INNOVATIONS IN LAW FIRMS
Allen & Overy wins ‘Most Innovative Law Firm’ Award at the Financial Times Innovative Lawyer Awards
- Allen & Overy has been named as the ‘Most Innovative Law Firm in Europe’ for a record sixth time at the Financial Times Innovative Lawyer Awards. Jonathan Brayne, the Founder and Chairman of Fuse – A&O’s tech innovation space, said:
Innovation demands two things: a brilliant idea and then the ability to implement that idea successfully in your organization. My contribution has been to help implement, but that can’t happen without the spark. So the real winners of this award are my friends and colleagues at Allen & Overy who have provided the spark.
- Patrick Mischo, the Senior Partner of the Luxembourg office, said:
Here in Luxembourg, we combine an openness to advanced technology with a “can-do” attitude. We are currently working towards exciting new technological solutions for the Alternative Investment Funds sector. Watch this space! [Allen & Overy, Oct 9]
NEW LEGALTECH PRODUCTS AND PARTNERSHIPS
Scottish Law Firms Urged to Use New LawscotTech Innovation
- The Law Society of Scotland has launched LawscotTech to stimulate legal technology innovation in Scotland for law firms. LawscotTech will provide support from concept to launch. [The National, Oct 10]
OpenLaw to transform legal agreements to blockchain-compatible systems
- OpenLaw has released a new tool to transform legal agreements into blockchain compatible systems. The new tool integrates document automation, digital signatures, and contract management and is expected to lower the cost of legal services globally. [Medium, Oct 8]
- Legatics, an end-to-end deal platform focused on efficiency and client experience, received £500,000 investment from a combination of angel investors and venture partners. The firm is also a member of Allen & Overy’s last two Fuse innovation hub cohorts. Daniel Porus, the Head of Business Development at Legatics, said:
We’re looking at growing the team and increasing our global expansion. There is interest from an array of firms globally and we also want to continue rolling out our new use cases, beyond banking and finance, such as our use cases for M&A and equity capital markets transactions. [Legal Business, Oct 9]
- Thirdfort, the property transaction platform, raised £400,000 in a funding round led by Alex Chesterman, the founder of Zoopla, and Lawyer Checker. The firm was also featured in the second cohort of Mishcon de Reya’s MDR LAB. Thirdfort’s relationship with Mishcon will likely continue, with the company expected to undertake a pilot with the firm before the end of the year. [Legal Business, Oct 9]
INSIGHTS FROM LEGALTECH INNOVATION EXPERTS
- On AI Technology: Over time, AI will be ubiquitous. People are freaked out that machines will replace humans. Lawyers are not going anywhere. They are still going to be needed to assist clients. We might need a different type of lawyer though, who can integrate AI tools skillfully. A lot of this will replace jobs that articling students would have to do. Leave the “paper flipping” to the computer. For small to mid-sized firms, these tools give you the opportunity to increase the resources you can offer clients at a lower cost. It can magnify what you can offer. [Law Times]
OTHER LEGALTECH UPDATES
UK Firms’ Legal Tech Spending Slows as Focus Turns to Implementation
According to the “Investment Trends in Legal Technology” survey of 52 UK-headquartered law firms, conducted by HSBC, U.K. firms’ legal tech spending dropped significantly in 2018.
- While 75 percent planned to invest over 5 percent or more of their firms’ revenue on technology in 2017, only 44 percent said the same in 2018.
- While the majority (54 percent) of law firms focused on buying innovative technology in 2017, only 40 percent of law firms expected to buy innovative technology in 2018.
- While 46 percent of firms bought or replaced “business-as-usual” products with their tech budget in 2017, 60 percent planned to do so in 2018. [LegalTech News, Oct 8]
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