NEW YORK, April 16, 2019 /PRNewswire/ -- LawCloud (previously known as iDisclose), a New York-based legal technology company, announced today that it has entered a licensing arrangement with the law firm of Ellenoff Grossman & Schole LLP ("EGS"), to provide software solutions to technology enable EGS's various practice areas to create efficiencies and cost savings for EGS and its clients.
LawCloud, the most recognized and respected software solution provider to equity crowdfunding platforms, has developed a software solution that enables law firms to upload their own form documents onto the company's proprietary system. The solution provides a user-friendly portal to attorneys and clients to assist them in gathering client information to quickly generate high-quality first drafts of documents. Client data is saved by the system and used to pre-populate documents generated at later dates for subsequent client matters, thus facilitating a timelier and more cost-effective approach toward project completion. LawCloud currently offers, through its iDisclose brand, applications to generate private placement memoranda and regulation crowdfunding disclosure documents. The company will also be bringing to market a Regulation A+ application that was jointly developed with our advisory board member, Zachary Fallon, who helped write the SEC rules associated with that provision.
"We are thrilled to enter this agreement with EGS and believe that tech enabled law firms will be the winners of the future in the increasingly competitive legal industry. Technology is no longer merely a curiosity for law firms, it has evolved to the point where the benefits are concrete and quantifiable. We look forward to helping law firms with this transition" said Michael Knox, CEO of LawCloud.
"As a co-founder of iDisclose/LawCloud, we have seen first-hand the benefits these solutions have provided to other lawyers and platforms and have decided that it's time to comprehensively integrate these, and other solutions, across our platform. Building upon our history of flat fees to create a harmony of interests with our clients, we believe that utilizing technology will further increase our productivity, cause higher quality legal services, and enable us to offer clients highly competitive rates for a range of activities," said Douglas S. Ellenoff. "We are mindful of new law firm business models and believe that licensing the LawCloud/iDisclose technology will cause EGS to leapfrog other firms that do not have our current standing in many established areas of practice."
LawCloud supports funding platforms, law firms, and co-working spaces by providing a system to assist entrepreneurs in filling out complex legal and fundraising documents as well as dramatically reducing the cost of the legal review for required filings. The company believes there is a huge opportunity for technology to reduce the cost of legal services, particularly as it relates to small businesses and startups, and expects to continue expanding its product offerings to further support such companies.
LawCloud, founded in 2015, is an industry leading platform in the crowdfunding legal disclosure space with major contracts with platforms such as Republic, MicroVentures, Title 3, seriesOne and truCrowd. Our technology has been utilized to file a few hundred submission with the SEC's EDGAR system. In addition, LawCloud offers legal document solutions for all small businesses, including regulatory documents, deal documents, HR documents and other business documents under its LawCloud services. For more information about LawCloud, visit their website at www.lawcloud.co.
About Ellenoff Grossman &Schole LLP
Founded in 1992, Ellenoff Grossman & Schole LLP is a mid-sized New York City-based law firm, offering its clients legal services in a broad range of business and litigation related matters. Through an investment firm wholly-owned by EGS, we have an ownership and management role in LawCloud. For more information about EGS, visit their website at www.egsllp.com.
For media inquiries, contact Michael Knox, +1 (212) 381-0788.