Online legal company giant LegalZoom saw a small surge in small business filings during the pandemic and is slated to go public in the coming months.
The company was founded in 2000 by a group of investors which includes litigator Robert Shapiro who launched the company after successfully defending O.J. Simpson on murder charges.
The proceeds from the IPO will be used to expand its marketing to attract new customers and retain existing customers, the company provides tax advisory services for small businesses and helps with wills and estates which became increasingly popular during the pandemic.
The company saw profits grow 33% to $9 million in 2020 from $7 million in 2019. However, LegalZoom still faces tough competition in the market as rivals focus on online legal document services and business formation services.