Northeastern University London Alumnus Releases the First Legal Marketplace Powered by AI
Co-founded by alumnus, Violetta Skittidi, Formulaw is the latest legal-tech startup transforming the legal landscape with the introduction of EVE, its AI powered legal assistant.
Formulaw, the latest legal marketplace entrant powered by AI, hopes to tackle the issue of price transparency within the legal sector. Using its proprietary legal AI assistant – EVE – Formulaw can provide the user with a price for the service after a brief discussion. Formulaw hopes that this method can help ensure price consistency and an overall fairer legal journey for professionals and SMEs alike. With Formulaw, companies have access to a number of legal services, such as contract drafting, company setup, and more. Formulaw’s AI calculates a fair price for both clients and law firms.
“Formulaw does not hope to reinvent the legal market but instead to improve accessibility to legal services. We noticed that SMEs often feel priced out by the legal industry. With this, SMEs then resort to tackling legal questions by themselves, often resulting in poorly managed and drafted contracts, leading to a loss of income and legal claims” said Ramzi Khoury, Co-founder and CEO.
In recent years, demand-side factors have increased competitive pressure on law firms. Consumers have become more confident and thus demand fixed and lower prices for services. As a result of innovation in the legal space, these users are shopping around for the best deals.
However, despite their increased authority in the market, consumers still have difficulties in selecting a law firm. According to the SRA, only 1% of customers choose legal services via a comparison website. Instead, people frequently rely on personal referrals and engine searches, such as Google searches. Formulaw’s EVE is a rare instance of a client facing legal-tech product that aims to tackle the problem of legal service accessibility.
“Having worked at a few SMEs, I noticed there were no in-house lawyers. Instead, legal issues were handled by non legally qualified staff to cut down on extra costs. By starting Formulaw, we aim to present SMEs to a pool of law firms with transparent prices and quality legal advice.” said Violetta Skittidi, Co-founder and Head of Legal Research.
Formulaw is on a mission to transform the legal marketplace by using AI to help accommodate the new era of legal consumers. These customers often want all the information to make an informed decision quickly at their convenience. Although Formulaw is not yet available in the UK, the team assures us it’s on the roadmap and they already have plans for expansion.
Find out more by visiting their website: https://formu.law
Violetta Skittidi graduated from Northeastern University London in 2019 with a BA (Hones) in PPE (Economics major).