VXT, a legal-tech startup, has launched a new
communications platform that integrates with practice
management software and allows firms to save time, capture
more billables and mitigate risks with AI-powered
functionality. Its user base quintupled (5x) last year, with
the platform setting new standards in legal
tech.
VXT quintupled its international
customer base during 2023 and its new platform has already
handled more than 2.5 million calls since its launch. In
February alone, VXT increased annual recurring revenue by
30%, up to $1.3 million NZD. To support their rapid growth,
VXT has secured a Pre-Series A round of $1.8M NZD, enabling
the team to invest in innovation.
“VXT’s growth is
a testament to the need for tech-enabled efficiencies in
this space. VXT’s recent launch enables a smarter use of
AI and the ability to supercharge efficiency,” comments
John Kells, Co-Managing Partner for GD1. GD1 took most of
the round as a follow-on investor, with other follow-on
investors including Startmate and Phase One and new
investment from Silicon Valley heavyweight J Zac
Stein.
Startmate’s CEO Michael Batko adds that “VXT
is an impressive company, amongst a small number selected
for our Startmate Accelerator, and since then we have been
an enthusiastic supporter and are excited to back them again
with this investment.”
“In just a year, VXT has
changed hundreds of thousands of lines of code – over half
of our codebase – to launch a brand new platform,”
explains Luke Campbell, Founder of VXT.
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The re-launch
has significantly enhanced the platform’s capability.
“The new platform sets lawyers up for an AI-enabled future
in which practices free their lawyers to spend more time
communicating with clients, and winning new business, as
software becomes increasingly more capable of performing
legal work itself,” explains Luke.
How it
works…
Every communication that takes place between
a lawyer and a client comes with necessary paperwork such as
recording time, detailing advice given, and recording notes
against the matter. When a lawyer makes an average of 10
phone calls per day, this compounds into a significant
amount of repetitive paperwork that is often not billable to
the client. For a busy lawyer, it is easy to occasionally
miss a detail, or forget to record time for a call. This
contributes to significant financial opportunity costs, both
in unrecorded billable time, and time spent on non-billable
tasks. On average, 20% of billable time goes unrecorded, and
at smaller firms, lawyers often spend more than 50% of their
time on non-billable tasks
VXT solves these challenges
by automating the paperwork associated with phone calls. It
automatically records billable time from phone calls in
clients’ practice management systems using industry-specific
integrations. The software can also keep a perfect record of
advice given to clients through call recording
(automatically disclosed at the start of a call) and
AI-powered transcriptions which are all securely saved and
accessible.
VXT’s new platform on
PC
Empowering lawyers for an
AI-enabled future
“In the early days, Canva (now
worth more than $26bn USD) spent two years rebuilding its
platform – releasing almost no updates throughout that
period. Many of the changes VXT customers were calling out
for were very hard or impossible to make without carefully
reenvisioning our platform architecture; and we knew that
every extra day we waited would make this exponentially more
expensive,” adds Luke.
Today, VXT supports law firms
with a phone system and internal communications product
built for the challenges a modern firm faces. Their product
roadmap includes video conferencing, transcription
summaries, and identification of important data in phone
calls that could be used to pre-populate document templates
for simple matters like residential real estate. Using VXT,
law firms will be able to provide their clients with
around-the-clock support and client intake services by
adding an AI support representative to a phone number that
clients can call. “Soon, it will also be possible to use
AI-powered support agents to service customers in key areas
such as client intake 24/7. These agents could even be
trained to use the voice of a key staff member,” says
Luke.
VXT’s new platform on
mobile
Setting new standards in
legal tech globally
The software has proven hugely
popular with the 200 legal teams who use it, with practices
calling out the “Improved reliability compared with MS
Teams!”, going on to say “Not only is VXT fully
integrated with our system, but we also don’t have issues
with call quality, and the call flow functionality is so
superior to what we had previously.”
“Throughout
history, we’ve seen repetitive tasks progressively
automated away. We’re proud to be leading the transition
to a world where admin work is a distant memory and we’re
excited to grow our platform’s functionality to continue
to serve legal firms throughout this transition,”
concludes Luke.
About VXT
VXT is a
cloud-based, VoIP phone system that seamlessly integrates
with popular practice management systems like Clio, MyCase,
LEAP, Smokeball, PracticeEvolve EvoleGo, and Actionstep.
Automatically create and save file notes from your calls and
save these, as well as SMS to a contact or matter in your
practice management system. After a call, VXT automatically
records your time. These automations help mitigate risk,
save time and provide a superior user experience for legal
firms
globally.
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