LEGAL TECH INVESTMENTS
Clifford Chance and Latham each inject over $2 million into Reynen Court
- Clifford Chance and Latham & Watkins have invested $2 million each into Reynen Court, a legal service automation platform. With the funding round, Paul Greenwood, the CIO at Clifford Chance, and Kenneth Heaps, the CIO at Latham & Watkins, have become the Directors of Reynen Court. [Legal IT Insider, Jan 9]
Onit secures $200 million from K1 Investment Management
- Onit, an enterprise legal and contract management software provider, has secured a $200 million investment from K1 Investment Management, a private equity firm. [Legal IT Insider, Jan 9]
OTHER LEGALTECH UPDATES
Allen & Overy Appoints Former TalkTalk Chief Architect as CTO
- Allen & Overy has hired John O’Donovan, the former Chief Architect at TalkTalk, as its Chief Technology Officer. Prior to TalkTalk, O’Donovan has held senior tech roles at Dow Jones, Financial Times and the BBC. [Legal IT Insider, Jan 8]
LEGALTECH EVENTS AND CONFERENCES
FT Europe Innovative Lawyers 2019 open for submissions
- The Financial Times has announced the launch of the submission process for the 2019 Innovative Lawyers report and awards for Europe. Law firms and in-house legal teams are invited to submit their nominations under five broad sections – legal expertise, the business of law/operations, collaboration, rule of law and access to justice, and innovative individuals. [Financial Times, Jan 4]
Podcast: Technically Legal
- In this podcast, Chad Main, an attorney and founder of Percipient, a tech-enabled legal services provider, talks about legal technology and changes to the legal industry.
Podcast: Making Legal Research Better, with Judicata Founder Itai Gurari
- In this podcast, Itai Gurari, the Co-Founder and CEO at Judicata, a legal research platform, discusses about his thoughts on legal research and AI.
Mind-Alliance is Studying Corporate Legal Department Relationships With Outside Counsel
Mind-Alliance CEO David Kamien is attending CLOC Institute in London on January 21-22 to study the priorities of Legal Departments and their General Counsel, especially when it comes to selecting and building strategic relationships with outside counsel. Feel free to email additional questions to email@example.com:
Selecting Outside Counsel
- What are the best ways for a law firm that wants to work with your company to approach and make a favorable impression on the legal department?
- What sets law firms apart from their competition the most when it comes to RFP responses?
- Do you have an efficient way to evaluate an outside law firm’s track record with similar matters in terms of size, scope and issues and knowledge of the forum, judges, adverse parties, and opposing counsel for litigation matter?
Relationship with Outside Counsel
- How important is it for a law firm to understand your company and the industry, and your company’s risk adjectives and business objectives?
- Do you regularly communicate company business objectives to outside counsel?
- Do you invite outside counsel to meet key employees at the company to better understand how it operates?
- Do you encourage outside counsel to share relevant industry news with the company, including new business leads?
- Do you expect outside counsel to proactively surface emerging issues and legal risks?
- Should outside counsel be pushing innovation and always looking to make things better, or just be listening?
- In what ways do you expect outside counsel to help you create value for the company, apart from providing legal services at a reasonable cost?
- What frustrates you most about outside counsel?
- What are your expectations from outside counsel law firms in terms of:
- Knowledge Management and client extranets
- Advanced eDiscovery capabilities
- Cross-Practice Alignment
- New approaches to AFA, pricing, and billing
- What kinds of educational programs offered by outside counsel offer the greatest value?
- What are the most effective but underutilized ways for the legal department and the business to build a strategic relationship with outside counsel?
Legal Department Strategic Priorities and Operations
- What strategies are you using to increase efficiency and achieve cost reductions?
- What kinds of alternative fee arrangements (AFA) are you using increasingly?
- What new alternative service models are you using or evaluating?
- What are your biggest needs in terms of technology and process support?
- What innovations and strategies are you exploring to achieve cost savings through process efficiency?
- What are your main challenges with regards to Legal project management?
- What are the most important metrics for your department?
- How are you currently using data analytics?