Lexly

About Lexly

Founded in 2004 by Magnus Stein and Johan Wiberg, entrepreneurs with backgrounds in finance and law, Lexly operates as a digital legal services platform headquartered in Stockholm, Sweden. Stein, who served as CEO for over a decade, previously worked at Citibank and Swedbank, and his experience in finance shaped the company's approach to making legal services more accessible. The company was established to address the complexity and exclusivity of obtaining legal help.

Lexly provides a platform for both private individuals and companies to manage a variety of legal matters, from personal documents like wills and prenuptial agreements to business-related stockholder agreements. The business operates a model that combines do-it-yourself legal documents with the option to access a network of lawyers for tailored advice and support. This approach offers transparent, fixed pricing for its services, a departure from traditional legal billing. Revenue is generated through these services and by forming partnerships with banks, insurance companies, and accounting firms to integrate and offer their legal solutions.

The platform's core offering is an online tool that enables users to create their own legal documents, aiming to reduce costs and increase efficiency. For more complex needs, Lexly provides access to a network of approximately 500 lawyers who can offer professional input. A significant market for Lexly is a corporate employee benefit model, particularly in Brazil, where companies can offer their employees a subscription for legal support, covering everything from minor infractions to major life events. This model has attracted major Brazilian companies like Ifood and Porto Seguro.

Over the years, Lexly has expanded its footprint across the Nordics and into new markets. A key milestone was the acquisition of LegalHero, a Danish company with a similar business model focused on SMEs, in February 2022. This move solidified Lexly's presence in Sweden, Finland, and Denmark. The company also established a joint venture in Brazil with Webrock Ventures, combining its technology with Webrock's expertise in scaling new businesses. In 2021, Lexly raised $20.8 million to fuel its expansion into the UK and continental Europe.