Clio, a prominent player in the legal tech industry, has recently ventured into the realm of large law firms by acquiring ShareDo, a UK-based provider of cloud-based enterprise case and matter management solutions. This move signals Clio’s intention to extend its reach to some of the largest firms globally, aligning with its mission to “transform the legal experience for all.” Although Clio’s primarily focused on smaller law firms throughout its 17-year history, its expansion strategy initially broadened to include mid-sized firms. The company’s record-setting $900 million capital raise last year further accelerated this growth trajectory.
ShareDo, established in 2011, serves numerous high-profile clients such as DLA Piper, Herbert Smith Freehills, and Linklaters. According to Clio, ShareDo supports over 40 large law customers, impacting approximately 50,000 legal professionals. In a statement, Clio’s founder and CEO, Jack Newton, emphasized this acquisition as a pivotal moment to lead a transformation within the legal industry, particularly in the large law firm segment, positioning Clio at the forefront of impending changes in the market.
Interestingly, the acquisition diverges from Clio’s previous acquisition strategy, where it primarily focused on augmenting its small-firm software ecosystem. ShareDo’s enterprise solutions present a distinct product offering for Clio, with no immediate plans for integration into Clio’s current suite. According to Clio’s COO, Ronnie Gurion, ShareDo will continue to operate as an independent product, providing best-of-breed solutions to enterprise law firms. ShareDo’s capabilities, integrated with platforms like NetDocuments and iManage, complement large firms’ existing technology stacks, presenting new opportunities for Clio’s enterprise solutions portfolio.
Looking forward, Gurion also highlights the promising business case for this acquisition. Although large law firms represent a smaller percentage of the market compared to smaller firms, they command a substantial share of revenue and expenditure. He also noted a gap in modern, cloud-based solutions for the enterprise market, a gap ShareDo is well-positioned to fill.
Furthermore, Clio’s expansion into the large law segment not only diversifies its client base but also fosters potential growth pathways for its current customers and partners. Clio plans to leverage existing partnerships that ShareDo holds, creating fertile ground for new service and revenue opportunities.
ShareDo’s CEO, Benjamin Nicholson, will take on the role of General Manager of ShareDo within Clio and is optimistic about the amplified market presence and product development opportunities this acquisition heralds.
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