By Alexander Supertramp; Shutterstock
Orrick Herrington & Sutcliffe has launched a legal technology comparison tool to help in-house counsel track more than 600 products to make it easier for them to choose the right tech.
Orrick’s platform ‘The Observatory’ provides insights and peer-driven feedback on the products that are currently available on the market, including more than 150 project management tools, 120 artificial intelligence products and almost 100 firm and legal analytics platforms, according to Bloomberg Law.
One legal tech founder said on Orrick’s website: “People are going to use this because the market is so fragmented, and no one can remember what all the tech vendors are offering.”
The platform explains how different tech can be used for particular matters, such as litigation, transactional or general solutions. It also gives advanced insights into the company’s behind the technology, such as how diverse their leadership is, allowing in-house counsel to make more informed decisions on their potential suppliers. The platform also includes information on Orrick’s own legal tech products.
Last month Orrick’s investment arm took part in a $6.3m Series A funding round for legal tech marketplace Priori Legal, which uses data and technology to unbundle legal services in a bid to disrupt BigLaw’s dominance of the market and change how in-house teams hire external support. Other investors in the funding round included Mindset Ventures and Bridge Investments.
Basha Rubin, Priori Legal’s co-founder and CEO, said: “Outside counsel hiring decisions should be made based on facts, not intuition. With Priori’s robust data about attorney experience combined with reviews from internal and external peers, in-house teams can do that for the first time. We are transforming how legal purchasing decisions are made.”
Rubin’s co-founder and Priori’s chief product officer Mirra Levitt said that Fortune 500 companies are spending on average $150m on legal services every year, which could be reduced by 60% by using Priori Legal’s marketplace, she said.
Earlier this week legal tech developer BigHand acquired UK-based resource management company Mason & Cook as the firm seeks to enhance its existing matter pricing and task delegation offering by enabling users to better allocate resources.