Reynen Court Inc., the legal technology platform supported by a consortium of twenty of the largest international law firms, announced that twenty corporate law departments are now also collaborating with the fast-growing company.
Half of the participants are large, global financial institutions, including Barclays, BNP Paribas, Morgan Stanley and UBS. The remainder of the group represent a cross section of the world’s most influential companies, including Cisco and Intel (and two other of the top twenty US technology companies measured by market capitalization) as well as leaders in telecommunications, travel, media, manufacturing and other important sectors.
The new group has come together as a separate consortium that will meet regularly with Reynen Court as well as from time to time jointly with Reynen Court’s law firm consortium. The stated aim for the second collaboration body is identical to that of the initial group: to advance the development of standards designed to speed the legal industry’s adoption of Artificial Intelligence, Smart Contracts and other new technologies.
“We are driven by the opportunity to establish clear standards for the legal technology sector,” commented Reynen Court founder and CEO Andrew D. Klein. “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. We are proud today to share the progress we have made in broadening our scope.”
“We are thrilled to join Reynen Court and the in-house counsel consortium. This group of industry leading companies will facilitate dialogue as the legal industry attempts to accelerate the adoption of new technologies in an evolving operating environment,” said Thomas Barothy, General Counsel COO at UBS.
“We are very happy to join Reynen Court and its law firm and legal department consortium members in working to further develop and promote standards for legal technology,” added Max Iori, Managing Director and Global Head of Technology and Data Law at Morgan Stanley. “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. We look forward to working with this extraordinary group of industry leaders to help accelerate business transformation for both the buyers and sellers of legal technology.”
“Safe, efficient and successful deployment of emerging legal technology is an important strategic priority for our law departments across the world,” commented Ali Bin Jabor Al Thani, Group Chief Legal, Regulatory & Governance Officer at multi-national telecommunications company Ooredoo Group. “We believe that the innovation Reynen Court is pioneering holds great promise to drive forward fundamental modernization of legal services. We are thus very happy to participate in this exciting collaboration.”
Bill Deckelman, EVP and General Counsel at DXC Technology, added: “Now in our fifth year of a digital transformation journey, DXC Legal continues to explore the boundaries of digital technology adoption to deliver impactful value to business. We are very pleased to join the in-house consortium of Reynen Court and to be part of this cutting-edge initiative to accelerate AI and other enabling digital technologies for the legal sector.”
Reynen Court provides a platform – akin to an app store for legal technology – that enhances security, saves time and improve strategic management of technology investments. More than 140 third-party application vendors are present on the platform or working towards making their products available through Reynen Court.