Access Grosses Over $1 million — .Law Early

Minds + Machines releases Q3 update counting early .Law results.

The .Law top level domain name is off to a solid start, generating $1.18 million of orders during the first week of the Early Access Program combined with .abogado (Spanish for attorney).

Similar to other registry’s Early Access phases, the phase was structured like a dutch auction in which prices started high and dropped over time. This was Minds + Machines’ first foray into Early Access.

To date, there have been over 3,135 applications for .law and .abogado. Actual registration numbers lag applications due to a verification process.

In a Q3 update released today, Minds + Machines stated it continues to identify ways to cut costs from its organization. It cut $940,000 in annualized costs last quarter on top of $1.3 million cut ahead of that. It plans to cut another $700,000 in annualized costs heading into 2016.

The firm also disclosed that it will cancel the shares it has purchased through buybacks so far. It has held the 6.3 million shares in treasury until now.

This post was updated to reflect that the $1.18M is for both .law and .abogado.