Clifford Likelihood (CC), Linklaters, Freshfields Bruckhaus Deringer and Latham & Watkins are amongst 12 Metropolis and US heavyweights to get behind a startup undertaking to create an App Retailer for authorized tech merchandise.
The initiative responds to challenges confronted by authorized professionals with overkill setting in as unconnected merchandise flood the market, forcing attorneys to add shopper info and paperwork on a brand new platform every time the agency adopts a brand new software.
It sees CC’s chief info officer Paul Greenwood and Latham’s Ken Heaps chair a gaggle which is able to meet month-to-month to advise newly launched startup Reynen Courtroom on the event of a platform the place completely different tech distributors will be capable of promote their merchandise.
The consortium goals at steering the undertaking in the direction of merchandise regulation companies really want, whereas additionally setting frequent requirements for the event of latest instruments. The ambition is to provide companies and distributors a one-stop store for authorized tech, a transfer which if profitable may result in much-needed consolidation within the sector.
The group additionally contains the IT heads of US companies Paul Weiss Rifkind Wharton & Garrison, Covington & Burling, Cravath Swaine & Moore, Gibson Dunn & Crutcher. Orrick Herrington & Sutcliffe, Ropes & Grey, Skadden Arps Slate Meagher & Flom and White & Case.
‘There’s lots of very fascinating new authorized tech instruments popping out each week, however many regulation companies should not getting the complete worth as a result of all of those apps use completely different platforms they usually don’t work together with one another,’ Greenwood advised Authorized Enterprise. ‘It means each time you employ a distinct product it’s important to add shopper paperwork on it. Reynen Courtroom will engineer this in order that distributors will put all their merchandise on a single platform and every regulation agency will be capable of hold its paperwork by itself premises or cloud.’
Based and led by former Cravath, Swaine & Moore affiliate Andrew Klein, Reynen Courtroom employs round a dozen individuals and goals to go reside with a primary group of ten distributors promoting their merchandise on its platform inside 12 months.
The preliminary focus might be on contract evaluation, discovery, compliance and follow administration applied sciences.