In spite of the ample wealth and glaring need for updated technology infrastructure in the legal vertical, venture capitalists have been slow to invest in legal technology startups. But because traditional lines to venture capital have been complicated by investor hesitancy about the market, legal technology startups looking to raise funds have begun experimenting with new ways of generating capital.
Though there’ve been an increasing number of small deals, which may highlight renewed interest in the market, the total amount of funding moving into the legal technology space has slowed since 2015 according to CB Insights reports. Startup founders have begun to look for new approaches to court or skirt venture capital. Alma Asay, founder of litigation technology company Allegory Law, recently closed a $500,000 convertible debt funding round by looking to the network of attorneys and technologists she’d grown since starting her company.
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