Editor’s Note: Featuring software and services from more than ninety important technology vendors, the Reynen Court platform and product catalog provides a one-stop-shop for law firms and legal departments seeking to find ready-to-use cloud-enabled legal technology solutions. With offerings ranging from transaction management tools to document search and analysis technologies, currently featured solutions by Reynen Court include familiar eDiscovery providers and enablers such as ZyLAB, Heureka Software, NexLP, and Everlaw. Provided below are two recent announcements highlighting investments and interest in this unique marketplace.
Press Announcement (January 30, 2020)
Orrick Invests in Reynen Court
Single Platform for Legal Technology Gains Third Strategic Shareholder on Eve of Commercial Launch
Reynen Court LLC today [January 30, 2020] announced that Orrick has invested in it – joining Clifford Chance and Latham & Watkins as global law firms financially backing the two-year-old business aiming to speed adoption of artificial intelligence, smart contracts, and other legal technology.
The new investment comes as Reynen Court’s readies for commercial launch and follows its December 2019 announcement of $3 million of new financing. A Beta version of the Reynen Court platform has been live since August. An initial $7 million funding round led by Clifford Chance and Latham & Watkins was announced in December 2018.
Orrick, as well as Clifford Chance and Latham & Watkins, are members of a Consortium of 19 global law firms that came together in 2019 to support the development and launch of Reynen Court. The Consortium meets quarterly and has worked closely with the company in defining requirements, testing the platform and attracting legal tech vendors to make their products available through the platform.
The Reynen Court platform combines a solution store for legal technology along with a powerful control panel that makes it easy for law firms and legal departments to run cloud-based applications either on-premise or within virtual private clouds, thus enabling firms to access modern cloud-based solutions without sacrificing security or stability. The platform also enables firms to manage software subscriptions and provides usage monitoring and advanced application-specific metrics to aid in better predictability of IT software and infrastructure maintenance and expenditure.
“We are proud to announce that Orrick has become a shareholder,” commented Andrew Klein, Founder and CEO of Reynen Court. “As a member of our Consortium and one of the five Beta firms, they have played an instrumental role in helping us refine our priorities and test drive our application. We look forward to expanding the relationship and working even more closely with their global teams as we head into our commercial launch.”
“When we launched our legal tech-focused corporate venture investment fund, it was with exactly this kind of investment in mind,” said Don Keller, Orrick’s Tech & Innovation Sector Leader. “Andy and his team have made great strides over the past year, and we are excited to continue to support their efforts.”
Wendy Butler Curtis, Chief Innovation Officer and Chair of eDiscovery & Information Governance Group at Orrick added: “We hear from our clients again and again that the adoption of legal technology is hindered by the resources needed to vet, pilot and contract for a new solution. The Reynen Court platform simplifies these steps, accelerating our clients’ ability to leverage new technology – which is a win for all of us.”
Press Announcement (January 7, 2020)
Reynen Court Closes Further Financing
Single Platform for Legal Technology Prepares for Commercial Launch with $3m of Additional Funding
Press Announcement (January 7, 2020)
Reynen Court LLC has secured $3 million of additional financing in preparation for its Q1 2020 commercial launch.
Backed by a consortium of nineteen leading global law firms and designed to accelerate the legal industry’s adoption of AI and other new technologies, Reynen Court’s platform has been live in Beta stage since August of 2019. More than fifty law firms and corporate legal departments are working towards a platform launch in the first part of the new year, and over 120 third-party legal tech vendors are in the process of making their products available on the platform.
The Reynen Court platform eliminates the legal industry’s need to chose between innovation and security/stability. By combining a solution store for legal technology with a powerful control panel, law firms and legal departments can safely run modern cloud-based applications in private clouds. This ‘one-stop’ shop also enables firms to manage software subscriptions and provides usage monitoring & advanced application-specific metrics to deliver better predictability of IT software and infrastructure maintenance and expenditure.
Prins H LLC, an investment vehicle controlled by Reynen Court founder and CEO Andrew D. Klein, is investing in this round together with Ventech, a global early-stage venture capital fund that partners with entrepreneurs to develop and deploy transformative technologies. This round follows the company’s initial $7 million funding in December 2018 by Prins H, Latham & Watkins and Clifford Chance.
“We are delighted to welcome Ventech as a partner,” said Mr. Klein. “We hope to leverage their experience and skill in steering fast-growing global technology companies.”
“This additional capital allows us to keep our heads down to focus on on-boarding application vendors and robustly supporting the law firms launching our platform,” Klein continued. “To each vendor and law firm we offer substantial assistance in project planning and technical implementation. This new funding provides us greater capacity to provide these services and thus will help us accelerate adoption by both sides of the marketplace we are creating.”
“Given the clear benefits of standardization to both the buyers and sellers of legal technology, we believe Reynen Court has the potential to play a significant role in the modernization of the legal industry globally,” commented Ventech general partner Jean Bourcereau. “We are impressed with the vision and the speed at which Andy and his very strong team have built a commercially viable product and secured the support of influential parties on both sides of the marketplace. We look forward to supporting Reynen Court.”
About Reynen Court
Reynen Court LLC (www.reynencourt.com) enables law firms and corporate legal departments to speed their adoption of AI and other new technologies. Our platform combines a solution store for legal technology with a powerful control panel that makes it easy to adopt and manage modern cloud-based software applications without having to trust firm or client content to the rapidly growing universe of vertically integrated SaaS providers. The platform also lets firms manage subscriptions and provisioning from one place and provides valuable telemetry and enhanced interoperability between and among third-party applications. Founded by serial Internet entrepreneur and former Cravath, Swaine, and Moore associate Andrew D. Klein, Reynen Court is supported by a broad consortium of nineteen of the largest global law firms. Clifford Chance and Latham & Watkins serve as co-chairs of the Reynen Court consortium and are also investors in the company. Paul Weiss serves as vice-chair of the consortium.
- Investments in eDiscovery (A Running Listing)
- An Abridged Look at the Business of eDiscovery: Mergers, Acquisitions, and Investments