Legal tech, law companies bet on collaboration with new partnerships

  • Factor and Priori are both launching new legal technology and legal services networks
  • The collaborations include Kira Systems, LawGeex and QuisLex

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(Reuters) – Alternative legal services provider Factor and legal marketplace platform Priori Legal Inc are partnering with other companies – and with each other – in two separate partnerships announced on Wednesday that aim to offer corporate clients a wider range of services and options.

In the case of Factor, a new collaboration called Factor Connect will initially bring together five legal technology companies and pool their expertise to help meet an “unprecedented” range of challenges facing General Counsel. Factor said the companies would work together to tailor solutions for specific organizations and potentially introduce broader market innovations.

“New law firms like us really do best when we get involved in our ecosystem,” said Ed Sohn, Head of Solutions and Product at Factor.

The five companies participating in the first cohort include the derivatives industry risk management company Acadia Inc; Contract Management Software Provider Agiloft Inc; automated contract review and markup provider BlackBoiler LLC; Contract and document technology company Kira Systems; and prior.

Factor is focused on delivering “complex, large-scale legal work” with contracting, transaction optimization, and other offerings. The launch date on Wednesday is roughly a year and a half after the company was renamed Factor in January 2020 following the spin-off from Axiom in 2019. Sohn, who joined Factor from EY Law about a year ago, said the new program was customer-driven and will start after review by the other vendors.

Companies will be able to integrate their skills and technology to meet customer challenges, Sohn said.

Priori, whose platform uses data and technology to connect internal legal departments to a network of external lawyers, also made its own announcement on Wednesday. The company enables legal departments for the first time to find and hire a range of legal technology and “new legal” companies.

Until now, corporate legal departments have had access to a vetted network of lawyers, ranging from individual lawyers to large law firms. Now the platform will also include Factor, legal services provider QuisLex and AI-powered contractor LawGeex.

Basha Rubin, CEO and co-founder of Priori, said when in-house legal teams seek assistance, they increasingly seek to solve a problem (and don’t necessarily have the solution in mind). While the answer may be a law firm, legal departments are now also considering legal tech or other alternative providers.

Priori’s platform can “create a real marketplace for legal services that is as defined as possible,” said Rubin, adding that the first three companies to join the marketplace won’t be the last.

New York-based Priori, which was founded in 2013, raised $ 6.3 million in October in Series A funding from investors including Orrick, the investment arm of Herrington & Sutcliffe. It touts the use of data to help companies find outside advice on specific needs, thereby promoting time and money savings.

By adding alternative vendors to the platform, companies can transparently compare traditional legal solutions with new vendor models, Rubin said.

“This move is just about adding another level of transparency and optionality to the market,” she said.

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Sara Remember

Sara Merken reports on privacy and data security as well as legal business, including legal innovations and key players in the legal services industry. Reach her at sara.merken@thomsonreuters.com

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