For many startups and small businesses, legal costs and business admin can be among the biggest drains on time and resources. 

Westpac is looking to help entrepreneurs better manage these pressures via a partnership with Lawpath, an online platform that provides businesses with access to affordable legal services, as well as accounting and compliance technology solutions. 

“Our investment in Lawpath aligns with Westpac’s strategy to partner with companies which offer our customers services to help run their business and make the complex simple,” said Peter Herbert, Acting Chief Executive of Westpac’s Business and Wealth division.

“As part of the partnership, Lawpath can help Westpac customers make starting and running a business easier, including registering an ABN, setting up a website or accessing expert small business legal services,” Herbert said. 

Lawpath, which supports around half a million businesses, has seen increased demand for its services over the past few years, said Lawpath CEO Dominic Woolrych. In particular, there has been strong interest in its artificial intelligence solutions which can simplify the process of setting up and running a business. 

While it’s relatively inexpensive to register a business, that’s just the start of a myriad potential legal and business admin costs that SMEs have to consider. They can range from engaging legal firms to help negotiate financing arrangements and property leases, to navigating industry and government regulations and hiring external accountants. 

Westpac’s investment in Lawpath further expands a range of partner offers available to business customers and banking solutions aimed at making life easier for small businesses. These include the EFTPOS Air app which allows businesses to accept payments anywhere, anytime on a compatible iPhone or Android.