The takeaway is that stakeholder alignment and collaboration are keys to building successful incubators. Legatics has an anchor client–A&O– and entrée to the marketplace A&O has a technological tool that complements its practice expertise, makes it more efficient, and enhances client ‘stickiness,’ and clients have more effective legal delivery as well as internal access to the platform. Fuse has created an environment and culture where, by aligning the focus and interest of all stakeholders, everyone wins. Little wonder A&O is already soliciting applications for its second group of incubated companies. Pairing of competencies and focus between the incubator host and participants is key.įuse has all the necessary ingredients to succeed: (1) well-defined focus on solutions that will drive consumer impact (2) aligned practice and tech expertise that can be leveraged reciprocally (3) consumer buy-in and participation (4) dedicated space and (5) a collaborative environment that promotes an ‘everyone wins’ culture.Ī&O recently issued a press release that its international banking group is deploying a new intelligent deal platform technology from Legatics, one of the initial companies selected to participate in Fuse. tech’ -IT to support regulatory compliance and (3) ‘deal tech’-IT that streamlines deal making. The firm was strategic in the selection process, concentrating on tech companies whose focus is on three principal firm practice areas ripe for digitization: (1) ‘legal tech’ -technology that supports legal advice (2) ‘reg. The initial cohort of hand-picked companies collaborates with Allen & Overy and its clients to explore, develop and test tech-enabled solutions. Fuse is much more than a dedicated, innovative space where a group of legal tech companies work. Successful incubators require planning, focus, alignment of practice expertise with technical focus, organizational skills, and access to consumers to solve material, clearly-defined challenges.Īllen & Overy’s ‘Fuse’ Provides a Case Study for How to Launch a Legal Incubator and to Harness its PotentialĪllen & Overy, the venerable Magic Circle firm, launched its incubator, ‘ Fuse,’ less than a year ago. That’s a start, but a successful incubator is one that focuses on specific challenges and provides resident cohorts human and technical resources, mentorship, and end-user exposure. Incubators require more than space, energy, and good intentions. Why? It’s not a lack of passion or commitment to improving legal delivery that will marginalize the impact of many incubators. ![]() Many proclaim they will spawn ‘innovation,’ create ‘cutting-edge technology,’ and ‘be in the vanguard of industry change.’ The jury’s still out on the impact most incubators will have on advancing legal delivery and/or solving law’s ‘wicked problems’ like access to justice. ![]() The incubator craze is global–from Singapore to Spain. ![]() The ABA maintains a directory of legal incubators. Law firms, law schools, corporates, and State Bars are launching them. Legal tech incubators are becoming the Starbucks of the legal industry–there’s one popping up on almost every corner.
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