Role: 1147
Apply 'HERE' to complete application form
A Non-Executive Technology Director is required for our client in the legal sector, Mi Terms Limited, based in Hove, Sussex.
The business concept is a marketplace for legal services offering SMEs fixed and upfront fees from vetted lawyers.
The company is looking to strengthen their current Board with the appointment of up to five Non-Executive Directors to contribute to the growth of the company.
The Non-Executive Directors will be encouraged to become a shareholder in the company to align the incoming Non-Executives interest with that of the existing Directors who are or plan to become shareholders.
Business Concept:
- Mi Terms Ltd is a digital marketplace for SMEs to make the process of finding and hiring a legal professional easy and straightforward.
- Services are pre-packaged and offered at a fixed-fee basis; from employment contract reviews to commercial property lease reviews, intellectual property audits or advice on late payments.
- The platform offers a choice of independent legal providers who choose what to offer and for how much, presenting the package in advance.
Market & Opportunity:
- SMEs do not instruct lawyers when they should, and lawyers lose out on £3bn of potential fees.
- SMEs are currently only instructing solicitors for 10% of a potential 12 million SME legal matters annually.
- SMEs are unsure of pricing; they do not know what the full fee might be and they are unsure of what the full list of services the lawyer is able to provide.
- Lawyers avoid reaching out to SMEs.
Investment Plan:
- Mi Terms are currently in the process of raising £375k in a friends and family round as a steppingstone to a seed round.
- Q1 2020 – Founders have self-funded the first year.
- Q2 2021 - £375k will enable the business to build production; performance marketing to onboard 150 lawyers and serve 200 customers and pay for for 3 full time staff and 2 consultants (for 12 months).
- Q2 2022 – Seed round of £1.5m+ with an indicative target pre-money valuation of £3m.
Non-Exec Director Role/Requirements/Expertise:
- CTO/CPO or equivalent Executive Director experience in a growth company (plc not necessary) ideally in the B2B marketplace sector.
- Experience of an early stage/start-up business.
- A cross-functional understanding of design, product management, engineering, and operations.
- Suggested initial investment of £25k minimum.
- Sufficient time to prepare well and attend Board meetings.
- It is expected that the role will require approximately 2 days per month – more in the early stages.
- The Non-Executive will be encouraged to become a shareholder in the company to align the incoming Non-Exec’s interest with that of the existing Directors who are all shareholders. The company is registered for the EIS scheme which provides 30% tax relief and up to 100% capital gains relief subject to status.
Closing date for applications: Friday, 16th July 2021
