Reynen Court, a legal technology platform backed by 20 major international law firms, revealed that it is now working with the legal departments of 20 major banks and corporations to achieve its goal of accelerating the adoption of legal technologies. cutting edge in the legal sector.
Half of the Amsterdam-based firm’s new hires are among the world’s largest banks, including Barclays, BNP Paribas, Morgan Stanley and UBS. The rest of the group includes tech giants like Intel and Cisco Systems, as well as several limited companies working in telecommunications, travel, media and manufacturing, among others.
The new additions to the group will follow the stated goal of the original collaborators and work together to advance the development of standards designed to accelerate the legal industry’s adoption of artificial intelligence, smart contracts and other news. technologies, the company said.
Reynen Court, which describes itself as an âapp storeâ for legal technology, was founded in 2018 by former Cravath Swaine & Moore securities lawyer Andrew Klein. It was officially launched last year with the support of 19 major law firms, including Latham & Watkins and Clifford Chance, both of whom are co-chairs of the firm’s consortium of law firms.
Klein said, âWe are motivated by the opportunity to set clear standards for the legal technology industry. Since the legal services market is triangular – defined by law firms, legal departments and technology providers – our plan and ambition has always been to have the internal legal department work together.
The company said that more than 140 third-party application providers are currently present on Reynen Court or are working to make their products available on the platform. He raised $ 4.5 million in a second round of funding last year and has received investments from Latham, Clifford Chance, as well as Orrick Herrington & Sutcliffe.
Max Iori, Managing Director and Global Head of Technology and Data Law at Morgan Stanley, said: âReduce the time and costs associated with securely sourcing, testing and deploying new solutions based on the cloud is an important goal for our internal legal teams and for companies. provide services to us.
Earlier this year, Reynen Court launched a new version of its app store platform that aims to make it easier for law firms and internal teams to access and manage third-party software applications without stressing their own IT infrastructure.
A recent study by the Said Business School at the University of Oxford on behalf of the Solicitors Regulatory Authority in the UK found that just over a third of companies said they are currently using advanced systems, such as automated documents, interactive websites and artificial intelligence.
Almost all of the companies surveyed said they believe the technology-driven changes in the areas of processing work and client interaction will stay in place as the legal industry slowly moves to the post-world world. Covid.