Date post: | 25-Jan-2015 |
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Technology |
Upload: | jules-miller |
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Staff Differently Enterprise Legal Staffing, Turbocharged
“The Law Firm Business Model is Dying” -The Wall Street Journal, 05-29-12
Wolf Block 2009
Thelen
2008
???
2013
Howrey
2011
R.I.P. BIG
LAW? Dewey &
LeBoeuf 2012
Heller Ehrman
2008
2 2
of firm revenue goes to labor costs 40%
Staffing agency markup 50-100%
of firms hire staff to manage vendors inefficiencies
40%
The Problem Inefficient, antiquated staffing processes do not scale specialized labor
Traditional staffing services A manual, disparate workflow creates a recruiter-led 3 ring staffing circus
Attorneys Project Manager
Recruiter
Availability Updated Resume
Interviews Conflicts Confirm
Time Sheets Approval Invoicing Payment
5
50%+ cost & admin time saved
The Solution Technology streamlines, automates & optimizes the staffing process
6
The Product Find, Manage, Pay & Maintain a Vetted Flexible Team
No Startup Costs—only a transaction fee on hours billed • Independent Contractors = 9.5% • W-2 Employees = 35%
As 1099 Independent Contractors or W-2 Hire an Esquire Employees
Find Manage
Pay
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Competitive Advantage
Online Job Markets
Staffing Agencies Hire an Esquire
Example
Transparent
Efficient
Enterprise HR
Industry Tailored
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The US Legal Labor Market ”Contract work will grow in popularity, as firms try to be flexible to demand shifts”
Contract Labor
Permanent Labor
Future Market Opportunity
$21B
$90B
Current Addressable
Market
IBIS World Industry Report, Law Firms in the US, October 2011
9
Financial Projections
Scale Quickly with just 1 new client per quarter, and new market every 6 months
Key Metrics • User (attorney)
acquisition cost = $0.10 • Customer (law firm)
acquisition cost = $7.7 K • Lifetime value of a
customer = $24.8 M • Sales Cycle = 6 months
(reduced from 12 months)
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Press:
1099 Beta Launch
First AM Law 200 Client
1,000 Attorneys, 50 firms
2011 2013 2012
W-2 Product Launch
July August
Company Milestones
Bootstrapped High Growth
Lifetime billings triple
September
10% monthly growth rate
October November
Staffing 5 projects @ 2 Am Law 200 Firms + 1 in-house dept
Expected revenue of
$150K in 3 mo
Finalize contracts with 5 additional
AM Law 200 firms
11
Raising $350k Seed Round 9-12 months of operating expenses to Series A in mid/late 2014
Round Details
Terms
• Priced round • Preferred shares • 1x liquidation preference
(not participating) • Voting rights • Options pool added • Valuation: $2.75 million pre-money • $250 K committed • $100 K to remain open
through end of November
Committed Investors
• Lead investor - notable Silicon Valley VC for 30+ years
• Law partner • Successful entrepreneurs • Senior exec @ SAP • Senior exec @ Lending Club • Wall Street veteran • Follow on from friends & family
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TEAM
AmLaw 100 Attorney & Industry Expert
Big 4 Consultant & Salesforce.com veteran
15 yr Enterprise & Consumer Developer
Dave, CTO + Founder Jules, COO + Founder Julia, CEO + Founder
TECH
Product Guru, Half.com Startup Team
Edwin AI Software Strategy,
DARPA integration lead
Andy Full Stack Python Ninja,
Startup Veteran
Dan
Hire an Esquire’s recently confirmed advisory board includes senior SAP, Lending Club, law firm & Wall St. executives and is accelerating traction with key C-Level introductions & valuable advice.
SALES
Barbara Sprint + Xerox
Sales Mgr
76.25% women owned
13
Thank You!
Julia Shapiro Cofounder & CEO, Hire an Esquire [email protected]
Jules Miller Cofounder & COO, Hire an Esquire [email protected]