While the product is secret, the amount raised to develop it has been all over the internet. Atrium LTS has raised US$10.5 million to revolutionise legal services and transform the delivery of corporate legal services.
Have you ever had a good idea for software, had a few coffees with friends and contacts and raised A$14 million? Probably not, and in the legal services market this is exceptional for a concept product.
Part of the success of being able to access these funds must be the standing of the leader of this enterprise. His name is Justin Kan – an entrepreneur and partner at Y Combinator. He describes himself as a power user of legal services: “As an entrepreneur who founded 6 companies, invested in 71 and advised hundreds through Y Combinator, I spent millions of dollars and became an involuntary ‘power user’ of corporate legal services, yet I remained discontent”.
His tactics already separate him from your average startup. He has raised funds from a large number of investors, notably from potential future users of the software.
The letters LTS come from Legal Technology Services.
One clue as to what Atrium LTS is developing is his statement to Tech Crunch “Why don’t law firms use project management software to track where they are in the process of completing a deal and let customers see that?”