1308 Salesforce for Lawyers Passes $3m in ARR, Basically Bootstrapped

SaaS Interviews with CEOs, Startups, Founders

Nathan Latka

Ceo, Entrepreneurs, Founders, Software, Business, Entrepreneurship, Saas, Startups

4.6 • 683 Ratings

🗓️ 22 February 2019

⏱️ 16 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Michael Chasin is the co-founder and CEO of the legal tech company, Lexicata, the world's #1 client intake and CRM software for lawyers. With thousands of law firms on the platform across 20+ countries, Lexicata helps bridge the technology gap many law firms face as more and more professional services move online to the cloud.

Prior to Lexicata, Chasin founded LawKick in 2012, a leading online marketplace for seamlessly connecting clients to the perfect lawyer for their needs. After running LawKick for several years, Chasin became intimately familiar with the fact that lawyers often struggle to manage their leads effectively. As such, Lexicata was born in 2014 and has been helping law firms grow ever since.

Before running two successful businesses, Michael attended the University of North Carolina at Chapel Hill, earning his dual degrees in Entrepreneurship and Economics, before moving onto Loyola Marymount University and Loyola Law School to earn his M.B.A. and J.D., respectively. Michael currently resides in Los Angeles, CA where he spends his free time surfing and playing golf and basketball

Transcript

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0:00.0	He launched Lexicotta really pivoted to it in 2014, carrying his prior investors with him that gave him and his co-founder about 200 grand.
0:07.0	Today, they service over 3,000 paying customers.
0:10.2	Those customers are law firms.
0:11.8	Think of them basically like the Salesforce for lawyers.
0:14.6	Those 3,000 customers pay on average 100 bucks a month.
0:16.6	So doing about 300 grand per month in revenue.
0:18.8	That's up 100% year over a year from last year, doing about 150 grand a month in revenue. That's up 100% year over a year from last year,
0:21.0	doing about 150 grand a month in July 2017. 2.5% per month logo churn has been the historic
0:27.8	number that's now dropping below 2% and over 100% net revenue retention annually,
0:33.1	spending less than one month of ARPOO on acquiring the customer. So quick payback lifetime value, they assume 16 months, which is actually higher when you
0:41.5	actually look at churn, but conservatively 16 months and five grand in lifetime value
0:45.8	with their team of 18 based in L.A.
0:49.2	This is the top entrepreneurs podcast where founders share how they started their companies and got filthy rich
0:56.7	or crash and burn.
1:00.5	Each episode features revenue numbers, customer counts, and other insider information that creates business news headlines.
1:09.6	We went from a couple of hundred thousand dollars to $2.7 million.
1:13.1	I had no money when I started the company.
1:15.0	It was $160 million, which is the size of any IPOs.
1:18.5	We're a bit strapped.
1:19.4	We have like 22,000 customers.
1:23.3	With over 5 million downloads in a very short amount of time,
1:29.3	major outlets like Inc are calling us the fastest growing business show on iTunes. I'm your host, Nathan Latka, and here's today's
	...

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