Leading Australian law firm Gilbert + Tobin this week announced the sale of its in-house proprietary verification software to Litera, in an unusual acquisition, reminiscent of NetDocuments acquisition of Closing Room from Chapman and Cutler.
The Gilbert + Tobin tool digitally verifies disclosure document statements, provides real-time data on the verification status, and syncs verification changes into a master document. It creates efficiencies through the automation of the verification process making it less labour-intensive. The result is faster, more efficient and accurate verification of documents.
Gilbert + Tobin’s Legal Service Innovation and Technology teams, in collaboration with its market-leading Corporate Advisory and Intellectual Property teams, took an entrepreneurial approach to creating and protecting the verification tool to improve both lawyer and client experience of the verification process and generate significant time savings. In developing the tool, Gilbert + Tobin has demonstrated its continued commitment to harnessing technological innovation to meet internal and client needs in a streamlined, timely and more efficient way.
Commenting on the sale, partner + chief knowledge and innovation officer Caryn Sandler said, “It has been a rewarding experience to see this tool evolve from an original idea into a sophisticated technological product. With our team’s dedication and expertise, the tool is now ready for the next stage in its journey, in the capable hands of a leading global legal technology company.”
Rachael Bassil, Partner in the Corporate Advisory team, said, “We are excited to see the tool go from strength-to-strength under Litera’s leadership. Litera can appreciate the tool’s potential. We look forward to seeing more clients and lawyers benefit from this technology, enabling them to work smarter and focus on their commercial objectives.”
It is unusual to see a law firm sell a technology product to a vendor. It happened in 2018 when Chapman and Cutler sold deal management application Closing Room to NetDocuments. That product was launched by the practice innovations group, leading practice innovations and technology partner Eric Wood to tell Legal IT Insider that the firm was considering forming a software subsidiary.