In 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.
The move is further proof that law firm incubators do deliver positive benefits for all involved: law firms, start-ups, and ultimately the clients, which will see the fruits of the tech when it is leveraged by the firm.
Last October A&O made an equity investment in Nivaura, another Fuse member, and a fintech company developing a cloud based service for the issue and administration of financial instruments by small and medium-sized issuers. London-based debt capital markets partner Phil Smith joined the Nivaura board as a non-executive director.
Meanwhile, in a recent piece for Artificial Lawyer, Shruti Ajitsaria, Head of Fuse, set out some of the key benefits of running the incubator to the firm and its first group of tech companies.
And, over on the other side of the City, at Mishcon de Reya, there have also been multiple success stories, with the firm’s MDR LAB incubator programme leading to investments in two start-ups and continued good relationships with the other members of its first cohort from 2017.
David Campbell, a banking partner at A&O, said of the Legatics move: ‘Following a long period of collaboration with Legatics, we are very happy to introduce the system for use throughout the Banking practice worldwide. It’s already getting very positive feedback from clients, saving time for our lawyers and making a significant difference to the way they support clients on deals. This is just one of the tech solutions coming over the horizon to streamline the way we work, and another success story to come out of Fuse.’
Daniel Porus, Head of Business Development at Legatics, added: ‘Being able to work so closely with A&O’s banking lawyers has been invaluable. They have helped us shape the product and we’re really excited that our technology will now form part of their daily practice, increasing efficiency and enhancing their clients’ experience.’
A classic case of a win-win for all involved!
Fuse is currently accepting applications from both early stage and more mature companies to join its second cohort. Applications close on 16 February and a pitch day will take place in March, before successful companies move into the space in April 2018.