The acquisition fast-tracks LOD’s legal technology ambitions
Officially announced by Lexvoco:
Lexvoco is delighted to announce that we are now part of the LOD Group and will be known as LOD from 1 May, becoming one of the world’s largest and fastest growing alternative legal services businesses.
Lexvoco is a five year old business that provides lawyers and technology services to corporations and their in-house legal departments. LOD (aka Lawyers on Demand) operates in the same sector with a focus on supplying lawyers.
LOD has provided some background to the acquisition:
lexvoco has built a strong reputation in the Australasian market for legal operations and technology – something that was very attractive to LOD. Enhancing its capabilities in this area has been a strategic priority for LOD (having already invested in recent hires) and it felt like an appropriate time to bring lexvoco’s expertise on board.
For lexvoco, it now has a global platform for their expertise. This acquisition will help drive further growth, international expansion and the deployment of a series of new initiatives that are currently in the pipeline.
LOD has 100% acquired lexvoco, with the entire lexvoco team moving across into the LOD business. The price of the deal is confidential.
The acquisition brings together two, market-leading flexible legal services businesses and creates further scale and reach. What hasn’t changed is LOD’s ability in creating customised solutions for their clients however now LOD will add to their capabilities, working with clients on larger, more complex projects globally. lexvoco’s legal operations and legal technology function will now become “LOD Innovate”, headed up by lexvoco Founder and CEO Anthony Wright.
The global Board and Executive Leadership team of LOD will remain the same. Paul Cowling will remain MD for Australia. Anthony Wright, lexvoco Founder & CEO will head up what will now be “LOD Innovate” in APAC.
The Australasian business has 4 key offerings – Secondments, Compliance & Risk, Law Firm Services and Innovate, with the latter combining LOD’s Designed Solutions and lexvoco’s legal operations and technology services (analytics, automation, workflow, document and matter management systems for Legal, Risk and Compliance teams).
Some of the Principals from McInnes Wilson Lawyers invested in lexvoco from the outset. Under this deal, they will be exiting their involvement with lexvoco.