In your own words, what does your company do?
Legislate is a legal technology company founded in Oxford in 2020 which makes it easy for non-lawyers to safely create, manage and search lawyer-approved contracts. Legislate makes contracts machine readable using patented knowledge graph technology so that contracts can be created, managed and searched at scale. By making contracts machine readable, Legislate is enabling a new category of smart, open contracts which know what they contain and how they connect with third party systems and services such as payroll and pensions for example. Legislate is used by fast growing businesses and scale ups to create and track contract data for employment and commercial contract use cases.
📈 Monthly revenue: Do not wish to disclose
📈 ~% Churn: N/A
📈 ~% Net profit: N/A
📈 Funding: $5.1M
📈 Initial cost/investment to start the company: $187,500
📈 Number of team members: 16
📈 Number of founders: 1
📈 Started: 2020, April
How does the company make money?
💰The Legislate software platform is sold as a SaaS subscription starting at $2,473/year for businesses with less than 10 employees. More tailored pricing for businesses with more employees and higher volume contracting requirements.
3 strategies that have worked to attract and retain customers?
✅ SEO: Search engine optimisation has been our main channel to-date for attracting customers. Search engines and prospects really liked our content which was originally published to establish credibility in our space. After we started seeing meaningful traffic we added call to actions to our blog posts and noticed an increase in organic sign ups.
✅ Podcast: we launched a podcast towards the end of 2021 with the aim to share great stories whilst doing customer research. The episodes have been great at establishing brand awareness with our ICP and for understanding their potential pain points in a more casual setting.
✅ Social media: we’ve recently launched our TikTok account to share our personality to the world. Whilst we haven’t gone viral yet, the platform makes it easy to identify trending songs or videos which you can recreate with your own twist on your profile.
3 things that you’ve learned about hiring and retaining great talent?
✅ Team culture fit: great candidates aren’t always a great fit for your company or team. It’s difficult to assess how a candidate will gel with the team post-onboarding but the best way is to let the candidate get to know the team and vise versa at some point during the interview process.
✅ Onboarding: having a plan in place ensures your new hires know where they are going and how they’re doing. Whilst some candidates can hit the ground running without a plan, having one sets your expectations for them and ensures you’re both aligned. The plan also allows you both to objectively measure performance. The plan should have both high level and daily goals over 1 – 2 months to provide enough structure for the candidate to learn and progress within their role. This period should allow both of you to identify whether you’re a good fit for each other or alternatively, how the plan might need to evolve.
✅ Regular catch ups: scheduling biweekly one-to-one meetings with your team gives them a place to share their concerns. Whilst employees might feel confident enough to schedule catch ups proactively, having a set cadence in the calendar means there’s no headache leading up to these meetings. It also allows managers to identify potential issues before they boil over and ensures that both the employer and employee know how they’re getting on on a regular basis.