jig

Investors like the cut of his jig.


An angel investor at Linklaters has contributed their cash to a tech company founded by one of the Magic Circle firm’s former trainees, who swapped lawyering for earning a fortune out of lawyers.

Ex-Links lawyer Travis Leon and his business partner Stephen Scanlan sold their previous venture, a legal document proofreading tech company called XRef, for £8m in 2016.

Now Leon and ex-Simmons & Simmons solicitor Scanlan have received $15m of investment in their next big idea, called Jigsaw.

Leon told RollOnFriday that Jigsaw enabled lawyers to create visuals such as structure diagrams for M&A deals and complicated tax arrangements far more quickly than traditional tools like Powerpoint, thanks in part to its incorporation of AI.

“Some partners are even using Jigsaw in live client meetings or pitches to win new business because it is so quick you can make changes and move things around in real time" he said. "Think Minority Report if you've seen the screens they use in that movie...that's where we're headed one day".

Exor Ventures, the investment arm of the family behind Ferrari, got onboard and led the latest fundraising round. AI is the buzziest of buzzwords and Exor duly drummed up $15m which included the backing of a mystery angel investor at Linklaters. Senior partners and ex-partners at Freshfields and A&O Shearman also put in their own cash in the hope that Leon and Scanlan are the next Brin and Page.

With around 150 employees and offices in London, Miami, Barcelona and California, they may soon be Ferrari owners themselves if they sell Jigsaw at the right time.

Leon, who once got hit by an avalanche on a Linklaters ski trip, said, “Stephen and I haven't taken out any money from Jigsaw but, as you can imagine, raising USD 15m ([and a] total of USD 25m since launch) means this company is many times more valuable than XRef”.

“We have nearly 20 times the revenue of XRef when we sold it”, he said, “- though of course it's all on paper for now!”
 

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Comments

Nice logic… 17 May 24 09:09

“Stephen and I haven't taken out any money from Jigsaw but, as you can imagine, raising USD 15m ([and a] total of USD 25m since launch) means this company is many times more valuable than XRef”.

Good to see people have learned the lessons of the 2021 VC hype cycle. Money raised =/= value (cf. Hopin and others…). 

In fairness 17 May 24 15:20

Burnell Paul also uses Structureflow and it doesn't make them a good law firm...

Good for them 17 May 24 20:04

Nice to see some legal tech developed by actual former lawyers, as far too much of it these days seems to be developed by AI whizkids without much thought for what lawyers actually do.

We looked at Jigsaw and it was an impressive product, though ultimately not one we really needed.

Sir Woke XR Remainer FBPE MBE 18 May 24 11:44

We’ve got this, it’s pretty good. The future is in software that looks at docs and builds structure charts automatically tho

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