We hit the ground running! Today we released the following statement.
“Legal Manager Services attracts growth capital from 5square
The Dutch scale-up Legal Manager Services (“LMS”) has sourced EUR 500,000 of growth capital from the tech fund of investment company 5square. LMS is a fast-growing service provider in legal process outsourcing. LMS will use the capital injection to invest in the organization to support its rapid expansion.
The corporate law market is huge. Annually, hundreds of millions of euros are spent worldwide on legal and compliance services. Traditionally, this market has been dominated by either the internal legal department or by law firms working on an hourly rate basis. Law firms are however facing more competition from accountancy firms and other service providers. In America, in addition to this, several new parties offering innovative outsourcing services have been very successful in the market. LMS intends to fill this gap in The Netherlands and later Europe.
The founders of LMS have an extensive track record in the legal world. Jan-Willem Prakke was general counsel at Boskalis and Schiphol Airport. Harm Bavinck founded legal software company Effacts. Their software is used by over 750 companies worldwide for legal management. Following the sale of Effacts to Wolters Kluwer, Harm will together with his former client Jan-Willem focus on the market for legal process outsourcing.
“Companies have to invest a lot of time and money in legal & compliance” says Jan-Willem Prakke. “Our outsourcing model enables us to carry out many of these tasks on behalf of our clients.” Harm Bavinck adds: “Because we do this for many clients at the same time we can invest in the optimization of our work processes. Therefore, we can perform the work faster, better and cheaper.”
“LMS is one of a new generation of legal providers challenging traditional providers with an alternative business model. LMS has listened to what clients expect from service providers today. I have full confidence that the LMS team has what it takes to become a market leader in this new sector.” According to Mark Gitsels of 5square.
About Legal Manager Services
Legal Manager Services is a Dutch service provider focussing on legal process outsourcing. Clients outsource standard legal and compliance work to LMS’s central service desk. The team of specialists at LMS currently undertakes assignments for hundreds of legal entities every day.
Since 2004, 5square has developed interests in different companies and functions as an active shareholder and investor. 5square’s portfolio consists of rapidly changing businesses that are taken to a higher structural profit level. 5square focusses on primarily Dutch companies and fulfills an active shareholder role whereby ‘collective entrepreneurship’ is the guiding principle.”