Reynen Court docket lures Wall Street financial institutions, other folks to legal tech consortium

(Reuters) – Reynen Courtroom, which expenses itself as an “app shop” for businesses and legislation firms in search of lawful technology answers, announced Friday that it is now operating with the authorized departments of 20 important banking companies and firms.

Reynen Court docket states its system allows lawful departments and regulation corporations adopt and deal with the companies of a curated collection of authorized tech sellers, supporting them acquire benefit of accelerating technologies this kind of as artificial intelligence safely and competently.

The organization, which now counted key law corporations among its backers, stated it’s now collaborating with financial establishments this kind of as Barclays, Morgan Stanley and UBS, as well as computing and application giants Cisco and Intel.

Reynen Court docket didn’t straight away offer the entire listing of 20 legal departments referenced in its announcement. The organization was shaped in 2017 and formally introduced past calendar year.

Latham & Watkins, Clifford Chance and Orrick, Herrington & Sutcliffe have all invested in the corporation, which raised $4.5 million in the course of a second funding spherical late past year.

The regulation organization and lawful office consortiums will fulfill periodically “to progress the growth of criteria built to velocity the lawful industry’s adoption of Artificial Intelligence, Sensible Contracts and other new technologies,” Reynen Courtroom claimed Friday.

“Since the lawful providers sector is triangular – defined by law companies, lawful departments and the distributors of know-how – it has often been our approach and ambition to provide into collaboration the in-house authorized departments,” explained Andrew Klein, the company’s founder and CEO, in a assertion.

Reynen Courtroom now has around 140 3rd-occasion suppliers working with its system, it said.

“Reducing the time and expense included in sourcing, testing and securely deploying new cloud-based mostly answers is an important objective for our interior authorized groups and for corporations offering products and services to us,” reported Max Iori, Morgan Stanley’s handling director and worldwide head of technologies and information legislation, in a statement.

In May possibly, Reynen Court docket extra Sarah Glassmeyer, former counsel at the American Bar Affiliation and task expert manager in the ABA’s innovation heart, as its legal tech curator. The business this yr also introduced a whole-provider giving with lower up-entrance fees and adaptable pricing, allowing for clients to step absent from self-handling their use of the system.

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