JordanFurlong + startup   12

The UK's Top Legal Tech Incubators: A Firm-By-Firm Guide | Legaltech News
It’s no secret that law firms are pushing to build their tech-friendly credentials, most notably through ‘incubator’ programs, which offer a variety of perks to start-ups to help them grow their company.

This year alone has seen Slaughter and May, Clifford Chance and Ashurst all launch new initiatives. Even Barclays and PwC have taken interest with their own legal-tech focused programs.
The benefit for law firms is that they get in at the ground level with high-growth (and potentially high fee-generating) clients, or they can boost their own practices by bringing their technology in-house.

But you would be forgiven for losing track of which firm has done what. Here, Legal Week rounds up the main incubator-style programs run by U.K. Top 50 firms.

Allen & Overy

Fuse, Allen & Overy, London
A&O’s Fuse is an in-residence innovation program run from the firm’s London headquarters.

Participating companies receive day-to-day access to the firm’s lawyers and clients in order to develop their products. A&O looks to work with companies at various stages of development, who focus on legal or regulatory technology.
incubator  startup  innovation  it 
june 2019 by JordanFurlong
How and Why a Cynic of “DIY” Law Built a DIY Divorce Platform
With that information in hand, I next had to map out the user experience, which may seem elementary to developers and UX people but it was all new to me. I had to think about every aspect of what happens in the divorce process — not just the forms and procedural steps but the whole process from start to finish. When someone says they want a divorce, it requires not only thinking about living situations, custody of children, and finances but also managing the fear, anger, pain, and sadness that go along with those big life changes. It was crucial to account for the emotional aspects of the process in the user experience.
newlaw  family  access  innovation  startup 
may 2019 by JordanFurlong
A&O opening Fuse tech lab for third round as it partners on AI project
Allen & Overy (A&O) will open its technology incubator space Fuse to a third group of companies from early next year, as it partners with a University of Oxford AI project.

The firm announced today (December 13) that applications to enter Fuse will be welcomed from companies until 25 January. A selection pitch to the firm will follow in February before successful applicants move into the space shortly after. Both early stage and mature companies can apply, joining Fuse for about six months.

Shruti Ajitsaria, head of Fuse, commented: ‘Fuse acts as a radar enabling us to understand what is out there in terms of technology-driven solutions to the challenges that our lawyers and clients face every day. Selecting a new cohort will enable us to continue to be a destination and a collaborative partner for best-in-class tech companies with whom we find synergies.’
incubator  startup  innovation 
january 2019 by JordanFurlong
UnitedLex, Big Deals in Hand, Sells Majority Stake to European Buyout Firm | Legaltech News
“UnitedLex has a multi-billion-dollar opportunity ahead of it, with legal services being one the few remaining verticals that is early in the penetration curve of technology, consulting, and solution delivery,” said a statement from Siddharth Patel, a Singapore-based CVC senior managing director for telecommunications, media and technology. “UnitedLex continues to innovate with game-changing engagements with the world’s leading companies. Now is the perfect time for us to provide significant capital to enhance its growth and scale, the beginnings of which we’ve already seen in its impressive financial performance, customer wins, and pipeline of opportunities.”
startup  financing  offshoring 
september 2018 by JordanFurlong
The Law Firm Disrupted: Outside Ownership of a Law Firm Alert! | Law.com
Silicon Valley startup Atrium Legal Technology Services Inc. receiving $65 million in funding from some big-name investors. Plink asked what I thought about Atrium, and I had to be honest: I’d been on vacation most of last week and since returning had been too tied up with other deadlines to look at the news.

So here is the news if you’ve not read about it already: Atrium, in the span of about a year, has provided flat-fee legal advice to 250 startups that collectively have raised more than $500 million. It has hired about 115 people. The company is half law firm, half software developer; the software developed being used by the law firm to automate simple tasks. Got it? O.K.

The $65 million investment is exciting. For a number of reasons. For one, it’s about $30 million shy of the annual gross revenue of the No. 200 firm on The American Lawyer’s annual Second Hundred list.

But most germane to Big Law, in my mind, is that it’s another way to get outside money into a law firm, which I’ve been writing about a lot lately. I continue to believe outside investors are one of the most effective ways to overcome barriers to innovation inherent in the partnership model. Mostly because they allow law firms to think long term.

After reading about Atrium, I find myself asking: Why can’t other law firms do this?
clementi  innovation  startup 
september 2018 by JordanFurlong
MDR LAB Start-Up Incubator: What The Lawyers Really Thought – Artificial Lawyer
I wasn’t originally signed up to help with MDR LAB, but I became involved because a number of us were asked to give views on the utility of software that one of the start-ups had developed. I instantly hit it off with the crew at Ping – I found them to be incredibly smart, forward-thinking and spirited people. I saw in them that technology can be used to make us better lawyers in every respect – in other words, I realised that being tech-savvy is not a goal unto its self. I also appreciated the opportunity to bounce around ideas with people who, with an abundance of entrepreneurial flair, are on the crest of a wave in the development of their business. They are filled with energy and creative flow. Even though Mishcon de Reya is known to be a particularly creative and dynamic firm, the buzz from the Lab’s start-ups was something quite special and out of the ordinary.
startup  incubator  innovation  r&d 
february 2018 by JordanFurlong
The Rise of Legal Tech Incubators and Why Allen & Overy's 'Fuse' Has the Right Stuff
The firm was strategic in the selection process, concentrating on tech companies whose focus is on three principal firm practice areas ripe for  digitization: (1) ‘legal tech’ -technology that supports legal advice; (2) ‘reg. tech’ -IT to support regulatory compliance; and (3) ‘deal tech’-IT that streamlines deal making. Pairing of competencies and focus between the incubator host and participants is key.

Fuse has all the necessary ingredients to succeed: (1) well-defined focus on solutions that will drive consumer impact; (2) aligned practice and tech expertise that can be leveraged reciprocally;  (3) consumer buy-in and participation; (4)  dedicated space; and (5) a collaborative environment  that promotes an ‘everyone wins’ culture.

A&O recently issued a press release that its international banking group is deploying a new intelligent deal platform technology from Legatics, one of the initial companies selected to participate in Fuse. Little wonder A&O is already soliciting applications for its second group of incubated companies. Fuse has created an environment and culture where, by aligning the focus and interest of all stakeholders, everyone wins. Legatics has an anchor client—A&O-- and entrée to the marketplace; A&O has a technological tool that complements its practice expertise, makes it more efficient, and enhances client ‘stickiness,’ and clients have more effective legal delivery as well as internal access to the platform. The takeaway is that stakeholder alignment and collaboration are keys to building successful incubators. The same can be said of the legal delivery process.
incubator  startup  innovation 
february 2018 by JordanFurlong
Allen & Overy Adopts Fuse Incubator Start-up Legatics – Artificial Lawyer
further proof that legal tech incubators really do provide benefits for the law firms and the start-ups involved, global law firm Allen & Overy has just announced that its banking practice has adopted deal management platform, Legatics.

Legatics was a member of A&O’s first group of legal tech start-ups in its London-based incubator, known as Fuse (pictured above). The start-up provides automated Conditions Precedent, deal bible creation and issue tracking processes, which the firm expects will help it and its clients to save time and cost, and enable the firm’s core banking team to spend their time on higher value, strategic legal work.

The system also gives all transaction parties, including A&O banking clients, live visibility as to the progress of legal processes on their matter.

Founded by a former lawyer, Anthony Seale, Legatics is part of the first cohort of tech companies to work in Fuse, an innovation space where tech companies collaborate with Allen & Overy and its clients to explore, develop and test tech-enabled solutions.
incubator  startup 
february 2018 by JordanFurlong
In-house analysis: Fresh starts - Legal Business, Catherine Wycherley
Look out law schools, there is a disrupter in town. Naturally, that town is Silicon Valley, the home of innovation. And the innovator in question is University of California Berkeley, which includes a leading US law school, renowned for its prowess in technology and IP.

It might seem natural that Berkeley Law’s proximity to the Bay Area tech hub would lead to an inventive approach to legal education. This idea certainly drew Hannah Porter, a former entrepreneur, to enrol at Berkeley Law in 2015.
schools  innovation  startup 
december 2017 by JordanFurlong
Start-Up PartnerVine + PwC to Sell Automated Legal Contracts – Artificial Lawyer
Legal tech start-up PartnerVine has launched an automated legal contract market for corporates, in conjunction with Big Four firm, PwC.

The Swiss venture is the brainchild of Jordan Urstadt, who previously worked as a general counsel and earlier in his career as an associate at White & Case.

The core offering is a marketplace of automated contractual documents covering a wide range of needs a company may have. The first major seller in the marketplace is the Swiss division of PwC, which has created a range of contracts for sale based on the Exari automation platform.

It is expected that lawyers from other firms will also place automated contracts on the market place in the coming months. The automated contract templates appear to be very reasonably priced, with an automated employment agreement for CHF 219 ($223) and an automated NDA for use during M&A priced at CHF 99 ($100).

Urstadt told Artificial Lawyer that he believed this was the best way for legal tech to ‘add value’ to the work of inhouse legal teams, i.e. to make the completion of standard contracts, faster, cheaper and more efficient.
startup  robo  accountants  it  competition 
november 2017 by JordanFurlong
ACEDS | Top VC Firm Invests in Everlaw: A Sign of Things to Come?
Everlaw announced today that it is closing a Series A funding round led by Silicon Valley venture capital firm Andreessen Horowitz. The $8 million investment will help Everlaw build out its own services, but may also be a sign of renewed investment in the legal services industry.

Legal technology companies have taken many paths to profitability. Sadly, most never make it. However, as venture capitalists look for investment opportunities and legal services companies seek to stand out in a crowded market, look for more such investments in the coming year.

The most popular path in the industry has long been bootstrapping, or financing growth through revenues. Legal technology companies are often able to grow this way because unlike software companies that rely on advertising or subscription revenues, legal vendors often have real income from law firm clients.
it  startup 
january 2016 by JordanFurlong

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