LegalVision's Lachlan McKnight on how 'SaaS-land' inspired his law firm
LegalVision's chief executive officer co-founded a law firm built on a subscription model rather than billable hours, attracting lawyers who "want to do things differently".
LegalVision founder and chief executive officer Lachlan McKnight looked to US online legal service firms more than a decade ago when setting up his company as a document service firm.
Twelve years later, operating a fully-fledged law firm that serves major companies across the economy via a subscription-based business model, McKnight says his business borrows more from "Saas land" than conventional large law.
Counting top-tier law firm Gilbert + Tobin as the company's only external institutional investor, McKnight told Capital Brief "there's really no one globally running a legal services business or law firm using the same methodology that we employ."
It's a model that's working. LegalVision will see top line revenue this year of $50 million for its Australia and New Zealand businesses, and $13 million in the UK — where revenue should eventually outgrow LegalVision's Australian business, McKnight said.
