JordanFurlong + startups   49

Why Silicon Valley Loved Uber More Than Everyone Else - The Atlantic
More important, however, VCs liked the service themselves. In 2016, Hayes recalled his first encounter with Uber: “What I saw was a product that I would use all the time, even though I never use black cars. My friends didn’t use black cars, but this was a product they were going to use all the time,” he said. He and his firm would rely on their instinct instead of putting a number on the company’s value the standard way—by looking at the market Uber was targeting and figuring out how much market share it could win.

Even investor and media super-villain Peter Thiel has made fun of Silicon Valley power players’ tendency to invest in what they themselves like. “VCs often have a blind spot for things,” he said in 2014. “They overvalue things they use. They undervalue things they don’t use. Uber is overvalued because investors like riding in Town Cars.” (Thiel, for his part, invested in Uber’s rival, Lyft.)

But plenty of companies have experienced founders and do things VCs like. What set Uber apart—and the reason it generated the Uber-for-X phenomenon—was its marketplace model.

The company used computers to restructure the driving labor market (“corrects some real inefficiencies”). Why have a dispatcher send cabs all over a city when an algorithm could do the same thing—with no labor cost or organizational infrastructure, and probably with better results? The cab companies, with their own complex institutional histories, were suddenly irrelevant. Drivers drove and riders rode—and the only thing necessary to connect them was an app on a phone. The model didn’t just make financial sense to people trained to think in Silicon Valley in the 2000s; it made ideological sense.
strategy  startups 
may 2019 by JordanFurlong
Linklaters Makes 1st Startup Investment in Nivaura’s $20m Funding, A&O + Orrick Also Invest – Artificial Lawyer
Global legal services business, Linklaters, has this morning announced its first ever startup investment in fintech company Nivaura, as part of a $20m funding round that rival Allen & Overy (A&O) also participated in. US firm, Orrick, also invested as part of this new round, the startup’s fifth stage of funding so far.

Nivaura, has been part of A&O’s FUSE legal tech space, and in which A&O also invested last year, is ‘a regulated FinTech company focused on automating the issuance and administration processes for financial instruments’ said the firm. Other investors include The London Stock Exchange Group, Santander InnoVentures and Aegon insurance. 

In short: that’s an incredibly impressive collection of investors that shows just how important many think this company will be, which uses automation and machine learning. It’s also impressive that two serious rivals from London, such as Linklaters and A&O are going to share in the part ownership of this company. Clearly they see it as not just a good investment, but as important to their client base.

So, what’s the fuss about? Here’s what they say about the startup:

‘Founded three years ago, Nivaura’s focus is on the deployment of digital investment banking platforms for banks, exchanges and other financial institutions. These platforms connect and automate fragmented and manual processes involved in the issuance and administration of instruments such as debt, equity and structured notes. This has the potential to significantly reduce time to market and costs.’

And, if we leave out the financial bits, the message is clear: this is about automation and data collection to reduce manual work, i.e. efficiency.

The firm added that the investment will allow Nivaura to expand its leadership, business development and technical teams in order to accelerate growth. In particular, it will ramp up expertise across machine learning and natural language processing, in line with the increasingly complex automation needs of Nivaura’s clients. The company also plans to enter new jurisdictions and to cover new asset classes.

But….why is Linklaters investing now? This is what they say:
startups  firms  innovation 
february 2019 by JordanFurlong
Allen & Overy Expands Consulting Arm, Launches Client News Service | The American Lawyer
A&O global head of research and library services Sarah Fahy said that clients want “the right information coming to them in the right quantity,” but often “don’t have the staff and skills in-house to do their own research on an ongoing basis.”

Dickinson added that A&O has been the “driving force” behind the new product and that the new platform has the potential to turn firms’ library teams, traditionally seen as a cost center within a business, into a “value-add” service.

A&O also announced Friday that it is expanding its regulatory consulting business in Australia. That business launched in London last year.
km  innovation  startups  consulting 
february 2019 by JordanFurlong
Why Are So Many In-House Professionals Joining AI Contract Startups? | Legaltech News
So what’s behind this recent migration to the legal AI startup scene? For many former corporate professionals, it’s all about the desire to have a hand in shaping the future of legal operations and to work in more creative and fast-paced environment.
Lucy Bassli, Microsoft’s former assistant general counsel who became chief legal strategist at LawGeex in February, told Legaltech News that she moved to the AI company to help legal departments turn innovative ideas into reality.

“I hope to be able to inspire a lot of companies who LawGeex plans to engage and is already engaging with to think of holistic solutions and think about the best way to implement the technology within the totality of their resources, both human and technological.”

A desire to take a hands-on role in helping legal departments innovate also pushed Nicole Arbiv, who worked in various legal operations roles at Hewlett-Packard Enterprises for over a decade, to join LawGeex as its onboarding director in April 2018.

“For me, it was really around the notion that legal tech has become the up-and-coming thing that is driving the change of the legal profession, and you really see the true impact we are able to have on the legal profession as a whole,” she said.

To be sure, the AI contract market is a competitive space, and corporate professionals are discerning in joining only the startups they believe will have the biggest impact on the legal industry.
clients  startups  robo 
september 2018 by JordanFurlong
(3) What does the EY Riverview Law deal mean for EY, Riverview, law department customers, Elevate and law firms? | LinkedIn
For those who have asked me what I think this means for law firms, this is just one more step by the Big 4 into the upper-mid segment of the legal services market, playing to their strengths with the CFO, offering an alternative to law firms for work that benefits from streamlined/productized capabilities, e.g. M&A (and post M&A re-orgs and integration); commercial contracting, (rev rec and info sec); and compliance (such as GDPR or whatever is next for GDPR). Initially customers will be mostly outside the US, but even today with implications for US-headquartered companies. The top 50 or so law firms won't be materially affected by this market shift even as it gathers pace over time, but the AmLAw 51-200 will be. The CFO and audit committee have lots of influence on this work, and Legal, whether in-house or firm, is often reactive and often emphasizes individual expertise rather than systems that deliver outcomes. While GC will be unhappy to be nudged by the CFO to use the Big 4 for this kind of legal work, they’re increasingly not going to fall on their sword to oppose it.
outsourcing  competition  startups  innovation  accountants 
august 2018 by JordanFurlong
LegalZoom Announces $500 Million Investment, Among Largest in Legal Tech History | Legaltech News
In one of the largest single legal technology investments to date, on-demand, Web-based legal services company LegalZoom announced this morning that it has received a $500 million secondary investment led by Francisco Partners and GPI Capital. The investment will also include participation from one or more Franklin Templeton Investments funds and funds managed by Neuberger Berman Investment Advisers.

LegalZoom did not release the percentage of the company the new investors were purchasing. However, the investment stands to significantly raise LegalZoom’s valuation from just a few years ago—in 2014, European private equity firm Permira acquired between 47 percent and 50 percent of the company for $200 million, a deal that valued LegalZoom at $425 million at the time. Bloomberg estimates the new valuation at $2 billion.
Through this deal, Permira will remain the company’s largest shareholder. Bryant Stibel retains its entire ownership stake in the company, while Kleiner Perkins and Institutional Venture Partners retain the majority of their ownership stakes. As part of the deal, Dipanjan Deb and Neil Tolaney from Francisco Partners and Khai Ha from GPI Capital will join LegalZoom’s board of directors.
startups  competition  innovation 
august 2018 by JordanFurlong
Updated: Facebook confirms it is to buy Allen & Overy Fuse startup Bloomsbury AI | Legal IT Insider
Facebook is buying Bloomsbury AI – one of the early stage companies currently resident in Allen & Overy’s incubator Fuse – according to a report from TechCrunch that has subsequently been confirmed by Facebook to Legal IT Insider.

Bloomsbury AI uses natural language processing to create virtual assistants that can be taught to read, reason and communicate (AI that Bloomsbury calls ‘Cape’), which Facebook is reportedly going to use as a part of its arsenal to tackle the growing problem of fake news. Cape allows developers to add question & answer functionality to websites and other documents.

Facebook’s press team contacted Legal IT Insider on 3 July to say: “The team behind Bloomsbury AI has agreed to join Facebook in London” and directed us to the following statement on Facebook Academics:
firms  innovation  startups  it 
july 2018 by JordanFurlong
Clifford Chance Looks to Break Out to Break Through With 2 New 'Innovation Units' | The American Lawyer
Clifford Chance’s recent launch of two new “innovation units,” Clifford Chance Applied Solutions and Clifford Chance Create, is an attempt for the firm to eke out the necessary space for experimentation. The Create unit will be charged with helping the firm flesh out its technology ecosystem and partner network, while Applied Solutions is dedicated to helping build and scale out technology systems for clients.

Visser explained that the firm decided to move forward in creating these innovation units after deploying a MiFID II compliance tool co-constructed with Neota Logic, where it saw the potential to scale and monetize the venture.

“We see a fantastic opportunity to monetize experience in tech solutions. We have to make sure we’re acting on those lessons learned,” Visser said of the experience.

To do that, the firm opted to create these two divisions, each headed by Visser, to operate slightly outside of the firm’s traditional leadership structure.

“If you really want to do this successfully, you need to have in your ecosystem people who are really focused on customer satisfaction and product development, all the skills that you would typically expect in a software-based or subscription-based environment, but which are not necessarily present in our normal law firm ecosystem. It’s really a different mindset and a different way of working,” Visser explained.
firms  innovation  startups  it 
july 2018 by JordanFurlong
Blakes Innovation Arm Partners for a Startup of Its Own | Legaltech News
Blakes Nitro, the innovation support arm of Canadian law firm Blake, Cassels & Graydon, last week announced a partnership with Toronto legal tech startup Founded to offer a document generation and management platform for startups. The platform will go live this summer.

Blakes chief officer of practice innovation Carla Swansburg said the partnership was a logical next step for Blakes Nitro “in order to scale that business, and in order to engage in some innovative technology and work in a bit of a sandbox space in terms of document automation and workflow automation.”

The service will provide startup companies and Blakes attorneys a shared digital space to tackle some of the more common corporate legal documents and processes that early stage startups need to work through. Startup groups can quickly generate and store the legal work they need in a shared space, while attorneys can leverage the Founded platform’s automation and workflow management tools to work on those client documents.

The platform will also offer a legal checkup tool that allows attorneys and clients to review existing documents to identify potential improvements or gaps in current legal coverage.

Blakes opted to work with Founded not just because “it’s always nice to support a local Toronto business,” as Swansburg said, but because of the platform’s work with early stage startups and understanding of legal parameters. “They’ve really focused on some of the more substantive knowledge documents. They’ve married that with the process automation and married that with some of the process of the law,” she added.
innovation  it  startups 
may 2018 by JordanFurlong
From Nigeria to Brazil to Canada: Access to Justice Tech on the International Stage | Legaltech News
The Global Legal Hackathon—a legal tech development competition that boasted participants from across five continents and, in the first round, over 40 cities—held its third and final round in New York on April 21.  Of the 14 remaining participants, two team were chosen as winners for the public sector tech category.

But while only two access to justice solutions took the top spots, many more competed in the monthslong event. The scope and diversity of these solutions underscored how such tech is shaping up across the world in response to both local and global problems.

A Florianópolis, Brazil-based team, for instance, developed a solution named Apresente-se that allows local citizens to remotely be present before justice officials when needed. Alexandre Golin Krammes, product adviser at Softplan and a part of the Apresente-se team, noted that being present before a court can oftentimes be an arduous and time consuming endeavor because of his country’s overburdened judicial system.

“Nowadays in Brazil going to the court, they have long lines and the court has to have available employees to check them and say everything is OK,” he said.
startups  access  global 
april 2018 by JordanFurlong
Having left a positive mark on the law, Mark Britton is leaving Avvo - Real Lawyers
But in those eleven years, Britton and Avvo accomplished a heck of a lot.

Martindale-Hubbell, close to a $300 million company, crumbled. I always believed, and told Mark, if Avvo could outlast and out compete Martindale and their misguided strategy as to the net, Avvo would be over the hump and dominate the “legal directory” space. Avvo did, and ironically is now part of the same company, Internet Brands, that acquired the Martindale and brands and assets from LexisNexis.
Lawyer ratings, like it or not, are here to stay. Maybe not the ideal rating system from the perspective of many lawyers, but Avvo’s ratings are something consumers and small business people can understand and feel comfortable with in sharing their rating of a lawyer.
Lawyers across the country were given a search engine optimized professional looking directory presence that was chock full of information. Information lawyers could provide and information that consumers could relate to.
Lawyers across the country got good legal work from their Avvo listing at a cost that paled in comparison to the prices of yellow page ads and websites.
Consumers could ask questions of lawyers coast to coast and they did so in spades.
The ability for a consumer to talk to a lawyer for less than forty bucks — all via a website or smartphone, the likes of which consumers expect today.
Legal services for a flat fee via a network of rated lawyers in your state. Though bar associations may have challenged the program on the grounds that Avvo’s collecting a marketing charge from lawyers amounted to a lawyer’s splitting a fee with a non-lawyer, this type of service is not going away. It’s a service that is going to help bridge the access to legal services divide.
A team of passionate, smart and driven people was assembled in Seattle who believed that there had to be a better way to deliver legal services to average people. That caring lawyers, willing to do work at a fair price could help these folks — so long as there was a way to connect the two. And that technology and data could play a big role in bringing this about. Britton may be leaving, but his dream will live on in many of them, whether they remain at Avvo or not.
avvo  ratings  startups  innovation 
april 2018 by JordanFurlong
"Crossing the Chasm" and the "Hype Cycle", Part I (024)
Moore refers to the early majority (the leading edge of the mainstream) as “pragmatists” because their buying requirements are so practical and stringent.  “When pragmatists buy, they care about the company they are buying from, the quality of the product they are buying, the infrastructure for supporting products and services and systems interfaces, and the reliability of the service are going to get” (p. 43).  When the company’s sales team points to visionaries, the pragmatists are unimpressed, distrusting the visionary’s risk-taking, flaunting of convention, excessive attention given to early stage technology, and the “overall disruptiveness” they impose on others. See p. 58-59.

If a tech start-up is not aware of the chasm, it runs the risk of being lulled into complacency by a few large sales to visionary clients.  But more problematic is the resulting “catch-22.” As Moore notes, “The only suitable reference for an early majority customer … is another member of the early majority” (p. 21).  This is the problem that Crossing the Chasm is trying to solve.

How does a company cross the chasm?

A company transitions from the early market to the mainstream market — i.e., crosses the chasm — by focusing on a niche market where, by sheer dint of preparation and focus, it becomes “the only reasonable buying proposition” (p. 110).  The narrow focus is necessary to conserve limited resources and increase the odds of delivering a whole product solution.  This “big fish, small pond” strategy enables the start-up to “secure a beachhead in a mainstream market — that is, to create a pragmatist customer base that is referenceable” (p. 68).
startups  it  innovation 
september 2017 by JordanFurlong
Allen & Overy launches tech innovation space to develop legal, regulatory and deal-related solutions - Allen & Overy
Early-stage and more mature tech companies can apply to work in a specially-designed area for 60 individuals housed within Allen & Overy’s London offices on the boundary of Shoreditch and the City of London.  Once in residence, companies will have access to the expertise of Allen & Overy lawyers, technologists and clients to co-create practical solutions to some of the challenges faced by companies, financial institutions and law firms today. 
innovation  startups 
april 2017 by JordanFurlong
Startup Struggles: How Individual Investors Allowed a Legal Tech Startup to Bypass VC Woes | Legaltech News
Venture capitalists have not taken to legal tech startups the way the industry thinks they should, but individual investors from the legal community can help fill in the funding gap.
startups  it 
march 2017 by JordanFurlong
LawGeex Raises $7M, Riding Surge of Corporate Interest in AI Contracting | Corporate Counsel
For many corporate legal departments, AI contract review is becoming more of a necessity and less of an operational challenge.
robolawyer  contracts  startups 
march 2017 by JordanFurlong
Summer of 2016: The Hottest on Record for Legal Startups - LegaLCompleX
Last year, I was curious to know how many legal ventures were seeking fame and fortune from the angels. In December, I wanted to know what types of legal operations would deliver us from hell. This June, I still noticed quite a few law firms masquerading but I’m expecting more startups to be aiming for the heavens. So I was pleasantly surprised by the June numbers. More so seeing May and June are historically not known for its highs.
july 2016 by JordanFurlong
Less stressful divorce for the digital age | Gazette | University of Ottawa
Local legal data analytics company Miralaw has launched Thistoo, an application designed to streamline divorce in Ontario so separating couples can focus on the important emotional side of things. The idea behind Thistoo – “your personal divorce assistant” -- is to help people avoid the extra stress and high cost of taking their case to court.

Telfer MBA student John Lachapelle recently started an eight-month internship with the company. His role includes marketing the application to the public, and ensuring it is user-friendly. He writes blog posts that raise awareness of the app and help to simplify the technical aspects. He has also written the script for a promotional video.

“Obviously the world of law is very confusing,” he says, “but we can cut through that with data.”

The app draws on data from 58,000 publicly available court cases to help separating couples understand how their divorce is likely to resolve, and to navigate the legal labyrinth. Clients enter factors such as length of marriage; number and age of any children; and how any assets changed over the course of the relationship. The app then calculates the possible child support and alimony payments, and can help draft a separation agreement.
startups  newlaw  family 
february 2016 by JordanFurlong
Voice of Change
There are many non-traditional legal service providers, other professional organizations, and technology companies focused on succeeding within a defined scope of activity with lawyers engaged and ready to help them build a “better mouse trap.” Similarly, this may be the year even the most ardent skeptic will be compelled to acknowledge the presence and growth of the big consulting firms (a.k.a. the Big Four accounting firms) as major legal service providers in our own back yard. These employers, as well as others are very interested in the total package of skills a lawyer can bring to business growth. Because their structure and DNA differ from the traditional partnership model, they deliver services on a different economic model and recognize that legal service delivery is a three-legged stool that includes legal expertise, business process, and technology. It is also client centric, not partner centric.
newlaw  startups 
february 2016 by JordanFurlong
Focus: Legal incubators help develop, market tools
Last June, LegalX was introduced in the Toronto facility. Solomon worked in education technology before he joined LegalX, and he saw potential for the legal sector.
The LegalX advisory board is rich with experience in technology and law, he says.

It helps to connect people interested in doing new things with those who could help them.

And, Solomon adds, it has also managed to connect entrepreneurs with capital investment. Within the first six months, LegalX startups raised $3 million to help get their businesses off the ground.

“I think we have made huge inroads for capital and early-stage funding,” he says.

Investment fuels everything, says Solomon, and it is especially important in the early stages.

Law firm McCarthy Tétrault LLP also developed a partnership with LegalX to help companies to pilot their technology by working with the firm’s lawyers.

The firm will also work on its legal solutions with LegalX to drive better outcomes for its clients.

Monica Goyal, an electrical engineer who became a lawyer, developed both a technical legal tool, My Legal Briefcase, as well as Aluvion Law, a legal practice that combines technology innovation in legal services delivery for businesses. Speaking from experience, she says entrepreneurs need good guidance to develop their businesses.
innovation  incubator  startups 
february 2016 by JordanFurlong
Tech Will Force Lawyers to Do More for Those Billable Hours | WIRED
Law firms typically compete with one another, which doesn’t encourage collaboration. At the same time, they’re smaller than banks, so they don’t have the same level of resources to make investments in technology. “You occasionally will see something come through that’s new and unique. But, in our experience, a lot of the technology that we use that is cutting edge is homegrown and proprietary,” Hectus says. “It’s to our competitive advantage” to keep it that way.
finances  startups  it  innovation 
february 2016 by JordanFurlong
10 Startups to Watch: CodeX at 2016 LegalTech NY
On the last day, the startups were put through a series of fast-paced demos/talks. During the Shark Tank style session, presenters got the opportunity to “pitch” their products to and receive feedback from a panel of judges that included Ralph Baxter, Advisor, Writer & Speaker on the Legal Profession; Monica Bay, Fellow, CodeX; and Joe Borstein, Global Director, Pangea3, Thomson Reuters Legal
startups  competition  innovation 
february 2016 by JordanFurlong
Startup Watch: 2016 Legaltech & Beyond - CodeX - Stanford Law School
With Legaltech New York 2016 opening Tuesday at the New York Hilton Midtown, it seemed like a good time to poll a broad cross-section of CodeXistas and ask them what startups they are watching in 2016. And it’s also an opportunity to remind everybody that on Thursday (Feb.3) CodeX will be presenting two panels at 10:30 a.m. and 12:15 p.m., moderated by CodeX Executive Director Roland Vogl. Also: The CodeX Pavilion will feature demonstrations and information. We hope to see you there!
startups  it 
february 2016 by JordanFurlong
Women Leaders in the Legal and Startup Worlds Provide Advice for Lawyers | Legaltech News
She noted that one of the challenges she has seen as a lawyer in the tech world has been communicating with engineers and other tech-minded colleagues. She noted that lawyers are used to speaking a certain language, and other team members might have their own languages. Melding the two can be an issue, but the work lies in figuring out how to meet the needs of the team, and how to move forward.
Noha Waibsnaider, Peeled Snacks founder and CEO, spoke on the specific legal needs of a startup and mentioned that one of the key elements she ignored at the beginning of her company’s launch was investing in getting a solid legal team in place. “I made costly mistakes,” she noted. “Since then I have upgraded, and we have a great set of attorneys in our space.” As a company that outsources most everything, she says she has pieced together superb counsel.
women  diversity  startups 
january 2016 by JordanFurlong
"39 Toronto-Based Legaltech Businesses" by Addison Cameron-Huff
I've compiled a list of Toronto-based legaltech startups & established players:
startups  innovation  it  competition 
january 2016 by JordanFurlong
Where Is Investment Climate Heading for Legal Tech Sector | Legaltech News
When asked about investment in legal tech startups, Joshua Kubicki, president of the Legal Transformation Institute, pointed out that generally it takes longer for legal tech startups to find their niche. “The market is still heavily fragmented,” he said.  There tends to be a good amount of angel capital and seed funding available for legal tech startups, he explained.
startups  it 
january 2016 by JordanFurlong
A More Practical Model for Law Schools
The Startup Legal Garage is structured in a unique way. Professors guide students by teaching soft skills and doctrinal classes, and they set up fieldwork projects by matching students and early-stage tech startups with partners at top law firms. The practicing attorney supervises student work on basic legal needs such as employee contracts, privacy policies, and entity formation — and the student is placed at the center of real-world law practice.
startups  schools  innovation  training 
january 2016 by JordanFurlong
Access to Justice Problem Fueled LexisNexis, Lex Machina Deal | Big Law Business
On Friday, the company Lemley founded in 2010 — first as an academic project called Intellectual Property Litigation Clearinghouse, which later turned into the for-profit Lex Machina — was bought by LexisNexis on undisclosed terms.

Lex Machina mines information about lawyers, judges and parties in patent and other intellectual property cases and uses a data analytics platform to provide insights on case strategy.

Lemley explained that earlier this year, the company decided it wants to branch out and provide data analytics in new areas of litigation such as bankruptcy, labor and employment and securities.

In order to do so, the company needed to expand the body of case law in its system, but obtaining all U.S. civil case filings since 2000 would require an enormous capital outlay — at 10 cents per page using Pacer, an internal analysis pegged the cost of such a project at approximately $10 million, he said.
access  data  analytics  startups  publishers 
november 2015 by JordanFurlong
LexisNexis Acquires Legal Analytics Provider Lex Machina | Legaltech News
“This is recognition of the importance of analytics in law…and a validation that analytics are here to stay," Becker said. “The first piece for us is to just get access to documents, and since our analytics are already tuned for legal documents we’re confident that our algorithmic magic can produce some great use cases. After that there’s lots of other really cool and exciting things we can do, including offering analytics via Lexis’ products, but for now we’re focused on expanding practice areas.” 
analytics  data  startups 
november 2015 by JordanFurlong
LegalX Update - November 3rd — Law Made
That model is simple - we need to work with the right partners for LegalX itself to grow. And, to that end, we're really, really happy today to announce a LegalX Innovation Partnership with McCarthy Tétrault. For those unfamiliar with McCarthy Tétrault, they are one of a tiny group of the truly best (as well among the largest) law firms in Canada, with a total of approximately 600 lawyers, half of whom are in the Toronto office, which is a lovely 14-minute walk (editor's note: at my pace, not Jason's - he can get there in 72 seconds) from the secret LegalX lair at beautiful MaRS Discovery District.

We're not going to recap the press release in this piece, as you can certainly read it here, nor are we going to give away all the goodies of what we're going to do and imagine and build with our friends and partners at McCarthys, but it's going to be seriously cool, otherwise, and please rest assured, we wouldn't be doing it.

On a personal note, everything from the ideation of working with McCarthys (which was pretty much "Hey - we like you and you seem to like us. Wanna work together?") to the negotiation, to where we are now in a very active planning phase has been delightful. So thanks for that.
innovation  startups 
november 2015 by JordanFurlong
McCarthy Tétrault - MaRS LegalX and McCarthy Tétrault announce partnership focused on legal innovation - News Detail
he partnership will enable promising companies from MaRS’ LegalX cluster to pilot their technologies by working with McCarthy Tétrault lawyers across Canada. It will also allow McCarthy Tétrault to further develop its innovative and market-leading legal solutions with MaRS in order to deliver better outcomes for its clients. The partnership will further leverage existing initiatives such as MaRS LegalX’s #LegalLean series and entrepreneurship programs.

“We’re delighted to be partnering with MaRS LegalX and their community of innovators to help bring their ideas to life and further refine our own innovative legal solutions,” said Matthew Peters, McCarthy Tétrault’s National Leader, Markets. “Innovation and collaboration are at the core of the way we work, with each other, with our clients and with our alliances, making this partnership a natural fit. This is an exciting opportunity for us to foster and support innovation and continue our commitment to new ideas and seeing things differently.”
innovation  startups 
november 2015 by JordanFurlong
The Global Lawyer | Dentons links up with IBM to push ahead on legal IT research
NextLaw Labs, the Dentons IT research arm, is working with IBM on a joint technology platform which will allow rapid testing and development of new legal apps by specialist start-ups.
Joe Andrew, chair of Dentons, said: 'This is an important moment in our profession. Joining the world’s largest law firm with the world’s leading technology provider is just one of the ways that NextLaw Labs is working to transform the legal industry.' 
R&D  startups  it 
august 2015 by JordanFurlong
Cracking Code — Medium
Crux of my thesis aside, there is actually one critical missing piece. As the traditional law firm practice and billing model has eroded to the point of structural instability, there is a need to crack the code that created this past reality and to re-imagine what a law firm and law practice can be. In North America, for law firms to become at least as “attractive” investments as tech startups, the Legal Class needs to better understand and communicate to the Risk Capital Class how law firms will make money in the future. We should seriously be able to do that by now.
clementi  firms  startups 
may 2015 by JordanFurlong
Four Areas of Legal Ripe for Disruption by Smart Startups | Law Technology Today
Process Automation: Like Bessemer Venture Partners portfolio companies Clio and Anaqua, automation removes tasks that are not core to the law but have taken up an increasing amount of lawyer’s time in recent years. Clio automates the manual processes around billing, calendaring, and task management—lawyers need tools just like other professionals to ensure they can focus on their core work and not be distracted by administrative tasks. Anaqua, an intellectual property asset management tool, automates the manual processes around protecting and managing IP portfolios. In both cases, before using automated products, law firms used jury-rigged Excel and Word, but found hundreds of hours of their time dedicated to troubleshooting. We believe lawyers should focus on what they do best and automate everything else.
clementi  it  startups 
march 2015 by JordanFurlong
Startups Occupy CodeX Pavilion at Legaltech | Legaltech News
For some legal tech entrepreneurs, disruption is just a day at the office—or trade show. At this year’s Legaltech New York, a newly minted Innovation Pavilion sponsored by Stanford University’s think tank for legal informatics, called CodeX, showcased ten startups—each with a unique offering for reshaping the legal industry.
it  startups  competition 
february 2015 by JordanFurlong
First Legal-Tech Startup Launching Today - Biz New Orleans - October 2014
NEW ORLEANS– Today at 6 p.m. Transcendent Legal - the first legal-tech startup in the region - will launch in New Orleans.
october 2014 by JordanFurlong
Venture Capital Investments In Legal Startups Declined
“What we’ve realized is that it’s a blessing in disguise that we were bootstrapped for so long,” says co-founder Jules Miller of legal labor marketplace Hire an Esquire. “The sales cycle for the legal industry is so long – 12 months or more – and investors expect their companies to have more traction in the first 12 to 18 months than we can show.”
august 2014 by JordanFurlong
All rise: The era of legal startups is now in session | VentureBeat | Entrepreneur | by Nicole Bradick, Potomac Law Group
With the large legal industry in turmoil globally, there is considerable opportunity for investors and entrepreneurs who are able to think beyond the marble and mahogany. Nineteenth-century American politician Henry Ward Beecher once said: “Laws and institutions, like clocks, must occasionally be cleaned, wound up, and set to true time.” We are currently seeing such cleansing and resetting on a grand scale in an industry that has remained relatively unchanged for about two centuries.
startups  competition  innovation 
april 2014 by JordanFurlong
After Heenan Blaikie, is it all over for Big Law? - The Globe and Mail
It’s not just that the seventh-largest firm in the country, the 500-lawyers-plus Heenan Blaikie, suddenly imploded in February. Many other firms are quietly shedding staff. McCarthy Tétrault, one of the pillars of Bay Street law, is down from a pre-2008 high of nearly 700 lawyers to 560. Some top-tier firms are finding less expensive offices, or sloughing off a floor or two.
firms  startups  competition  innovation 
march 2014 by JordanFurlong
Foreclosure firm goes statistical to improve speed and quality
Matt Hunoval felt bored to his marrow as a big-firm associate in the nation’s No. 2 banking capital, Charlotte, N.C.—doing due diligence, preparing ancillary documents and performing other drudge work for billion-dollar M&A deals. So despite making more money than he figured a fifth-year associate is worth, he left in 2009 to do what seemed even more perfunctory—handling flat-fee residential foreclosures by himself.
innovation  pricing  startups 
march 2014 by JordanFurlong
Start-Up Launches Platform to Sell Packaged Legal Services | Law Technology News
A legal start-up that grew out of Stanford Law School today unveiled a new platform designed to enable lawyers to offer unbundled legal services over the Internet as standardized, set-priced products, or "packages." The company, LawGives, will also help lawyers create and price custom packages tailored to their own practices.
startups  unbundling 
march 2014 by JordanFurlong
CBA National Magazine - Legal startups: The next big thing?
We’ve been hearing it for some time: The legal industry is ripe for a bout of major disruption. And yet, most traditional law firms still operate in much the same way as they have for decades. Certainly, there are firms innovating on the margins, some more boldly than others. But for the most part, innovation in law has been more of an orderly process than a disruptive one. 
it  startups  competition 
march 2014 by JordanFurlong
Thomson Reuters Westlaw Analytics Could Jumpstart Legal Moneyball | Blue Hill Research
Westlaw Analytics has the potential to be a definitive response to these concerns. However, it is far from the first legal analytics solution. However, other applications have proven to be a bit more niche, addressing specific practices or positions within the legal service chain. For example, a number of enterprise legal management (ELM) and legal billing management solutions, including LexisNexis’s CounselLink and Thomson Reuters’s own Serengeti, offer analytics capabilities related to legal spend management. While both solutions can drive a great deal of insight, they have little value outside of helping general counsel understand who they should be working with, when, and how much they should pay. Smaller, spend management solutions such as Sky Analytics and SimpleLegal are both focused on largely the same problem. At the same time, we’ve seen the emergence of analytics toolsets that address research and practice-specific problems, largely by deploying data discovery and visualization capabilities most often associated with solutions like Tableau to limited, unstructured datasets commonly employed in legal work. The above-mentioned Ravel Law and emerging intellectual property analytics hotshot Lex Machina both fall into this category. Still other vendors have focused on building marketing analytics for law firms. Here, vendors like start-up Jurify, which offers a powerful corporate law research platform as well as Big Law market intelligence capabilities, leap to mind.

In this context, Westlaw Analytics stands out for its breadth of applicability. Rather than speaking to a particular domain or workflow, the solution is pointed at a foundational aspect of all practice. Whatever the practice, legal research represents the “soft belly” of a great deal of legal work. Research is often a source of cost and delay in legal matters. It is also an area where personal idiosyncrasies often reign. As a result, Westlaw Analytics has the potential to cut across a large number of use cases and provide value in a wider range of scenarios than many of the other legal analytics tools that are currently on the market. As such, it might offer the legal industry’s first mainstream entry point to analytics. Don’t discount any of the other solutions named above either. Each one is a strong offering. However, each faces challenges in explaining their value to the wider legal community. Because Westlaw Analytics addresses such a fundamental aspect of legal work, it may not have the same problem.
data  analytics  metrics  startups  research  moneyball 
march 2014 by JordanFurlong
Training New Lawyers to Start Affordable Law Firms - Businessweek
“What surprised me the most was how quickly I was able to be successful—not that I’m rolling in money or anything like that,” Endzel says. Her family law practice has paid the bills since October. She’s got 10 paying clients and a half-dozen pro bono cases she’s still working on, from six months she spent at Chicago Volunteer Legal Services.
startups  innovation  incubator  solo 
january 2014 by JordanFurlong
Why I left a big law firm, but not BigLaw. | Silicon Hills Lawyer
While I’ve devoted the majority of this blog to providing free resources to startup entrepreneurs on startup law and finance, I occasionally take the time to write about the economics of law firms and why entrepreneurs would be wise to understand it at a high-level.  This post will start out with a historical summary of positions I’ve taken on the subject, with links to applicable posts, and then branch into my decision to move my own practice and startup clients to a new type of firm – not BigLaw, but not quite traditional BoutiqueLaw.
firms  startups  innovation 
november 2013 by JordanFurlong
Legal incubator seeks to match young lawyers with clients - Finance News - Crain's Chicago Business
A privately supported legal-industry incubator designed to link underemployed young lawyers with "modest means" clients who don't qualify for free legal services was unveiled today in the West Loop.
solo  startups  innovation 
november 2013 by JordanFurlong
Is Stanford Law the New Vortex of Legal Technology?
Most of these companies are still in very early stages, but together they are the first fruits of a concerted effort at Stanford Law to increase entrepreneurship and nurture new businesses that apply the latest technologies — including machine learning, data analysis, visualization, and advanced search techniques — to make the practice of law more efficient. Stanford's Center for Legal Informatics, aka CodeX, seems to be the vortex of this activity. A joint project of the law school and computer science department, CodeX focuses "on computational law, an innovative approach to legal informatics based on the explicit representation of laws and regulations in computable form," according to its website. Its work "includes theoretical research on representations of legal information, the creation of technology for processing and utilizing information expressed within these representations, and the development of legal structures for ratifying and exploiting such technology," the website states.
it  innovation  startups  schools 
may 2013 by JordanFurlong

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