Breaking News: Scissero, an AI-enabled NewMod law firm, has acquired Robin AI’s legal services team. Meanwhile, the remaining ‘tech group’ of Robin AI is understood to still be in negotiations with another company. CEO Richard Robinson will help with the team’s transition to Scissero, but will not be joining them. AL will bring you an in-depth analysis tomorrow. For now, here are the key aspects.
The move follows weeks of speculation as to what would happen to Robin AI after it failed to raise a new funding round, triggering lay-offs, existing investor disquiet, and a rush to find a buyer for the business that also has an office in New York, where former Clifford Chance lawyer Robinson is now based.
The deal will see around 75 staff move over to Scissero in the UK, which is a vertically integrated NewMod legal business that works with many top financial services clients including KKR among others, providing AI and human lawyer support. It is officially a regulated law firm in the UK, rather than ‘a legal tech company.’
It started as an AI business back in 2017, but also then merged with FinCap Law, a niche law firm. Both businesses were owned by legal tech entrepreneur and computer scientist Mathias Strasser, who is a former Big Law lawyer as well, and leads the enlarged Scissero.
As part of the deal several of Robin’s remaining leadership team will join the business. It is not known yet where Robinson will go, whether to the other party acquiring the staff of the tech team, or head somewhere else.
More about the NewMod law firm here.
As mentioned, AL will be publishing an in-depth piece tomorrow.
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