AIFC Lawtech advisory council
Stay updated, stay informed about legal technology news and events with AIFC LawTech Advisory Council's Fortnightly LegalTech Digest

Clifford Chance and Latham & Watkins-backed Reynen Court revamps legaltech platform

Legaltech company Reynen Court has launched a new version of its app store platform that allows law firms and in-house teams to more easily access and manage third-party software applications without stressing their own IT infrastructure.

Reynen Court’s new full-service platform adds to its existing self-managed platform, where users provide their own infrastructure to host the platform and manage all third-party applications in-house. The company – which is backed by law firms including Clifford Chance, Latham & Watkins and Orrick – said the new platform makes it easier for firms and legal departments to source, test and adopt cloud-based legal technology.

Source: The Global Legal Post
This competition is looking for legaltech startups
IE Law School (IE University), the international alliance of Law School's Global League (LSGL) and LexisNexis presented the third edition of IE University's Global Legal Tech Venture Days , an international competition for legaltech startups with a virtual format.
The aim of the contest is to discover new talents and startups in the legal-technological sector and to promote the use of technology in the field of law. It identifies, supports and encourages entrepreneurs in this sector and helps emerging companies to boost their business projects by promoting innovation in the improvement of legal orders and the progress of the rule of law.

Source: Entrepreneur
Photo: Mateus Campos Felipe vía Unsplash
Once a rare sight in Vancouver, yet another unicorn has emerged this year from the West Coast tech scene following a US$110-million capital raise for Clio (Themis Solutions Inc.).

The legaltech firm’s valuation now sits at US$1.6 billion with the close of the Series E round led by T. Rowe Price Associates Inc. (Nasdaq:TROW), with participation from Toronto’s OMERS Growth Equity.

Source: Business in Vancouver
Photo: Rob Kruyt, BIV

Top 10 legal technology trends in 2021

With COVID forcing lawyers to move virtually overnight, these trends show no signs of abating.

Legal technology has been evolving for many years, but the past 12 months have seen exponential growth in adoption. While some lawyers and firms were tech-savvy and innovative pre-COVID, the pandemic forced the rest of the legal profession to innovate by necessity. Firms shuttered their offices, paper documents were out of reach, and the justice system moved to virtual proceedings overnight.

Source: Canadian Lawyer
Impacts of the EU’s AI Act on Legal Tech
The European Commission has proposed a Regulation on a European approach for Artificial Intelligence (AI Act) as well as an updated Coordinated Plan on Artificial Intelligence on 21 April 2021. The Commissions stated intention of this approach is to guarantee the safety and fundamental rights of people and businesses, while strengthening Artificial Intelligence (AI) uptake, investment, and innovation across the European Union (EU). It is a continuation of the Commission’s European Strategy on AI, the High-Level Expert Group on Artificial Intelligence’s Guidelines for Trustworthy AI, and the Commission’s White Paper on AI.  

Source: Technology's Legal Edge
Photo: Showsuite

New dispute rules envisage direct-to-blockchain enforcement of arbitral decisions

A new digital dispute resolution procedure allows businesses around the world entering into cryptoasset transactions or smart contracts to empower arbitrators to directly apply legal remedies to the underlying blockchain in the event of a dispute in relation to those digital assets.

David McIlwaine of Pinsent Masons, the law firm behind Out-Law, who specialises in technology disputes resolution, said the procedure “offers businesses a cost-effective and certain route through which to ensure the outcome of disputes over digital assets is enforced”.

Source: Pinsent Masons
Photo: Getty Images
My Legal Einstein Announces GDPR-Compliant Subscription Service for European Union with Legal AI Capabilities for Many European Languages
My Legal Einstein, the AI-powered Legal Contract Collaboration software provider, today announced a new European GDPR-compliant subscription service, with data and compute services physically located in the European Union. My Legal Einstein now supports multi-language legal contract environments, including English, French, German, Italian, and Spanish.
My Legal Einstein now offers comprehensive Legal AI capabilities across multiple languages, supporting the ability to topically analyze legal contracts and perform side-by-side comparisons of legal topics across contracts, corporate playbooks, and clause libraries.

Source: PR Newswire

“What are the 7 hottest issues facing Legal Professionals?”

There is less certainty than ever what the career path of a person entering the legal profession will look like. The truth is that the legal industry of tomorrow will be significantly different to previous decades. The brightest and best future lawyers and clients see disruption as the norm and will continue to push back when faced with those unwilling to show similar agility.

The report entitled "What are the 7 hottest issues facing Legal Professionals" uncovers some of the most important and challenging topics related to legal innovation in 2021. Please follow the link below to get the report for free.

Source: Legal Festival
8:30 am BST on Thursday 13 May
LEGALTECH Innovation Conference
Join the LEGALTECH Innovation Conference for the latest insights, innovations and trends in legal technology!

The virtual conference will bring together top entrepreneurs, lawyers, investors and legaltech experts, sharing their visions and unique insights on the nature of legal technologies and their relationship with data, IoT, AI, cybersecurity and blockchain as well as ethical considerations of the technological advancement and future projections.

Source: FinTech Circle

Week­days at noon U.S. Central Time (that's 7:00 p.m. CEST)

Bucerius Legal Tech Essentials 2021

In a curated, intense, remote, and free one-month lecture series, discover the future of the legal market. Hear academic lectures and personal stories, ask questions, and gain insight into current advances in Legal Technology, Legal Operations, and Legal Innovation.

During the month of May, Bucerius Law we are going to host inspi­rational presen­tations from some of the world's leading legal tech­nology and opera­tions ex­perts on week­days at noon U.S. Central Time (that's 7:00 p.m. CEST). We promise 60–90 minutes of in­sights and Q&A.

  • Stephanie Corey, UpLevel Ops. Topic: 'Building a Legal Operations Strategy'. Date: 10 May 2021.
  • Eddie Hartman, Simon-Kucher Founder, LegalZoom. Date: 11 May 2021.
  • Aaron Katzel,  SoftBank Group. Panel: Legal Operations. Date: 13 May 2021.
  • Gloria Sanchez Soriano, Banco Santander. Panel: Legal Operations. Date: 13 May 2021. 

Source: Bucerius Law School

Disclaimer: The Fortnightly LegalTech Digest contains links to other Internet websites and information provided by persons not affiliated with the AIFC LawTech Advisory Council. Such links are not endorsements or referrals of any products, services or information contained in such websites, and no information in any such website has been endorsed or approved hereby. No claims, promises, or guarantees about the completeness, accuracy, currency, content or quality of information contained in the links to and from this website are made; information provided and opinions expressed by others do not necessarily represent the opinion of the AIFC LawTech Advisory Council. The AIFC LawTech Advisory Council expressly disclaims any and all liability resulting from reliance on such information or opinions.

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