Lawtrades, in the same way that other sectors have embraced contract employment, provides legal practitioners with a chance to become self-sufficient and establish their own virtual law offices.
Starting in 2016, Raad Ahmed and Ashish Walia focused their efforts on startups and small businesses, attempting to find product-market fit (as one would expect), but discovered that legal usage among companies of that size was often project-based, infrequent, and short-term if the company went out of business.
Ahmed told TechCrunch that its growth accelerated when it switched its focus from working with mid-market and enterprise-level corporations to selling to legal departments.
Lawtrades now collaborates with businesses like Doordash, Gusto, and Pinterest to provide them with a marketplace of experts that can be employed remotely and with a high degree of flexibility. Professionals and businesses may build profiles and be matched to opportunities using the platform’s technologies. They can also monitor projects and make payments using the site.
Ahmed said it is ultimately a new internet-native employment paradigm introduced into the judicial system. “It is a $100 billion business that has not been disrupted significantly in the previous 100 years,” Ahmed explained.
By 2021, Lawtrades had 80 clients registered on the platform and 150 active conversations with those customers. There are over 1,000 profiles on the talent side, an increase over the 400 profiles created by the end of 2020. Currently, it operates on an invitation-only basis, with just 5 percent of those who apply being admitted into the network. 60 percent of the network’s members are female, and more than 35 percent are members of minority groups
Moreover, Ahmed said that the company’s revenue run rate in December was $8 million, increasing from $3 million at the start of 2021. So far, the network has earned more than $11 million on the platform, and in 2021, more than 60,000 hours of labor will have been registered on the forum, representing a 200 percent increase over the previous year.
Ahmed intends to utilize the additional financing to rebrand the firm, build an iOS application, expand into other professional categories, such as finance and management consulting, and establish a global presence. His plans include increasing Lawtrades’ existing employment from 15 to 30 employees across product, support, and sales departments.
As he went on to say, “the world of labor is in an exceptional situation.” “Because individuals are working from home and businesses are seeking talent, it has boiled down to a talent war, with the top people receiving the highest offers.” With our concept, the ability to choose the kind of job one wants to undertake is in the person’s hands. That’s how we can recruit incredible people and then connect them with firms that are interested in hiring them. Iterating and stretching the limits of a 40-hour workweek is something we’re doing right now.”