M&A in lawtechs: Future Regulation buys LawFinder for BRL 2 million. The Mission: Attorneys within the Metaverse
With the acquisition of LawFinder, Future Law wants to promote the employability of students who go through its courses
The Future Law Group, formed by the law edtech Future Law and the innovation consultancy Future Law Studio, acquired LawFinder, a platform that connects lawyers to clients looking for temporary or long-term legal services. The company invested R$ 2 million in the purchase of the new business.
With the transaction, the startup opens a new frontier in its operating model to bring its students closer to job proposals. Created at the end of 2017, Future Law was born because its five founders, almost all lawyers, looked at the transformations in other markets with the advancement of startups such as Uber and Ifood and observed that the legal field did not follow the movements.
To fill the gap, they formed edtech with courses and content on the impact of digital transformations and exponential technologies for the legal environment.
So programs like:
- cybercrime and criminal 4.0
- contract design
- venture capital
- gaming law and NFTs
- Since the beginning of activities, more than 10 thousand professionals have already attended the courses and more than seven thousand offices and legal departments have been impacted by the contents, according to internal data, in projects aimed at the corporate market. Among private and public clients, TIM, Globo, Ipiranga, MRV, Pinheiro Neto, Machado Meyer, STF, STJ, AGU and prosecutors.
- When did the new demand arise?
- As the business evolved, the startup began to realize the demand for an employability platform, fostering the connection between professionals who take the courses and companies looking for lawyers with expertise related to exponential technologies.
- “We didn’t have it in a structured way and we didn’t have technology being applied to this process. LawFinder becomes this piece that fits our purpose of connecting market professionals, not just preparing”, says Tayná Carneiro, founding partner and CEO of Future Law since the beginning of this year.
- Before, she led the education area, structuring courses and content. She used part of the knowledge obtained during a one-year exchange in Kobe, Japan, to bring different perspectives to the model that proposes to connect lawyers with knowledge related to activity such as people management, marketing and commercial.
- “The professionals themselves need to be trained with these skills that are essential in the world we live in today, even more important than technical skills”, says the lawyer from Rio de Janeiro. In addition to Carneiro, the company also has four other founding partners: Emmanuel Belote, CFO, Aline Valente, COO, and Christiano Xavier and Bruno Feigelson, who are part of the board. With the exception of Valente, who has a degree in communication, all the other partners are lawyers.
- They met when the executive was doing her master’s degree at UFRJ (Federal University of Rio de Janeiro) and studying economic development tools. The conversations started with Feigelson, a doctoral student at the university at the time, and more professionals joined the two until the startup was launched.
- What will the new business model be?
- The acquisition, made in the acqui-hiring model, should also drive the transformation of Future Law’s business model. It will move from a one-time sales format for courses and content to a subscription-based offer as a way of generating product recurrence.
- The streaming and subscription model, according to Carneiro, is a trend within the edtech segment and the company wants to introduce it into the legal ecosystem.
- “The student will be registered on the platform and will also have access to all our courses, and legal organizations will be able to monitor the development of these students to carry out the hiring. So, it is a complementary wheel of qualification, demand and employability”, she says.
- The idea is that legal companies that are clients of the platform can also create content trails for their employees, directing learning according to their area of expertise and needs.
- The new model, scheduled for December 2022, aims to add more than 100,000 lawyers to the service and more than a thousand legal organizations. Currently, adding up the professionals who have passed through Future Law and those registered at Law Finder, the base is 20 thousand people.
- The substantial advance over the next few months would help the company close 2023 with a turnover of R$ 20 million. This year, the company should reach R$ 12 million, an increase of 300% over 2021, when it ended with R$ 4 million.