Salt Lake City, UT, Feb. 08, 2024 (GLOBE NEWSWIRE) -- Filevine, trailblazing legal technology platform, recently wrapped yet another record quarter with artificial intelligence-enhanced product expansion taking the spotlight. Notable 4Q23 highlights include a 99% increase year-over-year in New Annual Recurring Revenue (ARR); the welcoming of nearly 300 new customers, including the largest deal in company history; and the highly anticipated launches of Payments by Filevine, the Company’s integrated payment processing feature, and SidebarAI, its AI virtual assistant tool.
With the enhanced time tracking, billing, invoicing, and payment processing features launched throughout 4Q23, Filevine vastly expanded its appeal to timekeeping and billing firms, becoming the solution for all legal professionals regardless of practice area. With the expanded feature set, impressive law firms such as Norris Mclaughlin Attorneys at Law, Shapiro Family Law, CGA Law Firm, and Alvarez Winthrop Thompson & Smoak have selected Filevine as their preferred practice management software.
To honor the core customer base and elevate their experience, Filevine packaged a set of free feature enhancements and new products, including a robust conflict checker and innovative settlement calculator built right within customers’ Filevine platform.
With the continued focus of supercharging legal practices with AI, Filevine released both a free and paid version of SidebarAI, Filevine’s in-platform legal assistant. Within one week of its launch, Filevine users increased SidebarAI usage by 2000%, showcasing how integral Filevine’s AI assistant became for their customers.
Filevine’s new market expansion and AI-powered product innovation contributed to another record quarter for New Logo additions, Net New ARR and a string of seven-figure deals, including the largest deal in the Company’s history. Notable customers include Consumer Attorney Marketing Group, Hupy and Abraham, Kemp Smith LLP, and Morris James LLP. Continuing the upward momentum, Filevine received top tier security certifications, including SOC 2 Type II and SOC 3 certifications, HIPAA and HiTECH Security and Privacy controls, as well as ISO 27002 and CJIS Security controls. Filevine’s public API helped its 2 billionth person, and Filevine surpassed the coveted Rule of 40.
A Year in Review
The record performance in Q4 capped off a momentous year that showed over 50% growth in Ending ARR, fueled by New Logo sales and existing customer upsell which produced a best-in-class Net Dollar Retention Rate. Filevine achieved significant milestones with AI-powered product expansions and introduced critical feature enhancements in intake management, document assembly, e-signature collection, timekeeping, billing, and payments. The Company’s dedication to talent acquisition and investment in solutioning and engineering teams bolstered their ability to meet evolving industry demands and remain ahead of the AI innovation curve.
“I’m proud of Filevine’s pioneering role in introducing AI to the legal industry,” stated Ryan Anderson, Filevine's Co-Founder and CEO. “The launch of DemandsAI, AI Fields, and later, ImmigrationAI, LeadsAI, and SidebarAI, exemplify Filevine's commitment to simplifying legal work and driving productivity. Our purpose-built AI tools are changing the way we think about and perform legal work — and we’re just getting started.”
Notable 2023 highlights include:
- Welcoming nearly 1,000 guests to the Company’s annual user conference, LEX Summit
- Launching Filevine University (FVU) with 6,200 users completing nearly 27,000 courses
- Unveiling a collection of AI-powered FilevineAI products, including DemandsAI, AIFields, ImmigrationAI, LeadsAI, and SidebarAI
- Sponsoring over 100 legal trade events, including the Company’s own FilevineAI Dinner & Discourse series
- Receiving recognition among the fastest growing private companies on the Inc. 5000 for the fourth consecutive year
- Surpassing 3,500 customers, including a record number of enterprise clients
“As we continue to evolve and expand our reach, we remain dialed into the diversity of our customer base and strive to exceed their expectations,” said Anderson. “Our customers are idiosyncratic, their work is critical, and we are deeply confident that our platform and team is best primed on the market to support the growing demands of the legal industry this coming year.”
For more information about Filevine or to schedule a demo, visit Filevine's website.
To start using Filevine’s suite of game-changing AI features, visit https://www.filevine.com/get-started-with-filevine-ai-features/.
About Filevine
Filevine is changing the way legal work gets done for law practitioners and their clients. As the leading legal operating system, Filevine is dedicated to empowering organizations with tools to simplify high-stakes legal work. That is why Filevine now offers a full suite of AI-powered solutions custom built with the legal user in mind. Powering everything from lead intake and e-signatures, to document assembly and case management, to timekeeping, billing, payments and business analytics, Filevine is used by over 3,400 law firms and legal teams daily to deliver excellence. Filevine is recognized on the Deloitte Technology Fast 500 and Utah Business Fast 50 lists, is a Top Workplace USA winner, and is among the fastest-growing companies on the 2023 Inc. 5000 list.
Attachments
