Legal Finance Firm Set to Reboot Industry with Multi-Million Pound Investment in AI-Tech.

Deminor welcomes Dr. Stephan Klebes to the Hamburg team to expand its leading position in the German litigation funding market

Dr. Stephan Klebes adds experience and expertise in complex commercial disputes, investment recovery cases and antitrust actions to the Deminor team - especially in the fields of arbitration and capital markets law.

Deminor is pleased to announce the appointment of Dr. Stephan Klebes as Senior Legal Counsel. With the arrival of Stephan, a further experienced litigator joins the established team of Dr. Malte Stübinger (General Counsel Germany), Patrick Rode (Senior Legal Counsel) and Tim Willing (Senior Legal Counsel).

Dr. Stübinger commented on Stephan's arrival:

“With Stephan, we are gaining a highly qualified colleague with a broad legal background who will actively support our further growth in Germany and brings the Deminor mindset with him. An excellent addition to our team that emphasises our strong commitment to the German market.”

Stephan Klebes was admitted to the German Bar in 2021 and has broad experience in litigating and advising on cross-border disputes before international arbitral tribunals and state courts, with a particular focus on general commercial disputes and investment recovery cases. Prior to joining Deminor, he was an associate with the specialised litigation law firm Quinn Emmanuel where he represented companies in various types of arbitration proceedings, as well as complex investment recovery claims before state courts.

Erik Bomans, Chief Executive Officer, added:

“I wish to echo my colleagues' sentiments by congratulating Stephan on joining Deminor’s growing Hamburg team. Stephan’s wide-ranging legal expertise is a welcome arrival, and I am confident they will complement General Counsel Dr Malte Stübinger and his fellow Senior Legal Counsels. I look forward to his contribution to Deminor and our clients as we strengthen our position as a Chambers & Partners Band 1 Ranked provider of litigation funding solutions in Germany.”

Stephan Klebes studied law and economics at the University of Mannheim (LL.B., First State Examination) and the University of Cape Town, South Africa (LL.M. in Alternative Dispute Resolution). He then obtained his doctorate at the University of Osnabrück at the chair of Prof Dr Mary-Rose McGuire on an arbitration-related topic and completed his clerkship at the Higher Regional Court of Celle.

On joining Deminor, Stephan comments:

“I am delighted to be working with Deminor to further advance the field of litigation funding in Germany and Europe. The possibility of third-party financing of litigation and arbitration still has a lot of potential. Deminor will certainly be able to further expand its leading role in the German market on the basis of its strongly value-based approach. It is a great pleasure for me to be able to contribute to this mission.”

Dr. Klebes was recognised by Best Lawyers in the category "Ones to Watch 2024" in the field of Arbitration and Mediation.

Clio, the global leader in legal technology, announced it has raised US $900 million, based on a US $3 billion valuation, in a Series F investment round led by New Enterprise Associates (NEA). The round also includes new partners Goldman Sachs Asset Management, Sixth Street Growth, CapitalG, and Tidemark, who join current investors TCV, JMI Equity, funds and accounts advised by T. Rowe Price Associates, Inc. and by T. Rowe Price Investment Management, Inc., respectively, and OMERS. Marking a new era in its growth journey, Clio will continue to expand its multi-product platform, including further investments in its burgeoning AI portfolio and integrated legal payments. It will also accelerate its rapid market expansion upmarket and internationally, deepening its organic growth to more than 130 countries across the globe.

For 16 years, Clio has been at the forefront of creating innovative, cloud-based solutions tailored to the unique needs of the legal industry. Clio is the operating system for law firms, powering every aspect of the legal process. It simplifies law firm management by centralizing client intake, case management, document management, legal payments, and more. With more than 250+ legal technology software integrations, Clio is also the world’s largest legal technology platform, endorsed by more than 100 law societies and bar associations worldwide, including all 50 state bar associations in the United States.

“This historic raise was heavily oversubscribed, further demonstrating the overwhelming demand and confidence in Clio’s future,” said Jack Newton, CEO and Founder of Clio. “I’m thrilled to embark on this journey with NEA and our group of exceptional investors. The Clio operating system is the undisputed platform of the legal technology sector, engineered to not only meet but anticipate future industry demands. We are pioneering this future for our customers, driven by our mission to transform the legal experience for all. Our commitment to delivering unparalleled value propels every decision we make, and we are inspired by the massive opportunities ahead.”

Tony Florence, Co-CEO at NEA, has joined Clio’s Board of Directors. Mr. Florence commented, “Clio embodies everything NEA looks for in a growth-stage investment: an exceptional, purpose-driven team, market and product leadership, and stellar business physics. Clio is mission critical to law firms, and the company’s best-in-class retention and NPS are testaments to the team’s ability to continuously innovate, deliver immense value, and meet the dynamic needs of the legal sector. With the right foundation in place for continued market expansion and advanced AI capabilities, we believe the best is yet to come. We look forward to applying NEA’s company-building expertise to partner with Jack and the Clio team on their next phase of growth.”

Clio raised its Series E funding in April 2021, a US $110M growth equity round. Since then, Clio has grown its revenue beyond US $200M ARR and has expanded internationally to the APAC region, as well as upmarket to become the leader in mid-market cloud legal practice management software, serving more than 1,000 mid-sized firms in the United States alone. Clio’s all-in-one payments business has skyrocketed since its launch in 2022, now processing billions of dollars annually in legal-specific transactions. Additionally, Clio’s platform has been expanded to include: 

• Clio Duo proprietary generative AI solution to help lawyers complete routine tasks, and leverage their firm analytics to run a more efficient practice; including audit log functionality for court discovery (available in 2024)
• Clio Accounting to manage firm finances in one system of record, designed to help keep law firms compliant
• Module for personal injury lawyers with distinct litigation needs, and procedures for medical recordkeeping, this add-on offers rapid settlement estimates for high volume case assessments
• Clio Draft intelligent document automation and court form libraries in 50+ jurisdictions
• Electronic court filing services available directly in Clio to streamline court interactions
• Legal Aid and nonprofit grant billing models, eligibility calculators, and dashboards
• Google Local Service Ads directly embedded in the Clio platform to generate, screen, and intake local leads

“While we’re immensely proud of our growth to date, the real opportunity lies ahead of us,” continued Newton. “AI is ushering in an exciting and important new era for legaltech, and Clio is leading that transformation. There’s much to accomplish for the success of our customers so they can thrive in an economy that embraces technology in every interaction.”

Clio has more than 1,100 employees located across hub locations in North America, EMEA, and APAC regions. The company is actively hiring across all areas of its business including product, R&D, sales, marketing, and customer success.

Law firms Osler, Hoskin & Harcourt LLP and Wilson Sonsini Goodrich & Rosati served as legal counsel to Clio. William Blair acted as Clio’s exclusive financial advisor.