In the first partnership with a law firm by the legal technology provider, Axiom will use its technology to extract key data from documents and create new documents in line with changes in variation margin rules and derivatives requirements, which are scheduled to come into force in 2017.
Ashurst will advise clients on how to write new rules and on the signing of those new agreements.
Axiom says it has six of the world’s largest banks as clients, meaning it is going head to head with Magic Circle firms which typically handle this type of work.
The announcement follows news of Allen & Overy’s joint venture with Deloitte, the first major pairing of a Big Four accountant and a Magic Circle firm. The two have worked together to create a tech-driven service dubbed MarginMatrix to help banks address incoming global regulation of the $500trn over-the-counter derivatives market.
Axiom global head of banking Chris DeConti said: ‘Axiom is delighted to be working with Ashurst as our first partner in a new model for collaborating with law firms to deliver a comprehensive solution to our client spanning world-class legal advisory and legal execution capabilities. We look forward to announcing other partners in the future.’
Ashurst has recently made a strong push for innovation, announcing the appointment of RBS head of EMEA loan markets Dave Rome to a newly-created position of strategic director of corporate lending earlier this month. Rome will bring his 25 years’ experience at RBS and NatWest across the UK, Europe and Asia to develop and grow drive the firm’s strategy across syndicated loan markets.
The firm announced the shake-up of its management team in May, introducing three new roles in leadership and innovation. Glasgow managing partner Mike Polson and Sydney-based banking and finance partner Jamie Ng will take up the roles of co-heads of innovation, while London-based infrastructure partner Logan Mair has won the role of head of clients. Former co-head of the firm’s corporate division Simon Beddow has been made London office managing partner in a newly created position.