Allens is a leading international law firm. Together with Linklaters, their global network spans 40 offices across 28 countries.
Allens identified a need to build on their legal tech work by joining forces with startups in the legal tech space. They saw enormous potential for the development of new legaltech products to add value to their business and the legal services industry.
Auctus - Allens Legal Accelerator was launched to help startups ‘scale’ by working closely with Allens through a combination of expert advice, an education program and facilitated access to the Allens network.
Two key challenges were identified:
1. Contract Creation and Management
Legal contracts are static, highly manual to create and manage, and difficult to analyse at scale. This creates difficulties for law firms and clients alike in both managing existing contracts effectively and making sure their legal agreements are the best they can be, for all parties and stakeholders. Allens was interested in solutions that could help them enhance contract management, reduce manual work and decrease time spent creating contracts. Such solutions may include, but not be limited to, data analytics, machine learning and artificial intelligence (AI), data management, blockchain, natural language processing (NLP), application programming interfaces (API), algorithm-driven automation and reporting applications.
2. Risk assessment, management and compliance
There is increasing demand among businesses for detailed advice on risk exposure and compliance response. However, there are significant technical and operational barriers to identifying, assessing and prioritising risks, and setting and simplifying compliance controls, as part of a risk management framework. Similarly, businesses find it difficult to both operationalise and culturally embed these practices and mindsets.
Allens was interested in solutions that could help them support our clients in understanding their risk and compliance issues and embedding processes for ongoing management. Such solutions may include, but are not limited to, data analytics, machine learning and artificial intelligence, data management, natural language processing (NLP), reporting and enterprise risk management (ERM) applications.
The program received more than 120 applications from legaltech and regtech startups around the world for the eight-week virtual accelerator program. The final seven were chosen from a shortlist of 15 who pitched their offering to a panel of expert judges from Allens and Collective Campus.
The startups - which are headquartered in four different countries - will now work with mentors and experts from Allens on their legal, growth and innovation strategies as well as attending masterclasses, testing and receiving feedback on their products from the firm, and participating in facilitated strategic introductions to Allens' extensive networks. For some startups there may be opportunities to discuss further strategic engagement with the firm or potential investors at the conclusion of the accelerator.
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