US law firm Orrick has today announced a new startup venture fund from which it will make investments in promising legal tech companies globally.
The firm intends to create a strategic relationship with each portfolio company, they said, with Orrick typically acting as a beta customer, while making an investment in the range of $250,000. Orrick expects to be investing alongside well-known lead financial investors.
Don Keller, partner in Orrick’s Technology Companies Group and leader of the firm’s Technology Sector practices, said: ‘We are extremely excited about the potential of this program to help legal tech companies understand how lawyers and our clients use their products. And of course, we’re excited about the opportunity to bring to our firm and clients next generation technologies.’
Orrick Chairman Mitch Zuklie, said: ‘This is a new element of our portfolio approach to innovation. We believe these strategic relationships with tech companies will offer advanced solutions to our clients, while accelerating the pace at which we adapt to innovation.’
The firm’s innovation portfolio also includes Orrick Labs, a skunkworks-style operation that is developing new technologies not available in the market; Orrick Analytics; and many programmes to engage the firm’s lawyers and staff in innovation, ranging from hackathons to incentives, the US law firm explained.
Companies interested in being considered for the programme are encouraged by the firm to reach out to Orrick’s Chief Innovation Officer Wendy Curtis.