Steno

Company Overview

Steno is a court reporting and litigation services company that combines exceptional court reporting with innovative technology and flexible payment options. Founded in 2018, Steno has quickly grown from 9 employees to a fully remote team of about 200 in 4 years. The company is headquartered in Los Angeles, California.

Steno was founded by a team of tech and legal experts who saw a need to modernize and improve the court reporting and litigation services industry. Their goal was to remove financial and technical hurdles so attorneys could focus on their cases.

Products Overview

Steno offers a comprehensive suite of court reporting and litigation support services, including:

• Court Reporting: Steno provides stenographic court reporters for depositions, trials, arbitrations and other legal proceedings. They offer rough, original, and certified transcripts as well as real-time transcription.

• Remote Depositions: Steno Connect is their signature remote deposition platform that combines video conferencing with seamless exhibit handling and other features designed specifically for remote litigation.

• DelayPay: A deferred payment option that allows law firms to take depositions without paying upfront costs. Payment is deferred until the case settles.

• Legal Technology: Steno develops custom legal tech solutions including a digital firm dashboard, integrations with case management platforms like Clio and Litify, and other tools to streamline litigation workflows.

• Videography: Video services including standard video, text-to-video sync, picture-in-picture, etc.

• Interpreters: Translation services in many languages for capturing witness testimony.

• Conference Rooms: Access to a network of meeting spaces for in-person proceedings.

• Trial Preparation Services: Mock trials, focus groups, and other trial prep support.

The cornerstone of Steno’s offering is combining reliable court reporting with purpose-built litigation technology and flexible financing options like DelayPay. Their goal is to provide a superior end-to-end litigation experience.

Founding Team

While specific names are not provided, Steno was founded by a team that included:

• A trial attorney
• A computer engineer
• An experienced entrepreneur

This combination of legal, technical, and business expertise informed their approach to modernizing court reporting services.

Problem and Market Fit

Steno was founded to address several key problems in the traditional court reporting and litigation services industry:

1. Outdated technology: The industry was relying on antiquated systems that were not optimized for modern litigation needs.

2. Financial barriers: Upfront costs for depositions and other services created cash flow challenges for law firms.

3. Inefficient processes: Many aspects of litigation support were unnecessarily complex and time-consuming.

4. Poor user experience: Existing solutions were often not intuitive or user-friendly for attorneys.

Steno aims to solve these problems by combining reliable court reporting with innovative legal technology and flexible payment options. Their products are designed to streamline workflows, improve collaboration, and make the entire litigation process easier and more efficient for law firms.

Business Model

Steno operates as a court reporting agency and legal technology provider. Their business model includes:

1. Court reporting services: Providing stenographers and transcripts for depositions and other legal proceedings.

2. Technology licensing: Offering their Steno Connect platform and other legal tech solutions to law firms.

3. Deferred payments: The DelayPay option allows Steno to potentially capture higher margins by deferring payment until case settlement.

4. Additional litigation support services: Videography, interpreting, conference rooms, etc.

Steno likely generates revenue through a combination of service fees, technology licensing/subscription fees, and potentially interest or fees associated with the DelayPay program.

Funding and Runway

The raw material does not provide specific information about Steno’s funding rounds or current runway. However, the rapid growth from 9 to 200 employees in 4 years suggests the company has likely raised significant venture capital to fuel its expansion. More research would be needed to confirm details on funding.

Competitive Landscape

Steno competes in the court reporting and litigation support services industry. While specific competitors are not named, the company would likely compete with:

1. Traditional court reporting agencies
2. Other tech-enabled court reporting startups
3. Legal technology companies offering deposition and case management software
4. Videoconferencing platforms used for remote depositions

Steno aims to differentiate itself through its combination of reliable court reporting, purpose-built legal technology, and flexible payment options - offering a more comprehensive and modern solution than many traditional competitors.

Customers

While specific customer names are not provided, Steno serves various types of legal professionals and organizations:

• Plaintiff law firms
• Defense law firms
• Individual attorneys
• Government agencies (e.g. U.S. Department of Justice mentioned in a testimonial)

The company appears to work with both small independent law firms as well as large litigation practices.

Relevant News

No specific dated news items are provided in the raw material. However, some notable developments for the company include:

• Growth from 9 to ~200 employees in 4 years
• Launch of the Steno Connect remote deposition platform
• Integrations with legal practice management software like Clio and Litify
• Achieving SOC 2 Type II and HIPAA compliance for their technology

To get the most up-to-date news on Steno, an investor would want to research recent press releases, funding announcements, product launches, and other company updates.