Global law firm Dentons’ technology development platform, Nextlaw Labs, has announced an investment in machine learning expertise platform, ProFinda. The deal was structured through Nextlaw Labs’ investment fund, Nextlaw Ventures.
ProFinda uses machine learning to build a map of all the skills, knowledge, connections and expertise available across a company or law firm, providing a single view of an organisation’s talent pool.
ProFinda hopes that by doing this it can enable employees through ‘matching’ algorithms to find the right inhouse expertise, create well-fitted teams and match subject matter experts to projects and clients in real time.
The company claims that this will in turn lead to better utilisation and productivity, which perhaps is why the company, although not per se a legal tech start-up, may be of interest to the legal sector and especially a large firm such as Dentons.
Colorado-based, Dan Jansen, CEO of Nextlaw Labs, said: ‘The difficulty of matching the best subject matter expert with clients’ needs is a longstanding pain point in all professional services, but specifically in the legal industry.’
‘ProFinda has developed a solution to this problem that is faster and smarter than any other, and we believe the applications for this technology in a law firm environment are tremendous,’ he added.
However, ProFinda is no newbie. It launched in 2011 and has PwC, KPMG, Slalom and Deloitte among its clients.
Roger Gorman, CEO of ProFinda, added in a statement: ‘Nextlaw Labs’ investment is a massive endorsement of ProFinda’s position in the professional services market.