Nextlaw Ventures, the global legal technology-focused venture capital fund, today announced its investment in Qualmet, an early-stage startup that brings quality assessment metrics to in-house counsel and law firms. The investment marks the sixth company to enter the Nextlaw Ventures portfolio.
Qualmet provides a streamlined cloud platform and standardized process for in-house counsel and law firms to benchmark the quality of legal services across industry sectors, firms and legal practice areas. The company focuses on key performance metrics that are critical to delivering value.
The underlying concept for Qualmet was created by Mark Smolik, general counsel with DHL Supply Chain, who has been using a prototype of the evaluation platform for the past eight years.
Qualmet allows in-house counsel to easily assess the quality and business value of their legal service providers, share results to align expectations and goals, use industry benchmarks to identify opportunities for improvement, and find the best-in-class law firms based on evaluations by their peers. On the other side of the equation, Qualmet allows law firms to learn how clients perceive their contributions, benchmark their performance vis-à-vis other law firms and develop a strategy to improve and maximize business opportunities.
Qualmet is currently being tested before commercial release by several companies ranging in size from a two-person in-house legal team to a Fortune 50 corporate legal department with more than 300 lawyers across the globe. In addition, a group of law firms including Dentons has been invited to discuss the output of the benchmarking process and the technology’s applicability in their respective firms. The platform is expected for wider release in November.