In the latest in the trend of firms offering free advice to budding fintech start-ups, Hogan Lovells has launched a global fintech mentoring programme to guide clients.
The firm’s fintech mentors will operate in the UK, US, Germany and Hong Kong and offer commercial insight into launching and expanding new products as well as complimentary legal and compliance training and the use of fintech tools developed by Hogan Lovells.
Hogan Lovells head of financial institutions Rachel Kent said: ‘It is great for the industry that so many law firms are offering support to fintechs. What we offer is more than just legal advice, we help start-ups to integrate themselves into the fintech ecosystem and to fulfil their objective of bringing their product to market.’
Some of the City-based fintech mentors at the firm will include Kent, head of commercial and retail banking Emily Reid and Pinsent Masons lateral John Salmon.
The launch of the global mentoring initiative adds to the growing number of ways law firms are attempting to lure in fast growth fintech clients.
Other firms have a set aside a fund of free legal advice for start-ups they sign up. Simmons & Simmons promised four companies up to £100,000 of free advice to the start-ups, while Addleshaw Goddard and Slaughter and May raised the bar by promising up to £500,000 and £300,000 in legal mentorship respectively.
Meanwhile, in the ongoing bid for more and more law firms to act like venture capital outfits, Allen & Overy and Mishcon de Reya have launched technology competitions for tech start-ups to join firm-run incubators, with the law firms housing the small businesses and offering them advice, office space and mentoring.