Open to law firms, the Bar, alternative legal providers and in-house teams, this award will recognise the institutions that have consistently thought creatively or broken new ground in the provision and resourcing of legal services. Important factors will be fresh approaches in creating and delivering legal products, including utilising technology and new business models.
2017 WINNER: Allen & Overy
New regulations take effect this year that will transform the global derivatives market. With this in mind, A&O took the initiative in developing automated product MarginMatrix and then collaborating with Deloitte to deliver an end-to-end solution to this challenge for clients.
Axiom has partnered with Ashurst in a joint venture aimed at helping banks meet new derivative regulations. In the first partnership with a law firm by the legal technology provider, Axiom will extract key data and create new documents in line with changes in variation margin rules.
Over 2016, Dentons' commitment to becoming ‘the law firm of the future now' was demonstrated by the progress of its Nextlaw Labs in the legal technology space, the launch of both Nextlaw Global Referral Network and Nextlaw Global Public Affairs Network, as well as the launch of its internal smartphone app Compass.
LAWYERS ON DEMAND
In March 2016, LOD and AdventBalance merged to create one of the world’s largest flexible legal service providers with over 600 lawyers and consultants worldwide. The merger is the first cross-continent merger between New Law providers and the first merger between a law firm incubated provider (LOD spun out from Berwin Leighton Paisner in 2012) and a private entity.
In response to the deluge of concerned clients post the EU referendum vote in June 2016, the firm developed the Brexit Advisory Service (BASe) which is, in effect, a crowdfunded, subscription-based legal advisory platform that eradicates inefficiency – clients are able to share the cost of queries and keep outlay low.
RPC has in recent years have adopted a three-pronged solution to leverage off its strength in the insurance sector: the launch of insurance management consultancy business, RPC Consulting; the development of financial modelling software Tyche; and the launch of GC management consultancy RPC Perform.
More innovation from an in-house team consistently breaking new ground in providing legal services. The use of e-signature has reduced the time to contract signature by over 70% at the telecoms provider.