Orrick is the latest law firm to launch a corporate venture fund, from which it says it will make investments in promising legal tech companies globally. The firm intends to create a strategic relationship with each portfolio company, with Orrick typically acting as a beta customer, while making an investment in the range of $250,000. Orrick expects to be investing alongside well-known lead financial investors.
“We are extremely excited about the potential of this program to help legal tech companies understand how lawyers and our clients use their products. And of course, we’re excited about the opportunity to bring to our firm and clients next generation technologies,” said Don Keller, a partner in Orrick’s Technology Companies Group and leader of the firm’s Technology Sector practices.
The firm is hoping that strategic relationships with tech companies will enable it to offer better and more advanced solutions to clients and accelerate the pace at which it embraces “innovation.”
A rash of law firms have launched fintech startup funds including Addleshaw Goddard (AG Elevate) and Slaughter and May (Fintech Fast Forward). Dentons in 2015 launched startup accelerator NextLaw Labs.
Source: Legal IT Insider