A ground-breaking platform offers small business buyers “completely automated legal service,” costing as little as £2,000.
- James Howell highlights this UK-first platform as an alternative to traditional solicitors.
- The service streamlines business sales using AI, negating the need for costly traditional legal services.
- Soft launch in progress with formal public introduction planned before Christmas.
- Platform caters to business buyers, brokers, and finance specialists, not sellers.
In a significant development for small business acquisitions, a law firm has unveiled a pioneering platform that promises to deliver a completely automated legal service to buyers. This service is notably cost-effective, with prices starting from £2,000, marking a considerable shift from conventional legal fees. This innovation aims to democratise access to legal services for small business transactions in the UK.
James Howell, managing director of miqo and Bristol-based Rubric Law, emphasises the platform’s distinction as the first of its kind within the UK. The service eliminates listing fees for sellers, presenting a cost-effective alternative to traditional solicitors. Howell notes that business sale processes generally remain consistent, whether dealing with enterprises valued at £500,000 or £15 million, necessitating a similar range of documentation.
Small businesses often face challenges in attracting buyers due to prohibitive legal costs, Howell explains. The platform addresses this by offering a streamlined and economical alternative. Currently in a ‘soft launch’ phase, the official unveiling is scheduled for completion by Christmas. Its initial focus targets businesses with valuations up to £1 million, with plans for future expansion to accommodate higher-value deals.
The platform, designed over two years, seeks to refine the acquisition process through automation and artificial intelligence. Its array of complimentary features includes business valuations, verified listings, non-disclosure agreements, heads of terms, due diligence questionnaires, and data rooms. Notably, there are no transaction fees involved, enhancing its appeal.
Three competitive pricing models are offered: a bespoke share purchase agreement at £2,000; a full agreement with an AI-assisted due diligence report for £3,000; and the comprehensive package at £5,000, which includes ten hours of legal counsel from Rubric Law. Additional costs, such as £500 for shareholders’ agreements, allow clients to tailor the service to their needs.
The platform also features a robust deal management system, facilitating efficient transaction tracking and seller communication. Buyers benefit from a secure data environment for thorough business scrutiny. The service enhances transparency with real-time transaction visibility, and offers networking opportunities through a forum feature.
Howell expresses the broader objective of growing Rubric Law’s capabilities by bringing more legal professionals on board and expanding employment law services. Yet, the primary mission remains to offer an innovative platform that transforms the legal landscape for small business sales, addressing a traditionally underserved market.
This platform stands to redefine small business sales by offering an accessible, automated, and cost-effective legal framework.
