The Swedish legaltech platform Pocketlaw strives to harness the power of automation and AI to enhance businesses efficiency dealing with legal matters. Considering the company’s global aspirations, London and the UK presented itself as the ideal hub for Pocketlaw’s operations, and since 2021 they’re co-headquartered between London and Stockholm.
Olga Beck-Friis, Co-founder and Kira Unger, CEO & Co-founder at Pocketlaw Democratising legal processes
The idea behind Pocketlaw was ignited as one of its founders Kira Unger witnessed manual and fragmented legal processes, perpetually reliant on outdated contracts in forgotten folders amongst businesses. As a response, Pocketlaw launched its service in 2018 - a digital platform encompassing automated contract generation, real-time collaboration, integrated eSigning, streamlined contract management, as well as insightful data-driven analytics.
The approach aims to simplify legal procedures by taking away the requirement for multiple tools, and simultaneously enabling teams to confidently engage with legal matters without compromising compliance. Ultimately, resulting in time, resource and cost savings for businesses across sectors.
Why the UK?
For Pocketlaw, the UK was a strategic choice for expansion for several reasons. “There was no question about why it needed to be our crown jewel market. Firstly, the UK is the 6th largest economy in the world, so it was very clear for us that if we wanted to build the global company that we set out to build, we had to win in the UK,” says Lisa Cleaver, Marketing Consultant at Pocketlaw.
Also crucial in the decision-making, were London’s status as the financial capital of Europe, offering proximity to the European headquarters of numerous Fortune 500 companies. “In addition, the UK is a mature market in terms of legal needs and tech acceptability, has access to a good pool of investors as well as a favourable tax environment.”
Reflecting on the journey
Looking back, Pocketlaw has identified language compatibility, and the ease of setting up as key factors for their successful launch. “There aren’t any language barriers to consider, and the legal system is easy to navigate,” Lisa explains. The UK’s reputation as a talent-rich market is also described as beneficial, as it helps facilitating effective human capital recruitment.
When asked about what they would have done differently in the expansion phase, Pocketlaw expresses contentment with the challenges faced, viewing them as part of the learning curve contributing to the company’s overall growth.
Opportunities for Swedish Businesses in the UK
Pocketlaw sees significant opportunities for Swedish businesses, particularly in the Software as a Service (SaaS) market. The collaborative and supportive ecosystem in Sweden, combined with the country’s reputation for innovation, serves as an excellent starting point. However, they would encourage other businesses to expand beyond their domestic market to achieve substantial growth.
”Whilst the smaller Swedish market is a great ‘testing ground’, the market size is also its obstruction. In order to succeed, Swedish businesses have to expand to other markets and the UK remains an important market with a relatively low barrier to entry,” says Jessica Leau, Head of Partnerships at Pocketlaw.
Regarding corporate sustainability, another factor normally associated with Swedish businesses, PocketLaw expresses the importance of contributing to the UK’s Net Zero targets. Being a digital platform promoting paperless work environments, they want to encourage companies, especially legal teams, to embrace digital practices in their day to day work. The company has also implemented Environmental, Social, and Governance (ESG) policies to align with global sustainability efforts.
The importance of collaboration
During the expansion phase, Pocketlaw collaborated with the UK Department for International Trade, which provided them with valuable market research data and information prior to the UK launch.
Also highlighting the value of collaborative efforts and partnerships, Jessica describes the company’s membership in the Swedish Chamber of Commerce for the UK to be of great value: “We have been featured in their publications, been part of panel discussions and participated in their events. The continuous relationship promotes us to businesses organically and affirms us as a key legaltech player especially for businesses operating in the Swedish-UK markets.”
Hands-on advice
For Swedish businesses eyeing international expansion, Pocketlaw emphasises the need for commitment and a willingness to move beyond the ‘comfort zone’ when taking the leap.
“If you want to build a global, growth company I don’t think there is much to consider, at some point you probably need to do it. It will be hard and painful, but the upside is massive. However, don’t just do it with your left hand, commit to it. In our case, Olga our COO moved over to London with her family. Lean in and the effort will be worth it.”
