The legal tech “app store” that has enlisted almost 20 major law firms as backers has released a second version of its platform.
In its version 2.0, Reynen Court is rolling out improvements to ensure the platform can consistently meet “the very high standards for security and resiliency required by large law firms,” according to a Thursday statement from the Amsterdam-based company.
Reynen Court, backed by a consortium of 19 leading U.S. and U.K.-based law firms, enables firms and corporate legal departments to streamline traditional tech procurement by providing an online store along with tools to test applications for functionality within the rest of their digital infrastructures.
The closely-watched legal tech startup launched its initial platform in late January. Reynen Court has attracted industry attention due to early and public buy-in and financial investment from prominent Big Law players.
Reynen’s version 2.0 includes other new features such as “one click test drives” with sample data for speedier app evaluation, end-to-end encryption of app data that’s in transit, and changes to how data is processed and presented on the platform.
With this 2.0 release, “we are rounding first base with a full head of steam,” said Reynen Court founder and CEO Andy Klein in the statement. “Influential law firms and major in-house legal departments are adopting our platform. Of the 200-plus application vendors engaged with us, nearly 100 are now under contract.”
The coronavirus pandemic, which hit the U.S. shortly after Reynen’s debut, prompted the company to take financial precautions, like several other tech providers and Big Law firms.
Reynen Court confirmed in April that it had taken steps to cut costs, including 20% salary cuts for its senior executive team as well as freezes on new hiring and non-essential spending.
A key to Reynen’s business model has been its connection to a list of influential firms, five of which helped to validate the company’s proof of concept through a beta test launched last August. They included co-chair firms Latham & Watkins and Clifford Chance, vice chair firm Paul Weiss, as well as White & Case, and Orrick.
Tech-forward Orrick was the most recent firm to invest directly into the consortium in late January. The exact amount of Orrick’s investment wasn’t released, but it was less than the $2.1 million that Clifford Chance and Latham & Watkins each made in 2018, Klein confirmed at the time. Reynen also has secured $3 million from the early-stage venture capital fund Ventech.
The 91 legal tech products Reynen lists on its website, which are part of its “app store,” include Cael Project, a cloud-based app from the alternative legal services provider Elevate Services that aids communication between corporate legal departments and law firms, and TimeCheck, from ALP Development, which automates the processing of legal industry time cards.