Innovation hub Reinvent Law adds three LegalTech vendors to member line up
Member-based innovation hub Reinvent Law has added three more community members: contract review specialist eBrevia, the billing venture BusyLamp and pseudonymization start-up Naix.
The ecosystem now consists of Baker McKenzie as an exclusive law firm member; the legal departments of Bosch, Daimler, ING and ZF Friedrichshafen; Wolters Kluwer as knowledge partner, and Lexemo as resident at the hub, which is also the Frankfurt office of no-code automation company BRYTER. Twelve legal tech ventures are community members, completed by strong relationships to law schools such as Bucerius Law School and student associations such as Frankfurt University Legal Tech Lab and Munich University’s ML Tech.
eBrevia’s Ned Gannon, president & co-founder commented: “We are excited about our community membership at Reinvent Law. We have joined Reinvent Law as it provides us with an important platform to drive conversation with both existing and new customers and better understand their needs and expectations.”
Reinvent Law was founded in 2018. The hub provides a platform for exchange between law firms, legal departments, legal tech ventures and students. This exchange is facilitated through workshops, roundtables, hackathons and other event formats as well as networking between the members and beyond. New products are constantly being developed, new partnerships formed and experiences exchanged between members.
“Covid-19 has brought an additional push to innovation in the legal sector,” said Reinvent Law’s managing director, Daniel von Devivere. “The pandemic and new forms of working prove the maxim that necessity is the mother of invention in driving innovation in the legal sector.”
Matthias Scholz, Managing Partner at Baker McKenzie Germany and Austria said: “Our Membership in Reinvent Law is an important part of our global innovation strategy. As exclusive law firm and founding member we are delighted to welcome eBrevia, BusyLamp and Naix to Reinvent Law. The platform and ecosystem equip us with a further important tool vis-à-vis our clients and provide crucial insights to stay up to date with all developments in the field of legal innovation.”
eBrevia develops a contract review tool that is used by industry leaders around the world to extract information from current and legacy contracts, reducing due diligence time. eBrevia is using machine learning and natural language processing technology to automatically extract legal concepts and other data points from documents.
BusyLamp is a corporate legal spend and matter management software that helps major international legal departments manage their matters and outside counsel costs. Used in over 100 countries, it helps legal departments save time, significantly reduce overhead and collaborate more effectively with inside and outside counsel by simplifying and improving their legal operations.
Naix automatically anonymizes or pseudonymizes large sets of documents based on AI, NLP and real-world language models. Custom made review tools and workflow personalization speed up the redaction process. Using the software, lawyers can focus their time and energy on higher-level work and cut time on repetitive and tedious tasks.
In June the no code automation company BRYTER, the first resident at Reinvent Law in 2018 and an active member in Reinvent Law’s ecosystem, announced a $16 million Series-A funding round, one of the biggest investments in legal tech in Europe to date.
Michael Grupp, founder and CEO at BRYTER said: “Reinvent Law has provided us with a tremendous platform and really helped us to understand customers and client needs early on. We are happy to be part of the community and will further play an active role in the Reinvent Law community in the future.”
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