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Clio, along with Rocket Matter, was one of the first cloud-based law practice management software products, and now it is the most successful. In April 2021, in its Series E investment round, Clio was valued at $1.6 billion, making it a “unicorn”—a startup valued at over $1 billion. Clio claims it is the first law practice management unicorn, and I can’t think of any other that might qualify.
The company has also grown massively, and dwarfs most of its cloud-based law practice management software competitors. As of this writing, in May 2021, Clio has over 500 employees and has dozens of open positions on its career page.
The Clio Legal Trends Report
In 2016 Clio published the first Legal Trends Report based on anonymized, aggregated Clio user data. The report showed which practice areas were most profitable, seasonable revenue trends, profitability by location, and what became the headline: how much (or how little) of their time lawyers actually collected on.
Since the original report Clio has expanded its data sources by surveying lawyers and clients. Based on the additional data Clio has shared conclusions about topics like how lawyers and clients want to communicate, what makes firms grow, and how the pandemic has affected law firms.
Other companies had published surveys and reports on the legal industry before 2016, of course, but few or none based on the kind of hard data Clio was able to use for the Clio Legal Trends Report. With so much actual data about actual users, Clio was able to bring the benefits of large-scale business intelligence to the legal industry, and it shared the information for free.
Clio has not been especially active in acquiring other companies, but in 2018 Clio acquired Lexicata, a cloud-based client intake and client relationship management product. After the acquisition Lexicata evolved into Clio Grow.
Published on January 16th, 2021. Last updated on May 17th, 2021, by Sam Glover.