The dawn of Artificial Intelligence has welcomed us to an era of startups that are ready to swing with the technological wave. Investors are highly interested in this new legal tech branch of the industry. Recently there was about 713% growth in investment in the legal tech startups. This could mean that the technology would now cover the part of reading contracts and research. The new players of the business need to understand that it is important to keep up with the technological trend and understand how it is impacting the industry.
Technology might ease the workload but also invite unnecessary threats to the system. Being a legal tech firm the information it holds will be highly confidential and important they cannot risk the data leak. Legal law firms are very focused on security and data protection. Many biglabel technological vendors still struggle to understand and meet the strict requirements. Even the current cloud-first solutions (SaaS) are unable to get past these issues. Firms might not proceed with a deployment that requires client and firm content to be trusted to third parties. This gap is bridged by Reynen Court LLC, which enables law firms and legal departments to adopt modern cloud software and help them adapt the new technology.
Established in 2018, Reynen Court LLC is building a platform that allows law firms and legal departments streamlined access to legal tech tools, including artificial intelligence-infused apps that can design smart contracts, among other tasks. It is aiming to allow firms to be able to adopt legal tech apps quickly and securely, without exposing firms or their clients to third-party SaaS computing environments. Backed by a consortium of leading law firms as well as influential investors, it aims to be a vital part of the rapidly advancing transformation of the practice of law.
Providing Valuable Telemetry And Enhanced Interoperability
Artificial Intelligence is the new blatant source of attraction for the law firms and legal departments. Reynen Court is building a platform that will help these firms speed their adoption as new applications come into the market. The platform is not itself an AI application but can help others create new models for sourcing and deploying AI and other next-gen tech. Its integrated platform will allow law firms to efficiently use a broad range of software applications while maintaining a limited number of secure hosting and storage solutions for all firms’ and clients’ confidential data. The innovative platform offers application vendors clear, consistent integration APIs and automates provisioning, service configuration, customer self-management, mediation and rating, multi-model and multi-currency billing and reconciliation for cloud applications. It also enables a consistent up-to-date approach to application training and support.
Reynen Court’s unique platform combines a solution store of legal technology with a powerful control panel, which makes it easy to orchestrate within virtual private clouds. It caters to any top infrastructure a law firm runs, whether on-premise of virtualized data centers or in private or public clouds hosted by AWS, Azure, Google or others.
Pioneer of Several Venture Capital-Backed Businesses
Andrew Klein (CEO) established the company in 2017 after he realized how little had changed in the basic technology infrastructure sustaining even the largest practices and, accordingly, how difficult it was for firms to adopt modern technology or achieve genuine business transformation.
Andrew is a Harvard Law school graduate, and he was an associate at Cravath, Swaine, and Moore before going independent. He quotes it as “I worked 6 years as a transaction lawyer at Cravath, Swaine & Moore, and then jumped out the window in 1992 to become an entrepreneur.” Being passionate about his work, he led down to a completely different path of starting a brewery. As a smart businessperson, he applied his experience as a securities lawyer to launch the first-ever initial public offering sold through the internet to raise money from beer enthusiasts. A year later he launched the first Internet-based investment bank called ‘Wit Capital’ to help other companies raise money. The company flourished and recorded more than $350 million in annual revenues.
Being a serial entrepreneur Andrew has founded or co-founded six businesses. The world has only moved forward when someone has dared to think about crazy ideas. Andrew’s ideas have always been innovative which might be the reason he is persisting in the market and winning it. Today, a broad consortium of nineteen of the largest global law firms supports Reynen Court. Clifford Chance, Latham & Watkins serve as co-chairs of the Reynen Court consortium and are investors in the company. Paul Weiss acts as vice chair of the consortium.
Recommendation for The Budding Lawyers
Being a corporate lawyer and serial entrepreneur Andrew’s wisdom would help enlighten the budding lawyers. He has always loved the book “The Exponential Organization” which gives a brief ideology about the ways exponential technologies are reinventing best practices in business. In order to benefit the lawyers to make their practices competitive he recommends them to read this book. Further, he opines, “I love the book ‘The Exponential Organization’. Most industry pundits might still believe the organizational innovations behind companies such as Uber and Airbnb have nothing to do with the future of law and I think they will be proven wrong.”
Not Perfect But Still Unsurpassed
The companies perish at the same rate as they emerge. Consequently, the key to surviving in the market is to gain clients, and that happens when one gains trust. It would be ironic to be a legal tech firm and still not be trustworthy enough for the clients. Regardless of being a well-established firm or an early stage software provider, no one can deliver perfection. It is being vulnerable to weakness and overcoming those is what actually makes the company persist in the long race.
The CEO proudly asserts, “We work every day to listen to our customers and to communicate honestly and transparently with them. No company can deliver an impeccable solution; neither do we, but being perfectly honest and upfront about our accomplishments versus our aspirations is non-negotiable”