easily accessible.
FINTOP Capital is a venture capital firm focused on early-stage FinTech companies. With over $700 million in committed capital across five funds, FINTOP brings decades of FinTech founding and operating experience to the board room, partnering with innovative entrepreneurs to push the frontiers of the financial services sector. For more information, visit http://fintopcapital.com.
LeanLaw is based in Idaho. For more information, visit the LeanLaw website.