Listen to this articleLegito is a legal-tech company founded to help companies save time and money on paperwork by automating their legal documents. Their story is different. Legito managed to acquire an impressive client-base of large companies without any seed investment whatsoever.
To find out more, we sat down with Ondrej Materna, Co-Founder and CEO of Legito:
Q: Tell us something more about Legito?
A: Legito helps medium-sized and large companies lower their costs on paperwork by automating the legal documentation they use most. To individuals, startups and small businesses, we offer a public collection of automated templates created by law firms all over the world who have partnered with us.
Q: How are your clients using Legito and who are they?
A: This solution makes it possible to easily automate almost any document, so the range of its use is quite extensive. We have a bank using Legito to automate corporate banking loan agreements. We have one of the biggest (and rapidly growing) online air ticket resellers using Legito to automate its HR documentation, such as employment contracts, NDAs, and Supply of Services Agreements. We have a financial service company with millions of clients using Legito to automate the way it processes legal disputes (electronic dispute cards). We have an international real estate franchise using Legito to automate documents related to renting and selling real estate. We also have several international law firms using Legito for all of its many types of legal documents.
Q: How did you get to such impressive clients without any seed capital? Tell us your story
A: I have Master’s degrees in law as well as IT, so the decision to create a legal automation software solution was a logical one. I started Legito in 2014 with a few classmates from our university. We bootstrapped our startup, so we had to operate on a budget. This meant focusing on fast growth as well as profitability. What helped us most during this process was our ability to always find the most effective way to accomplish something, without wasting money. We started with smaller clients because it was easier to fulfil their requirements in the beginning when the software still had only a few features. This approach allowed us to generate revenue very early, which was crucial for our startup. We put our initial income from smaller clients right back into developing our software and after some time we were able to create functionality that made it interesting even for large companies. So to answer your question directly: We bootstrapped our startup and used initial revenue to fund lean development of features that made us attractive to larger companies and gave us a technological edge over our competition.
Q: How does the automation of legal templates work?
A: Lawyers in general hate having to learn new technical processes, so we developed an extremely intuitive solution. Our drag and drop, “building block” template editor lets them create reliable documents quickly and easily, without any programming knowledge. One lawyer creates a customizable template, and from there all his or her colleagues need to do is fill out the form using prepared options and enter any remaining information into the spots provided. Legito then adjusts the rest of the document and completes it based on their input.
Many of our clients rely heavily on the design of their generated Word and PDF documents, so we made it possible for them to simply upload a sample document and Legito integrates their unique design into all the documents they generate. On top of that, all of these automated templates are automatically connected to our smart document management system.
For overburdened legal departments, we even integrate their documents into Legito for them. They just send us their Word or PDF documents, along with a list of instructions and we turn them into customizable templates.
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Q: You mentioned document management. Can you tell us more?
A: In order to provide a truly effective and comprehensive solution to our clients, Legito also contains a document management system that each template and generated document is connected to. It features search & filter navigation, deadline reminders, external document recordkeeping, scanned document upload, document content analytics & managerial reporting, and approval checklists, as well as access management.
Q: What are your plans for the future?
A: We are working to enhance our API to be able to easily connect automated templates in Legito with other system such as a client’s CRM, or their invoicing or enterprise systems. We are also incorporating some AI into our document content analytics & managerial reporting features. As for the public collection of automated templates, we are actively seeking more lawyers to join our platform and publish automated templates in Legito.
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