This article first appeared in ALM's Legal Week publication.
It's no secret that law firms are pushing to build their tech-friendly credentials, most notably through 'incubator' programs, which offer a variety of perks to start-ups to help them grow their company.
This year alone has seen Slaughter and May, Clifford Chance and Ashurst all launch new initiatives. Even Barclays and PwC have taken interest with their own legal-tech focused programs.
The benefit for law firms is that they get in at the ground level with high-growth (and potentially high fee-generating) clients, or they can boost their own practices by bringing their technology in-house.
But you would be forgiven for losing track of which firm has done what. Here, Legal Week rounds up the main incubator-style programs run by U.K. Top 50 firms.
Allen & Overy
A&O's Fuse is an in-residence innovation program run from the firm's London headquarters.
Participating companies receive day-to-day access to the firm's lawyers and clients in order to develop their products. A&O looks to work with companies at various stages of development, who focus on legal or regulatory technology.
Launched in 2017, Fuse welcomes a new cohort of companies into the space once a year, and recently announced its third cohort. The program hosts seven to eight companies at any one time, with some companies staying on year-to-year.
Last October, Fuse also created a pilot program run by representatives from the Financial Conduct Authority and the Bank of England.
A&O has invested in at least one of the companies that entered its program. It has also licensed the software of a further four companies.
Slaughter and May
The magic circle firm runs two programs: Fast Forward and Collaborate.
Fast Forward offers selected companies up to £30,000 of free legal and business services, and access to a panel of top technology experts and investors.
Companies receive legal support from Slaughters' emerging tech practices, business coaching, and networking opportunities through the firm and through its panel.
Fast Forward is sector-agnostic and primarily aimed at early to mid-stage startups. The latest round of companies included a bio-fuel startup, a new commercial banking app, and a package delivery system.
There is no strict length to the program, and opening times for applications also vary. The program took in 11 companies over two stages in 2017, and announced a further six new joiners in January.
Collaborate is a newly launched program for legal tech startups. The program runs for three months, and is so far open to companies at all stages of development.
Unlike Fast Forward, Collaborate does not offer legal advice. The emphasis of the program is on bringing together legal-tech companies, Slaughters professionals, and the in-house legal teams of six of the firm's top corporate clients—GlaxoSmithKline, John Lewis Partnership, Santander, Standard Chartered, Vodafone and Bupa—in order to develop and, potentially, implement a company's product.
Clifford Chance
Clifford Chance's Create+65 is a legal-tech focused program based in the firm's new Singapore innovation hub, launched last May. It is supported by Singapore's economic and legal industry development agencies.
Clifford Chance selects one company to take part in a three-month collaboration with the firm's lawyers, clients and government partners.
Applications are open to early to growth-stage companies who fit into at least one of five categories chosen by the firm and its clients. Companies will need to be present in Singapore for the program, but international applications are accepted.
Create+65 is in its first run following its December launch. The firm has not yet committed to a fixed timetable for running the program.
The program takes its name from the city-state's dial-code, +65.
Ashurst
Digital Ventures is a newly-launched tech development and investment division for Ashurst.
The primary focus of Digital Ventures is to build digital products in-house to be sold to clients. The firm announced it will also pursue “partnerships, collaborations and investment” in third-party tech companies.
There is no formal program, and investment and partnership decisions will be made on a case-by-case basis.
Dentons
Dentons runs NextLaw Labs, NextLaw Ventures and Space Camp.
NextLaw Labs is a stand-alone legal-tech innovation program owned by Dentons. Labs has its own investment arm, NextLaw Ventures, which currently invests in 10 legal tech companies across the world. Labs aims to work with legal tech startups from the firm's 'Ventures' portfolio to develop the firm's in-house technology and new services for clients.
Dentons has so far been the sole investor for Ventures, but the firm is planning a significantly larger second fund, which will include external investors.
When the second fund is launched, the firm plans to take on another 10 to 20 companies to work with over roughly five years. Dentons reviews pitches year round.
Space Camp is a nine-week program for space-tech start-ups run by venture capital firm Seraphim Capital. The program is hosted in Dentons' London office, and supported by lawyers from its global space business group.
Space Camp recruits seed and series A stage space start-ups. Applications are accepted year round, with programm running twice a year. Nine companies have been selected for the third cohort for a program starting this month.
The program is backed by the European and U.K. space agencies and corporate partners including Rolls Royce, Inmarsat and Cyient, among others.
Hogan Lovells
The firm's Global FinTech Mentor and Momentum Program gives up to 10 fintech companies a year £25,000 in free legal services and additional support through mentoring and networking opportunities with Hogan Lovells clients.
The program was launched in 2017, and is hosted by the firm's U.K., U.S., Germany and Hong Kong offices. There is no strict time limit to the program.
Last month, Hogan Lovells announced the first three companies to be accepted into its latest cohort.
CMS
CMS' equIP is a three-year global program open to early stage companies with substantial intellectual property needs.
Selected companies receive up to £25,000 worth of legal, business and IT services per year at a 50% discount. Additional services are charged on a fixed-fee arrangement.
CMS will also provide networking and business development opportunities to companies on the program.
equIP is available across 20 of the firm's offices in the U.K., Europe, Asia and the Middle East. There are currently 70 companies on the U.K. program, and the firm expects up to 150 internationally by the end of the year.
Generally, companies that are accepted are looking to do a series A fundraising round in the next 12 months, and have a strong IP base. The program is sector-agnostic.
Simmons & Simmons
Simmons runs FinTech Fund, which selects four fintech companies a year to share up to £100,000 in free legal advice. Applications are accepted year-round, with a selection process taking place once a year.
The selected companies will split the fund, with no one company receiving more than £33,000 worth of services.
To qualify, companies must not have received more than £1 million of investment previously.
Companies must also have been accepted onto a top U.K. fintech accelerator, such as Barclays' Techstars or StartupBootcamp, or have a referral from a leading fintech venture capital firm such as Illuminate Financial, Augmentum, Passion Capital or Anthemis.
The FinTech Fund was launched in 2016, and will begin the selection process for its fourth cohort in June.
Addleshaw Goddard
AG Elevate is a 10-month program open to fintech companies that have received seed or series A funding. Elevate takes on up to 12 companies a year.
Selected companies get 25 hours of free legal advice in specialist fintech areas: payments, financial regulations and compliance, IT law, IP, corporate and private equity. Any additional legal advice is charged at a 30% discounted rate. A partner mentor is assigned to each company, who will be available at least once a month.
Elevate was launched in 2016, and will be announcing its third cohort in the next month. Each year will have a broad theme in the companies they accept, although this isn't exclusive. For the 2019 round, the firm is focusing on fintech in the north of England.
Mishcon de Reya
MDR Lab is a 10-week legal-tech focused program for early to growth stage companies. It offers testing and development, mentoring for founders from the firm's legal and business teams, and the possibility of investment by Mishcon.
Around six companies a year are chosen to enter the program. Selected companies will pair well with the strengths of the firm, which are litigation, real estate and cybersecurity.
Investment terms are agreed at the beginning of the program, with final investment made at the end. If Mishcon do invest, it is typically a low six-figure sum, according to people at the firm.
MDR Lab was launched in 2017 with corporate innovation consultants L Marks. The firm announced six companies for its third cohort last week.
Barclays
The bank's Eagle Labs provides office space, networking and commercial opportunities to legal-tech companies. The Law Society and 15 law firms partner in the program.
Barclays hosts 20 companies at any one time in its Notting Hill lab. Companies pay a fixed monthly fee to rent a desk.
Eagle Labs' legal partners include: Allen & Overy, Baker McKenzie, Bretherton Solicitors, Capital Law, Clifford Chance, Clyde & Co, DWF, Gowling WLG, Latham & Watkins, Norton Rose Fulbright, PwC Legal, Rradar, Simmons & Simmons, SO Legal and TLT.
PwC
The Big Four firm's Scale LawTech is a newly launched 10-week program for legal tech startups. PwC charges a fixed-fee to enter the program. In return, companies will receive networking opportunities and business coaching.
Ten companies will be selected for the new program, which starts this month. Selected companies must be generating revenue and at least be approaching a series A funding round.
PwC runs 15 other 'Scale' programm across different industries and geographies.
DWF
DWF Ventures is a stand-alone innovation, research and development business launched by DWF in 2017. Ventures works with DWF's legal and business teams, and the in-house teams of the firm's clients to come up with new ideas for digital products, and to test and develop them.
DWF Ventures will invite tech companies to work on projects on a case-by-case basis, and there is no fixed program. Although legal-tech is a major area of focus, it is not an exclusive focus. In a recent project, the business developed a new online training platform for clients.
Investment is possible, and has been provided to past products developed by the business.
Womble Bond Dickinson
In March, the firm partnered with online start-up community Yena to launch WBD Accelerate. The firm offers companies a 25% discount on standard fees as well as networking opportunities through the firm.
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