SALT LAKE CITY, UT – April 11, 2023 – Filevine recently announced a record-breaking Q1 illustrating that its legal work platform has defied the global slowdown in B2B technology. Most notably in Q1, Filevine closed a record number of enterprise deals, successfully implemented one of the largest customers in company history, and launched a myriad of critical features that improve user ability to manage intake, assemble documents, collect e-signatures, and track timekeeping and billing.
Beyond a record-breaking first fiscal quarter, the company produced over 50% growth in Ending ARR supported by new logo sales and a best-in-class Net Dollar Retention Rate of over 140%. Filevine, a leader in legal technology, now touts a customer base in excess of 3,500 individual clients. The company also is pleased to report the successful growth of its partner ecosystem which has resulted in drastic improvements in implementation time and cost for customers. Their successful partnership model produced a blended Gross Margin of 72.5% in the quarter while still maintaining exceptionally strong subscription gross margins.
In February, Filevine hosted nearly 1,000 attendees at its annual user conference, LEX Summit, where they launched Filevine University (FVU), providing initial product certifications. Filevine also served as a proud sponsor of additional well-respected legal gatherings, including Legalweek, ABA Techshow, NTL, AAJ, and CLM and anticipates another robust event lineup in Q2.
Furthering its success in Q1, Filevine celebrated strong user adoption of Periscope, Filevine's data visualization tool, and Filevine Document Assembly which launched in Q4-2022. Together, users receive a clear display of their team's productivity and workflow and benefit from faster, more customized document generation, assembly, and automation.
As our platform grows, we are thrilled to see that our existing users are adopting our new features openly," said Filevine's VP of Go to Market Strategy and Enablement, Keegan Chapman. User feedback and usage data from our recent Customer Benchmark Report further confirm that our tech stack is enabling legal teams to accelerate their business success."
With integrated, purpose-built systems for case management, contract management, document management, timekeeping and more, Filevine is continuing to help legal teams minimize busywork, maximize billable hours and achieve excellence in every engagement.
Filevine is changing the way legal work gets done for law practitioners and their clients. As the leading legal work platform, Filevine is dedicated to empowering organizations with tools to simplify and elevate complex, high-stakes legal work. Powering everything from document management and client communication to contract lifecycle management and business analytics, over 25,000 legal professionals use Filevine daily to deliver excellence in every contract, deadline, and result. Filevine is recognized on the 2022 Deloitte Technology Fast 500 and Utah Business Fast 50 lists, is a 2022 Top Workplace USA winner, and is among the fastest-growing companies on the Inc. 5000 list.