Cash flowing into UK legal tech start-ups rose to £61m in 2018, a considerable increase on the previous year’s £22m, according to a Thomson Reuters report published today (16 October).
Over a five-year period the increase is even more drastic, with just £1.5m invested into legal tech companies in 2014 according to the report, created in collaboration with legal technology community Legal Geek. Moreover, the cash influx shows no signs of abating, with 2019’s investment already standing at £62m. Continue reading “Adoption is accelerating: legal tech start-up investment more than doubles to £61m in 2018”
Big Four accountancy firm EY is finalising the combination of its two high-profile acquisitions, Riverview Law and Pangea3, into one managed services business under the EY Law brand.
The rebranding means that both Riverview and Pangea3, acquired over the last year, will be absorbed into EY Law’s global managed services delivery, while also keeping an onshore presence through Riverview’s office in Wirral. Continue reading “Riverview Law and Pangea3 brands to be dropped following EY acquisition”
Pinsent Masons has launched a client and legal project management division as it continues to ramp up investment in non-legal services.
The firm said today [8 October] it had launched the division of more than 20 project managers, led by head of client and legal project management Dee Tamlin (pictured). That team has largely been built up since May last year and won mandates in the UK, Europe and South Africa, with the firm now looking to invest further through recruitment in the UK, Asia-Pacific and Middle East. Continue reading “Stake in the ground: Pinsents bolsters alternative services with project management division”
US New Law provider UnitedLex has bolstered its total revenue to $350m in its most recent financial results, with expansion across the UK and Europe is high on its agenda for the rest of the year.
Turnover is up 27% on the company’s last set of financials, while UK revenue increased 8% over the last year from £54m to £58.5m. Headcount in the UK also grew over the year, rising from 125 fee-earners to 145 this year, of which 80 are qualified solicitors. Continue reading “New Law, new money: UnitedLex turnover hits $350m with UK expansion on the cards”
UK legal tech company Luminance has established a new advisory board aimed at accelerating AI adoption by BigLaw, with Slaughter and May senior partner Steve Cooke and Vodafone GC Rosemary Martin part of the heavyweight line up.
Cooke and Martin will sit alongside Italian law firm Portolano Cavallo founding partner Manuela Cavallo and former chairman of the International Bar Association Technology Committee Vagn Thorup. The group will support the work of the Security Advisory Board led by former director general of MI5 Lord Evans of Weardale KCB. Continue reading “Luminance creates new advisory board as senior lawyers line up to back legal tech start-ups”
New Law pioneer Axiom has ditched long-trailed plans for an initial public offering (IPO) after securing a ‘significant investment’ from private equity house Permira.
The undisclosed investment makes Permira the company’s majority owner and calls time on Axiom’s much-hyped public offering, which many considered a bellwether for the fast-growing alternative legal services market. Continue reading “New Law leader Axiom abandons IPO for Permira private equity sale”
Norton Rose Fulbright (NRF) made an ‘offensive move’ against the much-hyped threat of the Big Four on legal operations consulting with the hire of the well-regarded former Barclays head of external engagement, Stéphanie Hamon (pictured).
Hamon, who quit the bank earlier this year, joins as a fee-earner in August to head the new practice and help ‘in-house departments function like a business’. Continue reading “NRF launches legal ops consulting arm with the mind behind Barclays’ radical panel reforms”
Hamish McNicol reports on Eversheds Sutherland taking the partnership shackles off its Konexo offering
The alternative legal service provider (ALSP) market is estimated to be worth more than $10bn annually. Research led by Thomson Reuters, called Alternative Legal Service Providers 2019: Fast Growth, Expanding Use and Increasing Opportunity, found that the revenue generated from ALSPs had grown to that amount in 2017, up 13% from an estimated $8.4bn a couple of years earlier. Continue reading “Eversheds spins off New Law arm to supercharge growth and attract external investment”
Simmons & Simmons has made a rare acquisition in the form of legal engineering start-up Wavelength for an undisclosed sum.
Wavelength – which claims to be the first Solicitors’ Regulatory Authority-regulated legal engineering business in the world – uses data science, technology and design to assist on projects in the legal industry. The acquisition will see Simmons look to expose the London and Cambridge-based team to its client base. Continue reading “Simmons gets on the legal technology and data Wavelength with start-up acquisition”
Mishcon de Reya is considering options for raising capital in a bid to fund its ‘ambitious plans’ for growth, including a possible initial public offering (IPO).
Sky News reported on Saturday (20 July) the firm is looking to either list on the stock exchange or sell a stake to a private equity investor to raise capital. Continue reading “Spin-offs likely as Mishcon ‘considering all options’ for a capital raise”