Practice Technology
Clio completes $1B acquisition of vLex and announces $5B company valuation
Jack Newton, the CEO and founder of Clio, a legal technology company, speaks in October 2024 at the 2024 Clio Cloud Conference in Austin, Texas. (Photo by Victor Li)
Legal technology leader Clio announced Monday that it completed its $1 billion acquisition of vLex, a legal intelligence and global research platform that includes Vincent AI.
Clio, a cloud-based practice management software company, also announced Monday that it is now valued at $5 billion after raising $500 million in a Series G funding round led by New Enterprise Associates and other partners.
“This is a defining moment for Clio and for the legal industry,” Jack Newton, the CEO and co-founder of Clio, said in a statement. “We founded Clio to transform the legal experience for all, and this milestone brings that mission to a new horizon.”
“With vLex now part of Clio, and 350-plus experts in law, data and technology joining our team, we are combining the best minds and the best tools to build the world’s most powerful legal intelligence platform, a platform that will define how legal work is done for generations to come,” he added.
Clio’s legal operating system and vLex’s Vincent AI will form the Intelligent Legal Work Platform, which will connect “the business and practice of law through AI that understands both the mechanics and substance of legal work,” Clio says. The platform combines practice management, research, drafting and firm operations, and spans the full lifecycle of legal work.
With the acquisition of vLex, Clio, which is also an advertiser with the ABA Journal, is also expanding its reach from small and midsize firms to the largest legal organizations, the company says. Earlier this year, Clio acquired U.K.-based artificial intelligence platform ShareDo, which specializes in large law firms. It also acquired document automation software Lawyaw.
“Clio continues to demonstrate the clarity, execution, and ambition that define enduring market leaders,” Tony Florence, the co-CEO at New Enterprise Associates, said in a statement. “The company has built one of the most trusted platforms in legal technology, and its integration of AI is reshaping how work is done across the profession.”
Clio is currently used by hundreds of thousands of legal professionals in more than 130 countries and approved by more than 100 bar associations and law societies worldwide, the company says.
See also:
Clio founder talks $1B acquisition of vLex and upcoming Clio Cloud Conference
Hoping to mark huge leap into legal tech’s future, Clio buys startup vLex for $1B
Write a letter to the editor, share a story tip or update, or report an error.
