Clio

US-based Clio is a leading provider of legal technology, serving law firms of all sizes in over 130 countries. The company operates in a very large and significantly underpenetrated market, providing legal practice management software for smaller law firms. Its platform supports the entire legal workflow, from client intake and case management to billing, payments, e-filing, and AI-powered productivity. Trusted by over 200,000 legal professionals, Clio enables law firms to operate more efficiently and deliver client-centred services in a digital-first era.    

Our investment

In 2025, Oakley agreed the sale of its portfolio company vLex to Clio at a $1bn valuation. As part of the agreement, Oakley Origin I partially re-invested in the combined business to benefit from future growth. Later that year, Oakley went on to acquire a further minority stake in Clio via its Origin II fund.  

Together, Clio and vLex form a >$5 billion leader in LegalTech, combining their complementary strengths to deliver an integrated AI-enabled platform for lawyers as the industry undergoes rapid digital transformation. 

vLex

Oakley first invested in vLex in September 2022 to support the development of its AI capabilities and accelerate international expansion. Working closely with founders Lluís and Angel Faus, Oakley supported vLex’s entry into the US through the strategic acquisition of Fastcase, which helped double vLex’s revenues. In 2024, vLex launched Vincent-AI, its AI-powered legal workflow platform. vLex's core business has now transformed from a research database business into a powerful software platform, offering AI-driven legal workflows supported by unmatched proprietary datasets. Today, vLex serves the majority of the Am Law 100, a ranking of the largest law firms in America. 

Market dynamics

The global LegalTech market is worth $21 billion and growing as legal information users digitalise their business models further and amid the growing complexity and internationalisation of laws and regulations. The business is well positioned to capitalise on these trends, with the combination of Clio and vLex expanding its addressable market, strengthening its competitive moat, and unlocking further growth potential among medium to large law firms.