Role: 1150

Apply 'HERE' to complete application form  

www.miterms.com

A Non-Executive Marketing & Sales 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:

  • Marketing & Sales Executive Director experience in a growth company (plc not necessary) ideally in the B2B marketplace sector.
  • Experience of an early stage/start-up business.
  • Understands digital sales and marketing strategy, planning and implementation; brand strategy and communication.
  • 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

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