Legal Platform Filevine Announces Record Q2 With 138% Net Dollar Revenue Retention and 88% Growth in Annual Recurring Revenue
Following a $108 million Series D, Filevine executes new growth strategy with investments in market expansion, talent, product and customer success
SALT LAKE CITY, Aug. 25, 2022 /PRNewswire/ -- Filevine, a leading legal work platform, today announced record results from the second quarter of 2022. The company achieved 138% net dollar revenue retention (NDRR), indicating that existing customers bought more licenses and purchased ancillary products to further extend their use of the platform for end-to-end legal workflows. Outlaw, Filevine's contract management system, and Lead Docket, its lead generation tool, were key drivers of NDRR. Filevine increased annual recurring revenue (ARR) 88% year over year and brought on 100s of new logos including five over $100k.
"Q2 confirmed that our post-Series D strategy is working and that our team is executing at the top of its game," said Ryan Anderson, co-founder and CEO of Filevine. "Our 2021 acquisition of Outlaw and investments in talent, product and customer success have made Filevine the legal platform of choice for enterprises. Through innovation and acquisition, we'll continue to elevate their legal experience with Filevine."
Filevine's $108 million Series D, closed at the end of Q1, powered key initiatives in Q2. Filevine accelerated its expansion into big law, insurance defense, corporate, governmental and nonprofit legal counsel teams, building upon the company's expertise in litigation and personal injury law. Meanwhile, Filevine deepened its executive team with the appointment of a new Chief Financial Officer, new Chief Technology Officer and its first Chief Customer Officer.
Filevine also rolled out significant product improvements, most notably the bidirectional integration of Filevine and Outlaw. Now, any updates made in an Outlaw contract or Filevine document are synced in the database of record. This spares legal teams from the error-prone process of making repeat edits in hundreds of documents. Improvements to billing and timekeeping, in-app emailing and the user interface also landed well with Filevine's 25,000+ users.
Lastly, Filevine made strides with partnerships and community in Q2. The company welcomed six additional Certified Implementation Partners (CIPs) including Datavative, Vintegrate, Vineskills, Neostella, Encoretech, and Docket Launch, the first to focus on Lead Docket. In addition, Filevine announced its newly rebranded user conference, LEX Summit, which will gather the Filevine community in Salt Lake City, February 12-15. Attendees will learn from the brightest minds in legal tech, network with fellow users and, of course, ski the greatest snow on Earth.
Recently, Filevine ranked No. 674 on the 2022 Inc. 5000 list and was named to Utah Business Magazine's Fast 50 list of the state's fastest-growing companies. Earlier in the year, Filevine was named the Best SaaS Product for Law and Legal Services by the SaaS Awards, one of the Best Tech Startups in Utah by Tech Tribune and a Top Workplace in the technology industry by Top Workplace USA.
About Filevine
Filevine is changing the way legal work gets done for law practitioners and their clients. As the leading legal work platform, Filevine is dedicated to empowering all organizations with tools to simplify and elevate complex, high-stakes legal work. Powering everything from document management and client communication to legal drafting and deadline and task management, over 25,000 legal professionals use Filevine daily to deliver excellence in every contract, deadline, and result. Filevine is the top legal software company on the Inc. 5000 list, has been named one of the Utah Business Fast 50 and is among the top 50 fastest-growing privately-owned software companies according to the 2021 Inc. 5000 list.
CONTACT: Alli Harris, [email protected]
SOURCE Filevine
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