Hybrid legal software and law firm startup Atrium has closed following a failure to deliver the delivery services it aimed to handle.
LawFuel reported last month on layoffs, but the legal startup has now laid off all employees, over 100, and will return over $75 million start-up funding to investors.
“I’m really grateful to the customers and the team members who came along with me and our investors. It’s unfortunate that this wasn’t the outcome that we wanted but we’re thankful to everyone that came with us on the journey,” said founder Justin Kan.
He’d previously founded Justin.tv, which pivoted to become Twitch and later sold to Amazon for $970 million. “We decided to call it and wind down the startup operations. There will be some capital returned to investors post wind-down,” Kan said.
Atrium was founded in 2017 and built software for startups to navigate fundraising, hiring, acquisition deals and collaboration with lawyers.
The startups also offered in-house lawyers that could provide counsel and best practices in these matters. The idea was that the collaboration software would make its lawyers more efficient than a traditional law firm so they could get work done faster, translating to savings for clients and Atrium.
Atrium had attempted to pull back from its law services to become a pure startup operation, with a separate law operation as a standalone business. However despite the better margins promised by the tech business it was not something that was able to provide the efficiencies sought.
Latest LawTech News on LawFuel
- Which Legal Software is Best? 9 Top Legal Software Tools Law Firms Need to Know About in 2021Searching for the best legal software is never easy. But we’ve taken a look […] More
- What IS LegalTech Anyway? And What Is Happening For LegalTech2021 After The Pandemic?There is much in LegalTech That Will See More Happening in 2021 Legaltech has […] More
- Legal Technology: How The Pandemic Has Forced Change Upon The Legal ProfessionThe one thing that has forced change upon the legal profession and the legal […] More
- The “COVID Comeback” – Law Firm Tech Leaders’ Survey Shows Growth Again in 2021The Morrison & Foerster survey of Tech leaders reveals that two-thirds of dealmakers anticipate […] More
- The Business Email Compromise Scam – Who Is Liable?The increase in the number of email scams or business email compromise scams is […] More
- Legal Futurists Talk About The Rush To Technology That Has Lawyers Confronting Their Digital FutureThe pandemic has altered the lives for everyone and a recent report in the […] More
- How The COVID Crisis Has Prompted Law Firms To Develop New Tools To Enhance Client RelationshipsAndy Moseby* – Technology could fundamentally change the relationship between lawyers and their clients […] More
- NZ Lawyer’s Innovative Law Firm List Lists Apps . . But The Pandemic Creates a Whole New Issue For All NZ Law FirmsChristine Lloyd* Building law lists is an entire industry, but the problem with generating […] More
- Artificial Intelligence Risk? What Does 2020 HoldClifford Chance – Artificial intelligence (AI) creates huge opportunities for businesses globally across all […] More
- 5 Key Written Agreements for Small and Growing BusinessesSusan Paul – Business depends on striking agreements with others. While it’s true that […] More
- Law Firm Technology: Litify Launches Conferencing Solution for Lawyers In Response to Remote Work DemandUplink empowers lawyers to have instant virtual meetings with clients and colleagues, with automated […] More