Twelve top law firms back new platform to create what amounts to a lawtech app store.
The new platform aims to support law firms using cloud-based computer applications with security and cost consolidations accounted for, bring artificial intelligence and smart contracts to a broader range of firms, and set industry standards for their use.
The platform is the work of Reynen Court, founded by Andrew Klein, a former Cravath, Swaine & Moore associate, and describes itself as ‘a services automation platform designed to assist law firms in deploying heavy computing applications efficiently and securely.’ Reynen Court has drawn on the advice, goodwill and reputation of the firms involved to get the platform off the ground. It will operate as ‘software as a service’ (SAAS) – a model in which software is centrally hosted and licensed on a subscription basis. The twelve firm consortium, co-chaired by Latham & Watkins and Clifford Chance, also comprises vice-chair Paul Weiss Rifkind Wharton & Garrison, Covington,Cravath Swaine & Moore, Freshfields Bruckhaus Deringer, Gibson Dunn, Linklaters, Orrick, Ropes & Gray, Skadden Arps, and, White & Case.
The consortium and platform answers concerns about lawtech, such as law firms ,and their clients, remaining reluctant to put data in the cloud. There are also questions about startups having a lack of adequate governance and infrastructure, and some providers can lack insight into the specific requirements of law forms. In a statement, Reynen Court said the platform ‘aims to facilitate law firms to manage the implementation of software applications while maintaining a secure hosting and storage solution for all firm and client content,’ and ‘by setting common standards for how lawyers interact with applications, as well as how data is managed, the platform intends to help firms save time and money in certifying and deploying new applications. The firm also stated, ‘vendors can also save time and money building applications that can be readily adopted by firms.’