Magic Circle law firm Allen & Overy is launching a new innovation space where its lawyers and tech firms will team up to develop legal, regulatory and deal-related improvements.
It is on the hunt for both early-stage and mature tech firms to apply to work in the specially-designed area for 60 people, called Fuse, housed within Allen & Overy's offices on the boundary of Shoreditch and the City.
Read more: A third of law firms are in financial danger
Once in residence, firms will have access to the expertise of Allen & Overy lawyers, technologists and clients to co-operate on developing practical solutions to some of the troubles faced by financial institutions and law firms today.
Applications for the space open next month, with applicants undergoing a selection process ahead of successful companies moving into Fuse in September.
Wim Dejonghe, Allen & Overy’s senior partner, said:
Developments in tech are rapidly transforming our industry and we are determined to play a lead role in harnessing the power of new solutions for the benefit of our clients.
“Fuse offers us a fantastic opportunity to collaborate with both our clients and some of the brightest minds in the tech sector, particularly those who have synergies with our business. I’m convinced this will not only put us at the forefront of developments in this field but will also be a key differentiator for Allen & Overy in the years to come.”
Three areas of innovation have been fast developing for the legal sector: technology supporting legal advice, law firms and in-house legal functions, tech supporting regulatory compliance, and tech changing how companies and financial institutions transact and negotiate deals with each other.