The Legal App Store: Reynen Court’s legal platform backed by Big Law
March 11, 2020
2 min read
What's going on here?
Before its launch, Reynen Court is already positioning itself as the “app store” for LegalTech solutions, after the platform attracted further investment from global law firm Orrick.
What does this mean?
After securing over US $5.1m investment from venture capital funds and law firms, Reynen Court aims to officially launch in the first quarter of 2020. The platform differentiates itself from competitors as a “gatekeeper” to new LegalTech solutions. Reynen Court allows law firms to manage their subscriptions and security, trial and download (and deinstall) new software safely and easily onto their private cloud system, and assess technology usage and costs – all in one place.
What's the big picture effect?
Reynen Court could smooth access to new LegalTech solutions and redefine how law firms wish to interact with SaaS solutions in the future (to see our article on that, click here). SaaS stands for “Software as a Service” – it is the cloud-based subscription app that most LegalTech software takes the form of.
The platform increases efficiency and reduces law firms’ headaches about security: law firms can obtain clients’ “blanket authorisation” to use different SaaS providers where appropriate, instead of going back and forth to obtain individual guarantees. Usage monitoring can gauge the success of law firms’ adoption of LegalTech beyond subscription costs.
Reynen Court could level the playing field for smaller law firms and legal departments who cannot afford to subscribe to multiple expensive SaaS providers, by offering a more cost-efficient way to trial and integrate LegalTech. However, its subscription model has not formally been announced. A high price and high uptake could allow Reynen Court to establish a monopoly over the LegalTech market. Given its high-profile investment, 19-firm consortium and the number of vendors already in its portfolio, this could be a real possibility for the self-proclaimed “Single Platform for Legal Technology”.
While Reynen Court could facilitate innovation and adoption of new technologies within law firms, it could potentially stifle innovation in the long-term by controlling who can access what technology and at what cost. It is too early to say what the future holds, but Reynen Court is undoubtedly in a strong position to benefit from law firms’ eagerness to snap up the latest LegalTech.
Report written by Hannah-Mei Grisley
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