Lawtrades aims to change how your company utilizes legal resources – TechCrunch

Similar to other industries that accept contract work; Lawtrades It provides a way for lawyers to live independently and lead their own imaginary legal practices.

Rad Ahmed and Ashish Walia started the company in 2016 with a focus on startups and small businesses to find a favorable market (as one would do) but legal use of such companies is often project-based, and occasionally. And if the company shuts down in no time.

A.D. In 2019, the company was interested in working with mid-market and enterprise-level companies to sell to legal entities, and that’s when growth began, Ahmed told Tech Crunch.

Today, Lautrads works with companies such as Doordash, Gusto and Pinterest to provide a marketplace for professionals who can be hired remotely and flexibly. Its technology allows professionals and companies to create profiles and match them with opportunities, manage projects and pay on stage.

“Finally, we are launching a new Internet-based business model because it has been a $ 100 billion uninterrupted market over the last 100 years,” Ahmed said.

Lawtrades app design. Image Thanks Lawtrades

He and Walia wanted to build a different recruitment experience, such as LinkedIn, in which companies had to process hundreds of applicants to get a few qualified ones. Unlike billing companies and other corporate expenses, professionals can offer a flat pricing structure.

Following a doubling of revenue in 2021, a $ 6 million series led by four city capitals closed with Draper Associates and 500 Startups. The round includes nearly 100 customers, angel investors and company founders, including Grumd founder Sahil Lavinia, Tchable Ankur Nagpal and Godadi CEO Aman Butan.

“Because the world has finally embraced remote legal work and many lawyers are allowed to run large law firms for themselves, we are using cash flow-positive and income-based financing, so we do not need to increase big equity,” Ahmed said.

By the end of 2021, Lautrads had 80 customers and 150 active participants. In terms of capacity, there are more than 1,000 profiles, 400 by the end of 2020. It is currently operating on an invitation-only model, and 5 percent are accepted on the network. The makeup of the network is 60% female and more than 35% minority.

In December, the company’s revenue was $ 8 million from $ 3 million in early 2021, he added. The network has generated over $ 11 million in revenue to date, and by 2021 more than 60,000 hours of work are on the horizon, which is 200% higher than 2020.

Ahmed plans to use the new funding to change the company’s name, launch an IOS application, expand to other professional areas such as finance and management consulting, and gain international acclaim. It also plans to double the number of heads of lotradds from 15 to 30 in terms of production, support and sales.

“The world of work is in a special place,” he added. “People are working remotely and companies are looking for talent, so it’s a global skill battle with the best people to get the best deals. In our model, the power is to choose the kind of job the individual wants. We are repeating and pushing for 40 hours of work week.