Reynen Court LLC today announced that Orrick has invested in it - joining Clifford Chance and Latham & Watkins as global law firms financially backing the two year old business aiming to speed adoption of artificial intelligence, smart contracts and other legal technology.
The new investment comes as Reynen Court's readies for commercial launch and follows its December 2019 announcement of $3 million of new financing. A Beta version of the Reynen Court platform has been live since August. An initial $7 million funding round led by Clifford Chance and Latham & Watkins was announced in December 2018.
Orrick as well as Clifford Chance and Latham & Watkins are members of a Consortium of 19 global law firms that came together in 2019 to support the development and launch of Reynen Court. The Consortium meets quarterly and has worked closely with the company in defining requirements, testing the platform and attracting legal tech vendors to make their products available through the platform.
The Reynen Court platform combines a solution store for legal technology along with a powerful control panel that makes it easy for law firms and legal departments to run cloud based applications either on-premise or within virtual private clouds, thus enabling firms to access modern cloud based solutions without sacrificing security or stability. The platform also enables firms to manage software subscriptions and provides usage monitoring and advanced application-specific metrics to aid in better predictability of IT software and infrastructure maintenance and expenditure.
“We are proud to announce that Orrick has become a shareholder," commented Andrew Klein, Founder and CEO of Reynen Court. "As a member of our Consortium and one of the five Beta firms, they have played an instrumental role in helping us refine our priorities and test drive our application. We look forward to expanding the relationship and working even more closely with their global teams as we head into our commercial launch."
“When we launched our legal tech focused corporate venture investment fund, it was with exactly this kind of investment in mind,” said Don Keller, Orrick’s Tech & Innovation Sector Leader. “Andy and his team have made great strides over the past year, and we are excited to continue to support their efforts.”
Wendy Butler Curtis, Chief Innovation Officer and Chair of eDiscovery & Information Governance Group at Orrick, added: "We hear from our clients again and again that the adoption of legal technology is hindered by the resources needed to vet, pilot and contract for a new solution. The Reynen Court platform simplifies these steps, accelerating our clients’ ability to leverage new technology – which is a win for all of us.”
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