Lottoq Advertisement Installed at Subway Station(Seoul=Yonhap News) Reporter Seo Myeong-gon = On the 5th, when the regulation disciplining lawyers using legal service platforms such as 'Lottoq' was enforced, the Korean Bar Association began an investigation for disciplinary action.
The Bar Association stated, "According to the revised Lawyer's Code of Ethics and Lawyer Advertising Regulations, from today we will start investigating lawyers registered on online legal platforms and will determine the level of discipline at the disciplinary committee after going through the prescribed procedures."
The photo shows a 'Lottoq' advertisement installed on the street in Seocho-gu, Seoul, on the afternoon of the 5th. 2021.8.5
Photo by Seo Myeong-gon
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[Asia Economy Reporter Junhyung Lee] Law platform operator Law&Company, which runs 'Rotok', announced on the 20th that it has secured 23 billion KRW in Series C funding.
The Series C investment included participation from Atinum Investment, DSC Investment, and Smilegate Investment. This is a follow-up investment about two years after raising 14 billion KRW in Series B funding in 2019. The cumulative investment amount is approximately 40 billion KRW. According to the company, this is the largest scale among domestic legal tech startups.
In July last year, Law&Company was selected as a '2021 Preliminary Unicorn Special Guarantee Support Company' by the Ministry of SMEs and Startups, becoming the first domestic legal tech company to receive this designation. This signifies recognition of the company's corporate value and future growth potential. Last month, the Seoul Metropolitan Police Agency, which investigated the case where the Rotok service was accused of violating the Attorney-at-Law Act and the Personal Information Protection Act, concluded that Rotok was 'not guilty' of all charges. This is the third clearance from investigative agencies following those in 2015 and 2017.
Legal Service Platform 'Lotoc' Cleared by Police Non-Prosecution Decision(Seoul=Yonhap News) Reporter Ryu Hyorim = Ro & Company, the operator of Lotoc, stated at a press conference on the 4th that the legal service platform 'Lotoc' has once again proven its service legality through the police's non-prosecution decision, and that it will hold legal responsibility for false claims related to Lotoc. The photo shows a 'Lotoc' advertisement installed on a street in Seocho-gu, Seoul, in the afternoon of the same day. 2022.1.4
ryousanta@yna.co.kr
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The company experienced ups and downs such as a decrease in sales last year due to the Korea Bar Association's policy banning legal platforms. However, service usage continues to steadily increase. The cumulative number of consultations on Rotok recently surpassed 640,000. The average monthly visitors last year were about 970,000. As of July last year, the number of lawyer consultations conducted monthly on Rotok was approximately 23,000, an increase of about 1.5 times compared to the same month the previous year.
The company plans to invest the funds raised through Series C into developing IT solutions and content that support lawyers' work. An AI-based legal information search service is also set to be launched soon. This service aims to improve the efficiency of legal research tasks using AI technology.
Kim Bonhwan, CEO of Law&Company, stated, "This investment recognizes the value of a company achieving meaningful growth in the legal service market. Since legal tech is rapidly developing in advanced countries, with more than 10 legal tech unicorns (unlisted companies valued at over 1 trillion KRW), we will do our best to lead the industry as a frontrunner."
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