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A street sign for Wall Street is seen outside the New York Stock Exchange (NYSE). REUTERS/Andrew Kelly
(Reuters) – Reynen Court, which bills itself as an “app store” for companies and law firms seeking legal technology solutions, announced Friday that it is now working with the legal departments of 20 major banks and corporations.
Reynen Court says its platform lets legal departments and law firms adopt and manage the services of a curated collection of legal tech vendors, helping them take advantage of accelerating technologies such as artificial intelligence safely and efficiently.
The company, which already counted major law firms among its backers, said it’s now collaborating with financial institutions such as Barclays, Morgan Stanley and UBS, as well as computing and software giants Cisco and Intel.
Reynen Court didn’t immediately provide the full list of 20 legal departments referenced in its announcement. The company was formed in 2017 and formally launched last year.
Latham & Watkins, Clifford Chance and Orrick, Herrington & Sutcliffe have all invested in the company, which raised $4.5 million during a second funding round late last year.
The law firm and legal department consortiums will meet periodically “to advance the development of standards designed to speed the legal industry’s adoption of Artificial Intelligence, Smart Contracts and other new technologies,” Reynen Court said Friday.
“Since the legal services market is triangular – defined by law firms, legal departments and the vendors of technology – it has always been our plan and ambition to bring into collaboration the in-house legal departments,” said Andrew Klein, the company’s founder and CEO, in a statement.
Reynen Court now has over 140 third-party vendors working with its platform, it said.
“Reducing the time and cost involved in sourcing, testing and safely deploying new cloud-based solutions is an important objective for our internal legal teams and for firms providing services to us,” said Max Iori, Morgan Stanley’s managing director and global head of technology and data law, in a statement.
In May, Reynen Court added Sarah Glassmeyer, former counsel at the American Bar Association and project specialist manager in the ABA’s innovation center, as its legal tech curator. The company this year also announced a full-service offering with lower up-front costs and flexible pricing, allowing customers to step away from self-managing their use of the platform.
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