PocketLaw, co-founded by CEO Kira Unger Söderlind, recently transitioned from a platform aimed at small businesses to one focused on contract management and AI solutions for larger companies. Initially conceived as a legal tech platform providing templates and legal support, the company pivoted due to Market demands and advancements in generative AI. Their new offerings include AI agents for contract reviews, customizable dashboards, and enhanced legal workflows. Söderlind believes that this transition is part of a larger transformation in the legal sector, driven by the capabilities of AI. With a strong emphasis on customer retention and platform usage, PocketLaw is positioned for continued growth in the evolving legal landscape.
Deciding to pivot is a significant step for any business, and PocketLaw has recently made that choice. In an insightful discussion, Artificial Lawyer spoke with Kira Unger Söderlind, CEO and co-founder, about this strategic shift.
Originally based in Sweden and the UK, PocketLaw began as a platform similar to LegalZoom, offering templates and legal assistance primarily for small and medium-sized businesses (SMBs). However, the company has now directed its focus towards generative AI and contract management for larger enterprises. Söderlind explains, “We have gone through a big pivot” and emphasizes the importance of understanding their origins to appreciate their current direction.
Having a background in law, Söderlind always aspired to join a prestigious firm and work on M&A deals. However, she quickly realized some challenges within the legal profession, particularly around the poor usability of current software systems. In 2018, together with co-founder Olga Beck-Friis, they began conceptualizing a legal tech platform to address the needs of corporate clients, receiving support from a Swedish Government grant aimed at AI developments.
Launched in 2020, PocketLaw initially catered to startups and scale-ups, allowing them to manage contracts and connect with legal resources. Despite gaining traction among SMBs, the company recognized lengthy sales cycles and decided to target mid-sized and large companies while leveraging advancements in legal AI brought about by large language models (LLMs).
Some recent product developments at PocketLaw include:
1. AI agents for contract reviews, offering citation-backed support and bulk data analysis.
2. An AI Legal Agent integrated as a Word Add-in.
3. AI-powered dashboards that users can create in natural language.
4. Various enterprise features, including advanced eSigning workflows and user permissions.
Söderlind sees the pivot not just as a business strategy but part of a larger transformation within the legal sector. She expresses the privilege of being in the legal tech space during the AI era, knowing that it enables solving complex problems. “I believe 2025 will be the year of action,” she states, noting that the legal tech industry is still evolving rapidly.
Looking ahead, PocketLaw is focused on growth, emphasizing customer retention and increasing platform usage. Söderlind notes that once clients adopt their platform, the network effect kicks in as more individuals within the organization begin utilizing it.
Overall, PocketLaw’s journey illustrates how legal tech companies can adapt and thrive amid changing circumstances brought on by new technology. As the industry continues to transform, the future is bright for those prepared to embrace innovation.
What is AI-driven contract management?
AI-driven contract management uses artificial intelligence to help businesses create, track, and manage contracts more efficiently. It automates tasks like drafting, checking compliance, and analyzing contract performance, making the process faster and less prone to errors.
How does PocketLaw’s AI improve contract management?
PocketLaw’s AI offers tools that analyze contracts and suggest improvements. It helps users identify risks, ensures compliance with regulations, and provides insights into contract terms, all designed to make the management process easier and more reliable.
Who can benefit from using PocketLaw’s services?
Businesses of all sizes can benefit from PocketLaw’s AI-driven contract management. Whether you’re a small startup or a large corporation, the platform can streamline your contract processes, saving time and reducing legal risks.
Is it easy to use PocketLaw’s AI tools?
Yes, PocketLaw’s AI tools are designed to be user-friendly. You don’t need to be a legal expert to use them. The interface is straightforward, and the system guides you through the contract management process step-by-step.
What should I do if I need help with PocketLaw?
If you need help, PocketLaw offers excellent customer support. You can reach out through their website or contact their team directly. They provide guidance and resources to make sure you get the most out of their AI-driven contract management services.
