Clifford Chance and Latham put money into 'App Store for legal tech'
CIOs from both firms join tech startup's board of directors
December 14, 2018 at 05:15 AM
3 minute read
Clifford Chance (CC) and Latham & Watkins (L&W) have both invested in Reynen Court, the tech venture dubbed the 'App Store for legal tech'.
The two firms have invested alongside Reynen Court founder and former Cravath Swaine & Moore lawyer Andrew Klein. Both firms declined to comment on the amounts they contributed to the Series A financing round, although a Securities and Exchange Commission filing revealed $10m in equity had been issued by Reynen Court.
Alongside the investment, the chief information officers (CIO) of each firm, CC's Paul Greenwood and Latham's Ken Heaps, are both joining Reynen Court's board of directors.
According to Klein, the startup's aim is to provide law firms with a single platform to manage the procurement, deployment and management of third-party apps, akin to creating an 'App Store' that provides faster and more secure access to third-party software.
Klein told Legal Week: "We are excited to now be well funded, and to have significant capital to execute our ambitious plans."
On launching in 2017, the company raised $1.5m (£1.2m), according to a US Securities and Exchange Commision filing. One City partner specialising in venture capital transactions told Legal Week that given that figure, they would be "surprised" if the amount generated by the latest financing was below $5m (£4m), adding that the typical range for a Series A round is between £2m and £10m.
The company is aiming to use the new funds double its headcount up to 40 employees in the next year, and "accelerate the hiring of engineers and senior leaders in other important areas".
Klein told Legal Week that the company is currently working with more than 50 vendors – including document automation, process engineering and artificial intelligence providers – to set them up on Reynen Court's platform. Klein expects to have the first vendor contracts signed within a couple of months.
CC CIO Paul Greenwood said of the investment: "As a new wave of technologies enter the legal market, we need to consider how firms and clients can access them in a secure and integrated manner. We see Reynen Court as the missing piece of this evolving and exciting puzzle, and we are delighted to be supporting its progress."
Heaps added: "Staying at the forefront of emerging technologies is not only a top priority but a strategic imperative for Latham & Watkins – and Reynen Court is an important part of our strategy. We are thrilled to be joining its board and co-chairing the consortium of firms, who bring insights, experience and a spirit of forward-thinking collaboration. It's an exciting time."
In October, CC, Linklaters and Freshfields Bruckhaus Deringer were among 12 elite UK and US firms that agreed to back Reynen's development, alongside Paul Weiss Rifkind Wharton & Garrison, Cravath and Skadden Arps Slate Meagher & Flom.
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