Thomson Reuters has snapped up legal software provider HighQ, making good on plans to bolster its cloud-based software products after selling its legal managed services arm, Pangea3, to EY.
Thomson Reuters’ president and chief executive Jim Smith said the firm plans to integrate London-based HighQ with its own information services, enabling it to sell the product to ‘thousands’ of large and medium-sized law firms and corporate legal departments. Continue reading “Thomson Reuters makes ‘transformational’ HighQ acquisition as ContractPodAi raises $55m”
Knights has produced a strong debut financial year following its AIM listing, with acquisitions and organic growth propelling the firm to more than £50m in turnover.
Turnover at the company was up 51% to £52.7m, slightly ahead of expectations the company flagged in May, including 15% organic growth. Revenue per fee earner was up 22% to £131,000, with a net 46 increase in fee earners over the year, while net debt fell to £14.1m from £26.3m. Continue reading “Knights eyes another four acquisitions after 51% revenue increase in first post-IPO results”
Eversheds Sutherland is spinning off its £40m New Law business in a bid to supercharge its growth to £100m over the next five years, while opening it up to external investment.
The firm today (26 June) launched Konexo, an entity merging its advisory, interim resourcing and managed service offerings – including its ES Consulting business – to act as a global alternative legal service and compliance provider. Eversheds intends to make it a separate corporate structure, initially owned by the partnership but with the potential to attract external investment. Continue reading “Eating our lunch: Eversheds unshackles New Law offering and sets £100m revenue target”
LB editor-in-chief Alex Novarese recently posted a piece entitled ‘Innovation needs law firm champions’, which hooked on to the story of Axiom’s much-awaited flotation and made some excellent points on the limitations (versus the hype) of New Law. However, in discussing Axiom’s decision to split up its business pre-float, the claim was made that it is easier to see progress in the industry coming from conventional law firms, than New Law equivalents.
This argument just doesn’t hold water. Yes, conventional law firms might have the heft behind them to implement progress, but the hard truth is that they are hampered by their traditional structure. This is what has made the pace of change within the sector slow – the structure lacks transparency and responsiveness, promotes inefficiency and simply costs too much. Continue reading “Guest comment: LB’s New Law critique flawed as alt players build a ‘new order of client value’”
Investment continues to flow into New Law and legal tech with US-based law company Elevate securing $25m in private equity backing while legal tech start-up Orbital Witness raises £1.2m.
Elevate today (17 June) announced that private equity house Kayne Partners had injected $25m into the New Law pioneer in what is the first significant private equity investment into the company since its inception. Continue reading “Serious money: Elevate bolsters acquisition chest with $25m backing while Orbital Witness raises £1.2m”
Linklaters has become the latest firm to venture into the ever busier flexible lawyering market after hiring the former director of Ashurst’s innovation arm to lead its new contract lawyer platform.
New Law pioneer Lawyers on Demand (LOD), meanwhile, has expanded its Australasian footprint with the acquisition of legal ops and tech platform lexvoco. Continue reading “Flexi lawyering on the up as Linklaters launches Peerpoint-style platform and LOD makes Australasian acquisition”
Slaughter and May has today (29 April) announced its debut cohort of fledgling technology start-ups to enter its legal tech incubator, Collaborate.
Meanwhile, Big Four accountancy firm Deloitte has allied with software provider UiPath in Bucharest and Burges Salmon has announced a new technology-focused partnership with the University of Bristol. Continue reading “Collaboration all the rage as Slaughters reveals first incubator cohort and Deloitte and Burges Salmon forge tech partnerships”
An oft-cited phrase from partners of law firms is that ‘the partners are the guardians of the firm for the next generation of lawyers’.
However, cultural changes and behavioural traits, particularly those of Generation Y and Millennials, has – and is – leading certain professional services firms to consider the appropriateness of their existing corporate and organisational structures, as well as their working environment and culture. Continue reading “Sponsored briefing: The rise of the law firm IPO”
Less than a year after it acquired Riverview Law, EY has maintained its acquisitive form by agreeing to buy the managed legal services business of Thomson Reuters.
The acquisition of the business, named Pangea3, will see EY bolster its corporate legal department by more than 1,000 legal professionals across eight service delivery lines. Pangea3 aims to mitigate legal risk, reduce cost and provide efficiency to legal teams. Continue reading “EY makes further inroads into the legal sector after acquiring Thomson Reuters’ LPO arm”
Leading AI platform Kira Systems will not feature in the latest cohort of tech companies in Allen & Overy (A&O)’s Fuse incubator, making room for more nascent start-ups to enter the Magic Circle firm’s tech space.
In September of last year Kira secured $50m in private equity backing in what was a benchmark for the legal tech sector, while Kira enjoyed year-on-year revenue growth of more than 100% for 2017. Meanwhile Bloomsbury AI, which was purchased for $23m by Facebook in July of last year, has also left Fuse. Continue reading “No Kira in latest Fuse cohort as A&O announces new start-ups set to join incubator”