Reynen Court lures Wall Street banks, others to legal tech consortium

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(Reuters) – Reynen Court, calling itself the “app store” for companies and law firms seeking legal technology solutions, announced on Friday that it is now working with the legal departments of 20 major banks and corporations.

Reynen Court says its platform enables legal departments and law firms to take over and manage the services of a curated collection of legal technology providers, helping them use accelerating technologies like artificial intelligence safely and efficiently.

The company, which already had major law firms among its supporters, is now partnering with financial institutions such as Barclays, Morgan Stanley and UBS, as well as the computer and software giants Cisco and Intel.

Reynen Court did not immediately provide the full list of the 20 legal departments referenced in its announcement. The company was founded in 2017 and officially established last year.

Latham & Watkins, Clifford Chance and Orrick, Herrington & Sutcliffe have all invested in the company, which raised $ 4.5 million in a second round of financing late last year.

The law firm’s and legal consortia will meet regularly “to advance standards designed to accelerate the adoption of artificial intelligence, smart contracts and other emerging technologies in the legal industry,” Reynen Court said Friday.

“Because the legal services market is a triangle – defined by law firms, legal departments and technology providers – it has always been our plan and ambition to bring the internal legal departments together,” said Andrew Klein, founder of the company 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 of sourcing, testing, and securely deploying new cloud-based solutions is an important goal for our in-house legal teams and for companies providing services to us,” said Max Iori, Managing Director and Global Head of Technology at Morgan Stanley and Data Law, in a statement.

In May, Reynen Court appointed Sarah Glassmeyer, former American Bar Association attorney and project specialist at ABA’s innovation center, as Legal Tech Curator. The company also announced a full-service offering this year with lower upfront costs and flexible pricing that allows customers to manage the use of the platform themselves.

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Chinekwu Osakwe

Chinekwu Osakwe reports on news from the legal industry with a focus on medium-sized law firms. You can reach them at Chinekwu.osakwe@thomsonreuters.com.

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