Clio’s Historic Series F $900m Raise
Welcome to this month's article of Let’s Be Frank, a monthly newsletter series hosted on LinkedIn and authored by our founder Digby. If you are interested in following along pop over to the Let’s Be Frank LinkedIn page here and hit the subscribe button to have these articles sent straight to your inbox.
On July 23, 2024 Clio’s incredible fundraise was announced by Jack Newton.
It was an institutionally funded raise of $900 Million USD based on a valuation of $3.0 Billion USD.
Jack Newton’s announcement was notable for a couple of reasons:
It emphasizes that the investment community believes that the legal industry is ripe for change, especially spurred by the explosion of tech adoption, particularly AI.
There is specific mention of why the billable hour is on the way out, making room for the Modern Law Firm.
Over the last few years, I have written many times about moving away from the billable hour and what I have learned since our launch of Frank Fee in September, 2020. As part of the journey, I have also launched with my co-founders the software to assist lawyers in moving away from the billable hour (@AltFee). Clio’s announcement is welcome news for those of us who believe change in our industry is needed..
Here is the link to Jack’s interview with BNN Bloomberg. Enjoy the listen!
Until next time!
