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Overseas expansion with AI contract screening service!

AI contract

A legal tech company AI contract that digitizes and manages legal procedures such as contracts. We have raised a large amount of funds, and investors are also raising expectations for legal DX solutions.

In this article, I will explain about LegalForce.

Table of contents

  • What is LegalForce?
    • Company overview
    • Mission
    • History
  • Services of LegalForce
    • LegalForce – AI Contract Screening Platform
    • LegalForce Cabinet – AI Contract Management System
    • KEIYAKU-WATCH-Contract Information Media
  • Features of LegalForce
    • Business development in the field of legal tech
    • Many outstanding members
    • Significant funding of over 13 billion
  • Latest developments in LegalForce
  • Careers at LegalForce
    • Recruitment type
    • Application overview
  • Summary

What is LegalForce?

About Legal Force

  • company overview
  • Mission
  • History

We will explain each below.

Company overview

company name LegalForce Co., Ltd.
Established April 2017
location Toyosu Front 6F, 3-2-20 Toyosu, Koto-ku, Tokyo
representative Nozomi Tsunoda
number of employees about 338
capital 4.19 billion yen

Mission

Contract risk is a necessity in a globalized and complex business environment. We provide the technology to support the legal department that protects companies from risk as it becomes more important.

History

April 2017 Company formation
April 2018 Raised 80 million yen
November 2018 Raised about 500 million yen from JAFCO, Kyoto iCAP, etc.
September 2019 Additional funding of approximately 40 million yen from Mitsubishi UFJ Capital and Mizuho Capital as Series A round
January 2019 Acquired international standard certification for Information Security Management System (ISMS)
March 2019 Selected as an award-winning company for “EY Innovative Startup 2019”
Exhibited at the 3rd AI/Artificial Intelligence EXPO
August 2019 Reached 100 companies that have introduced the official version
February 2020 LegalForce Co., Ltd. raises a total of 1 billion yen in series B round
June 2020 LegalForce wins “Mizuho Innovation Award” sponsored by Mizuho Bank
August 2020 LegalForce Releases Owned Media “Contract Watch” to Understand “Now” of Contracts
September 2020 LegalForce, introduced over 500 companies.
December 2020 LegalForce Launches LegalForce Research as AI Research Division
February 2021 LegalForce Co., Ltd. raises a total of 3 billion yen in series C round
March 2021 LegalForce Co., Ltd. won the grand prize in the “AI/ IoT SaaS Award” category of “BOXIL SaaS AWARD 2021”
AI contract review support software “LegalForce” introduced by more than 800 companies
May 2021 LegalForce Exhibits at “30th JapanITWeek Spring Cloud Business Reform EXPO”
August 2021 Contract Watch, information media related to contracts1st anniversary seminar held
April 2022 Started providing AI contract screening platform “LegalForce” to Daikin Industries, Ltd.
“Hankyu Hanshin Holdings” introduces AI contract screening platform “LegalForce”

Services of LegalForce

About legal force services

  • LegalForce – AI Contract Screening Platform
  • LegalForce Cabinet – AI Contract Management System
  • KEIYAKU-WATCH-Contract Information Media

We will discuss each of the above three.

LegalForce – AI Contract Screening Platform

A platform that improves the quality and efficiency of contract screening.

We have improved the quality and efficiency of contract review work with automatic contract review functions using AI and functions that support the effective use of in-house contract data.

According to survey results, many legal staff at major companies said they would like to use Legal Tech for drafting and checking contracts, and less than a year after the launch of the platform, more than 300 offices have introduced it. , has more than 1000 users.

LegalForce Cabinet – AI Contract Management System

The AI ​​contract management system “LegalForce Cabinet” is a system that uses natural language processing and machine learning to control contract risk after the contract is concluded.

By uploading the contract, the information is automatically extracted and the contract is centrally managed in the database. It is recommended for those who want to reduce the time to fill out the ledger, or for those who feel that the time to search for contracts is wasted.

Managed contracts are converted into data, so full-text search is possible, and viewing permissions can be set for each user, making it convenient for sharing.

KEIYAKU-WATCH-Contract Information Media

Contract Watch is a media that disseminates information related to contracts.

Information is sent mainly to people in the general affairs and legal departments who handle contracts. With the passage of time, the review and creation and storage methods of contracts change, so it is necessary to keep updating the information.

As a feature of the media, a calendar that shows when the law was revised is displayed on the top page. In addition, we categorize the information we want to read, making it easy to find, and we try to put readers first, such as using images to explain difficult specialized knowledge.

Features of LegalForce

Features include:

  • Business development in the field of legal tech
  • Many outstanding members
  • Significant funding of over 13 billion

I will explain the above three.

Business development in the field of legal tech

Legalforce provides services in the field of legal tech that support the work of legal departments and lawyers by proposing points of concern and points that need to be corrected in contracts.

This field cannot be provided without legal knowledge and machine learning technology, so the barriers to entry are very high.In addition, there is little competition for contract screening services overseas, so we are considering expanding overseas. increase.

When expanding overseas, we plan to develop services after thoroughly researching to meet local needs, rather than creating English versions of existing services.

Many outstanding members

At the time of our founding, we joined two lawyers, DeNA, and Recruit to create the current development system. Later, COO from McKinsey also joined and built the framework of the service.

As a venture company, we are working to expand and improve our services with a small team of elites, and we are currently the top company in contract screening services that has been introduced by 2,000 companies in Japan.

After that, there are many members who join mid-career from famous companies, and many who decide that it is a good environment for their own growth and join the company.

Significant funding of over 13 billion

Legal Force has successfully raised more than 13 billion yen in total. The president said, “The potential of the business that handles the risks of contracts concluded by companies was highly evaluated.”

As the economic situation deteriorated and the market environment changed, we raised 13.7 billion yen in the Series D round. As a company, we will invest in strengthening recruitment, development, and sales in order to achieve our mission of “making all contract risks controllable.”

Also, since we are also considering overseas expansion, we plan to advance into the United States with the funds raised this time.

Latest developments in LegalForce

“Corporate Law and Technology Symposium” will be held on August 2, 2022. The target audience is those who are involved in corporate legal affairs, those who are interested in the relationship between legal affairs and technology, and those who want to use legal tech.

Legal tech services are starting to spread, but effective utilization is still in the process of development. The symposium will present the views of experts on issues, roles, and the future for promoting the use of technology.

Careers at LegalForce

Recruitment type

  • business job
  • Corporate position
  • legal professional
  • Development position
  • English
  • intern

Application overview

test period

Three months

Salary

Varies by occupation.5-10 million yen

Welfare

  • Full social insurance (health insurance, welfare pension insurance, employment insurance, industrial accident insurance)
  • Office cooker, water server
  • Language study aid
  • Technical book purchase
  • Influenza vaccination assistance
  • No smoking indoors (There is a smoking room in the building)
  • There are various in-house circles
  • Subsidies for bar association fees (uniform payment of 100,000 yen per month)
  • Side jobs allowed (permission required. It is basically permitted for lawyers to be in charge of personal cases, etc.)

holiday

  • 2 days off per week (Saturdays, Sundays, and holidays)
  • New Year holiday
  • paid holiday
  • maternity leave
  • Childcare leave
  • Nursing care leave
  • Sick leave
  • 120 or more annual holidays

Summary

This time, we introduced Legal Force Co., Ltd.

Legalforce operates in a field with very high barriers to entry, and is also looking to expand overseas. I’m looking forward to seeing how legal tech develops in the future.

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