法律技术行业报告——2024年4月

2024 Jim Stone-Managing Director ATLANTAAUSTINLOS ANGELESMINNEAPOLISNASHVILLENEW YORKSEATTLE Disclaimer This presentation is being furnished by Cascadia Capital, LLC (“Cascadia”) to the recipient and is intended as an outline ofmatters for informational and discussion purposes only. Theinformation contained in this presentation, including any market data and industry information, has been derived entirely from material supplied by public sources, which Cascadia believesto be accurate; however, no independent verification of such material has been made and any estimates made by Cascadia basedonmaterial from such sources are by their natureinherently inexact. Accordingly, Cascadia does not make any representation or warranty, nor is any such representation or warranty implied, as to the accuracy or completeness of theinformation contained herein, and Cascadia is not responsible for any misstatements or omissions in this presentation. Cascadiahas no obligation to update the information containedherein. This presentation may include certain statements, estimates and projections with respect to a company, or industry, includingcertain forward-looking statements. Any such statements,estimates and projections reflect various assumptions, which may or may not prove to be accurate or correct, concerning anticipated results and are subject to significant business,economic and competitive uncertainties and contingencies, all of which are beyond the control of Cascadia. Accordingly, therecan be no assurance that such statements, estimates andprojections will be realized. Such statements, estimates and projections are likely to vary from actual results and those variations may be material. No such statements, estimates orprojections constitute a guarantee, promise, forecast or prediction of the future and Cascadia does not represent or warrantthat any estimates or projections will be achieved. Cascadianeither: (i) accepts responsibility for or makes representations as to the accuracy or completeness of any forward-looking statements, estimates or projections contained in thispresentation, nor (ii) undertakes any obligation to update or revise any forward-looking statements, estimates or projections for any reason after the date of this presentation. All financialdata in this presentation is provided for informational and discussion purposes only. Past performance is not necessarily indicative, or a guarantee, of future results. There can be no assurance that any Cascadia project will achieve comparable results as those presentedherein. The information contained in this presentation is strictly confidential and may not be reproduced, distributed, disclosed ordisseminated, in whole or in part, to any third party without theprior written consent of Cascadia. Cascadia Capital Overview •Cascadia Capital is a leading independent investment bank focused on growth businesses Table of Contents –25 Managing Directors focused on specific sectors and subsectors, including Technology(Legal/Compliance Tech, Fintech, Applications Software, Cyber and Infrastructure, Mobility, VideoTechnology), Strong Sponsor Coverage and Capital Markets Teams–Over 500 transactions closed since firm inception, especially strong in transactions valued between$50 and $500M in enterprise value–7 US offices, Industry and PE conferences, leading private company sector reports Industry Insights andLandscape Overview Legal/Compliance Tech Coverage Overview M&A and PublicMarket Update •Jim Stone leads Cascadia’s sector coverage–JD Columbia Law School, LLM Degree NYU, LLM DegreeNational University of Singapore, MBA University of Texas–25+ years investment banking experience•The LegalTech sector has been riding an investment wave since Covid as LegalTech users (law firms, inhouse counsel, transaction service providers) reacted to Covid by dramatically increasing their techspend as a viable way to operate and increase productivity during the lockdowns. Since then, theinvestment in tech to remain at the leading edge for clients has increased investment in the sector alongwith consolidation in more mature sectors including eDiscovery and Case Management•Compliance Tech continues to respond to increasing international regulation, transaction and reportingrequirements, privacy-cloud infrastructure-cyber security issues Cascadia IndustryTeam Overview Cascadia Firm Overview Appendix Mark McCleanAnalystLegalTech Jim StoneManaging DirectorLegalTech John FoxVice PresidentLegalTech Section 1 Industry Insights &Landscape Overview MacroeconomicIndicators Although inflation has eased slightly from its peak in 2022, the costs associated withLegalTech products continue to climb, adding strain to law firms' technology budgets With the expected growth in global IT spending, greater financial resources are expectedto be allocated to technology investments tailored specifically for the legal industry This presents a favorable outlook for the LegalTech indu