Twenty corporate law departments including Barclays, BNP Paribas, Morgan Stanley, UBS, Cisco and Intel have joined ‘app store for legal’ Reynen Court as part of a separate consortium.
Half of the participants are large, global financial institutions, while the remainder of the group represent a cross section of the world’s most influential companies. As well as technology giants, the new joiners include leaders in telecommunications, travel, media and manufacturing.
The new consortium will meet regularly with Reynen Court as well as from time to time jointly with Reynen Court’s law firm consortium.
“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.
Max Iori, managing director and global head of technology and data law at Morgan Stanley said: “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.”