A dozen firms back new “one-stop” tech innovation solution
The digital revolution is well and truly underway in every walk of life, but while law firms are all aware of the benefits, not all have committed to the financial and strategic investments required to make the most of the opportunities afforded by technology. That was one of the key take-aways from The Lawyer’s Business […] With a number of products set to launch in the coming year, Allen & Overy (A&O) has set up a markets innovation group to pilot legal technology developed by the firm and discuss possible collaboration initiatives. The five-partner team in London, led by derivatives partner David Wakeling, has been developing two tools that address the possibility of […] As data breaches rise amid new GDPR regulations, Herbert Smith Freehills (HSF) has developed in-house software to help clients react to leaks and counteract potential financial losses. The software, which identifies and analyses the personal data breached in the leaks, was built in-house by the head of the firm’s global cyber security practice Andrew Moir […]Firms warned: “Technological change is eating your lunch”
A&O sets up partner-led tech team to harvest innovation ideas
HSF opts for in-house tech to fight data breaches
Clifford Chance and Latham among 12 firms backing new “one-stop” tech solution
Clifford Chance and Latham & Watkins will chair a consortium aimed at supporting the development of a new start-up that could facilitate innovation across law firms.
The collective surrounding Reynen Court, a start-up founded by Andrew Klein, a former associate at Cravath, Swaine & Moore, includes heavyweights such as Paul Weiss Rifkind Wharton & Garrison, which is involved as vice chair, Linklaters, White & Case, Freshfields Bruckhaus Deringer, Ropes & Gray, Covington & Burling, Cravath Swaine & Moore, Gibson Dunn & Crutcher, Orrick and Skadden Arps Slate Meagher & Flom.
The start-up is working on a services automation platform to assist law firms in effectively deploying complex technological applications. By using common data systems and communication protocols, the company aims to smooth the widespread adoption of artificial intelligence, smart contracts and other technology applications.
“There is a wide variety of new legal tech tools coming out every week, but they share a problem,” Paul Greenwood, CIO at Clifford Chance, told The Lawyer. “All of them are cloud-based and not connected to each other.”
Since these tools are based on a third-party cloud system, lawyers find themselves uploading important documents on storage that they feel is “unsecured”. The start-up wants to create a space that makes the implementation of new software easier through the setting of common standards, resulting in time and money savings.
The second problem faced by lawyers is the fragmented market of new tech providers. “This environment has tremendous potential but you can’t join all these vendors together,” Greenwood added. “You might miss the deadline because you have to opt for more traditional approaches and you don’t have a one-stop solution.”
The platform could offer law firms a single way to handle practices such as contract analysis, discovery, project management and compliance.
“As firms race to adopt new technologies, we wanted to enable them to take advantage of cloud-based computing technologies without the risk of having client content exposed,” said Klein, who recently obtained an initial founding round from Prins H LLC. “Firms will be able to bring their data into a protected environment and not to disparate third parties.”
The newly-formed consortium is not the only innovation-focused association backed by Clifford Chance. Last month, the firm also joined the Accord Project, a community initiative aimed at developing open source technology, smart contracts and blockchain applications.
Strategies for enabling client-centric delivery model
By Roger Wagland Law firms operate within a highly competitive market where the rules of the game have changed. As clients become more informed about process, value, and alternative services, long-term relationships are being challenged. Clients are now setting the agenda, requiring a shift to a client-centric strategy. To thrive in the new client-empowered era, […]
Overview of Health and Safety – September 2018
By Andrew Northage, Stuart Ponting, Robert Starr £900,000 fine reduced on appeal; other sentencing news; government ban on combustible cladding; and more. £900,000 fine reduced to £135,000 on appeal A utilities company has had its £900,000 fine reduced to £135,000 on appeal. Electricity North West Ltd was convicted of contravening regulation 4(1) of the Work […]
Overview of Data Protection – September 2018
By Jeanette Burgess, Andrew Northage Equifax receives maximum fine for security breach; other cyber security news; latest from the ICO; update on ePrivacy Regulation; and more Equifax receives maximum fine for security breach… The UK arm of credit reference agency Equifax has been fined £500,000 by the Information Commissioner’s Office (ICO) for failing to protect […]
Overview of Consumer and Retail Finance – September 2018
By Jeanette Burgess Latest from the FCA, including Tesco Bank cyber attack fine and PSD2 rules and guidance consultation. Other sector news. Financial Conduct Authority (FCA) In a speech delivered at the FCA’s Annual Public Meeting on 11 September 2018, Chief Executive Andrew Bailey spoke, among other things, about operational risks – a new source […]
New Digital Switzerland Strategy by Federal Council
By Jürg Schneider, Hugh Reeves On 6 September 2018 the Federal Council announced (in German, French, Italian and English) that it had adopted a new Digital Switzerland strategy for the next two years. The new strategy replaces the 2016 Digital Switzerland strategy and, like its predecessor, aims to prioritise the government’s efforts in the digital realm. Under […]
The digital revolution is well and truly underway in every walk of life, but while law firms are all aware of the benefits, not all have committed to the financial and strategic investments required to make the most of the opportunities afforded by technology. That was one of the key take-aways from The Lawyer’s Business […] With a number of products set to launch in the coming year, Allen & Overy (A&O) has set up a markets innovation group to pilot legal technology developed by the firm and discuss possible collaboration initiatives. The five-partner team in London, led by derivatives partner David Wakeling, has been developing two tools that address the possibility of […] As data breaches rise amid new GDPR regulations, Herbert Smith Freehills (HSF) has developed in-house software to help clients react to leaks and counteract potential financial losses. The software, which identifies and analyses the personal data breached in the leaks, was built in-house by the head of the firm’s global cyber security practice Andrew Moir […]Firms warned: “Technological change is eating your lunch”
A&O sets up partner-led tech team to harvest innovation ideas
HSF opts for in-house tech to fight data breaches
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