Rotok 30.7 Million Cumulative Visitors Over 8 Years... "Lawyers Who Earned 180 Million Won in Consultation Fees"

Law&Company Announces 8 Years of Lotok Achievements
740,000 Consultations...User Satisfaction 4.89
74.7% Are 'Young Lawyers' Under 10 Years
"Expanding Legal Market, Reducing Lawyer Search Costs"

[Asia Economy Reporter Kim Bo-kyung] The legal service platform 'Lotoc,' which has reached its 8th anniversary since launch, has recorded a cumulative visitor count of 30.7 million and a total of 740,000 legal consultations. Among them, there was even a lawyer who conducted over 5,800 legal consultations through Lotoc, earning consultation fees amounting to 180 million KRW.

On the 25th, legal tech startup 'Law&Company' announced the social achievements that have driven changes in the legal market on the occasion of the 8th anniversary of the Lotoc service launch.

To date, the cumulative number of visitors to Lotoc has reached 30.7 million, with an average annual visitor growth rate of 44.6% over the past three years. Notably, despite a decrease in the number of lawyer members last year due to the Korea Bar Association's newly established ban on Lotoc, the number of visitors actually increased. The cumulative number of legal consultations conducted through Lotoc is approximately 740,000, with a user satisfaction rating of 4.89 out of 5 for all consultations.

Last year, the estimated annual transaction amount generated from cases accepted through legal consultations conducted on Lotoc was approximately 473.49 billion KRW. This figure considers the total number of consultations conducted on Lotoc last year, the acceptance rate of cases by clients and lawyers participating in consultations, and the average acceptance amount per case. Applying the same criteria, the total annual transaction amount for this year is predicted to be 650.5 billion KRW.

So far, a total of six lawyers have earned cumulative consultation fees exceeding 100 million KRW, with the highest-earning lawyer recording consultation sales of 180 million KRW. This achievement was made through a total of 5,799 legal consultations, and as the number of legal consultations conducted on Lotoc has increased recently, the number of lawyers generating high sales through consultations is also on the rise.

The number of lawyer members active on Lotoc stood at 2,000 as of July. The number of lawyer members decreased from 3,966 in March last year to 1,706 in November of the same year due to the Korea Bar Association's ban policy, but has been recovering since May when the Constitutional Court ruled unconstitutional the core part of the advertising regulation that prohibited lawyers from using legal platforms.

Looking at the overall career status of lawyer members, those with less than 10 years of practical experience, referred to as 'young lawyers,' accounted for the highest proportion at 74.7%. Those with 10 to 20 years of experience followed at 19.6%, and those with over 20 years of experience made up 5.6%.

Research results also showed that the legal market has expanded and the cost of searching for lawyers has decreased. The estimated legal market size newly created by Lotoc is approximately 56.8 billion KRW, which is about 9.6% of last year's new legal market size. This was measured based on the annual estimated transaction amount and user surveys of legal consultations through Lotoc.

The cost for clients to search for lawyers has also been reduced. Based on the number of consultations conducted on Lotoc last year, the estimated offline lawyer search cost is approximately 25.02 billion KRW. This figure considers travel time to legal districts, search time, consultation fees, and more. Using the same criteria, the search cost on Lotoc is calculated at a total of 3.21 billion KRW, which is 12.9% compared to offline costs.

Kim Bon-hwan, CEO of Law&Company, stated, "As Korea's leading legal tech company, we will operate our services with a sense of responsibility to contribute to the advancement and popularization of the legal service market."