Nine years since its win at the first Startup Alley in 2017, Laurel, formerly known as Time By Ping, sets a benchmark in legal tech innovation. Once a pioneering AI-driven startup that automated time capture for lawyers, Laurel has evolved into a versatile Series B company with $55 million in venture funding. Today, its AI technology extends beyond the legal field to serve the accounting and consulting sectors, resulting in the company being listed as the 700th fastest-growing firm on the Inc. 5000 list.
Laurel’s impact on law firms is quantifiable. Its AI-powered platform boosts lawyer billing by an average of 28 minutes daily, increasing realization rates by 1-4% and profit margins by 4-11%. A significant part of its success stems from its unique capability to measure the impact of generative AI tools on lawyer productivity — analytics highly sought after as firms invest heavily in AI-driven applications.
The platform integrates seamlessly with existing applications like email, Microsoft Office, and video conferencing tools, capturing and collating data into ready-to-review time entries. It also features a compliance module that flags non-compliant billing narratives before submission, addressing a critical pain point for firms.
CEO Ryan Alshak states, “We are still the first and only company to apply gen AI timekeeping to enterprise professional service firms.” He also shares insights on the firm’s ability to provide operational analytics, helping firms tailor data-driven policies and measures for effective resource allocation.
Beyond legal and accounting innovations, Laurel integrates with popular practice management systems, including Clio, to cater to smaller firms. Data from existing users underscore the platform’s value; firms report substantial revenue boosts and increased lawyer productivity.
Laurel’s journey from Startup Alley winner to an influential industry player illustrates the possibilities when innovation meets market needs. For more details, visit the full article and explore Laurel’s broader impact in the LawNext Legal Technology Directory.