17 May 2016

Adding value for startups seeking legal advice

News

About MOVUS

MOVUS is an exciting early-stage startup looking at industrial applications of the Internet of Things. Based in Brisbane, MOVUS builds industry vertical solutions, using sensors, cloud-based analytics and specialist partners, enabling organisations to make smart asset decisions. Founded by Brad Parsons and Michel Lamarre, MOVUS’ clients include Aurizon, The University of Queensland and Queensland Urban Utilities.

Why did they use Lawcadia?

Following a successful fundraising, MOVUS used Lawcadia’s platform to find and engage a law firm to help them to document their share subscription and shareholders agreement, as well as advice relating to that investment.

As a start-up business, MOVUS does not have an experienced general counsel to help scope and prepare a detailed matter brief for law firms. For this, they asked Warwick Walsh, Lawcadia’s CEO and Founder and also a very experienced corporate lawyer, to assist them with the scoping – a service that Lawcadia provides.

“First and foremost, all companies need good legal advice. But in addition to this, companies also need accurate pricing so they can budget appropriately,” says Warwick Walsh. “This is particularly so for start-ups – as we are one ourselves, we completely understand this from experience.”

“The right level of scope will ensure that law firms can provide more accurate fee estimates (or capped fees if that is the preferred fee structure) and will also help prevent “scope-creep” further down the line,” says Warwick Walsh.

“We found Lawcadia’s platform to be simple, fast and very cost effective”.

Outcome

Within 3 hours of submitting a matter brief MOVUS had received 4 Pitches from law firms indicating that they were interesting in providing a detailed proposal for MOVUS, with a total of 6 Pitches received from quality law firms. An RFP (Request for Proposal) was sent to 4 of these law firms, with all proposals received within 20 hours, and a law firm engaged shortly after.

Feedback

The feedback from MOVUS was very positive. “There is no way we would have received the final estimate for this matter without going through Lawcadia. And the law firm we engaged have been excellent, very professional and a great result”, says co-founder Brad Parsons.

Would they use Lawcadia again? “Absolutely!”

“We found Lawcadia’s platform to be simple, fast and very cost effective. Everything a startup like MOVUS needs.”

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