Reynen Court has announced an investment from Orrick, Herrington & Sutcliffe, its third from a prominent law firm as the legal technology “app store” nears a commercial launch.
Orrick has invested an undisclosed amount in the platform that soon will become available to law firms and corporate legal departments looking to use new legal tech tools, including many powered by artificial intelligence.
While the exact amount of Orrick’s investment hasn’t been released, it is less than the $2.1 million that Clifford Chance and Latham & Watkins, co-chairs of 19-firm consortium, each made in December of 2018, Reynen Court founder and CEO Andy Klein told Bloomberg Law.
Earlier this month, Reynen also secured an additional $3 million from early-stage venture capital fund Ventech, as well as Prins H LLC, an investment vehicle controlled by Klein.
“Orrick will not have a board seat as the two initial firm investors do have,” said Klein. “However, for us it is still a very meaningful endorsement and Orrick has been and will be another key supporter and partner.”
Orrick has been one of the five firms involved in testing Reynen while it’s been in beta mode since last August.
“We hear from our clients again and again that the adoption of legal technology is hindered by the resources needed to vet, pilot and contract for a new solution,” Wendy Butler Curtis, chief innovation officer and chair of the eDiscovery & Information Governance Group at Orrick, said in a statement. “The Reynen Court platform simplifies these steps, accelerating our clients’ ability to leverage new technology—which is a win for all of us.”
Klein said that the deployments of the app “all went very well” in the beta test. “Only a limited amount of third party app activity was in scope so I don’t want to overstate it. But we are very pleased with the experiences firms had with our app and our services,” he said.
The next step, he said, will be to launch a version of the app that’s available to firms and law departments that enter licensing agreements with Reynen Court. The platform also will soon start earning revenue, “a very welcome and important milestone,” he said.
Klein has said Reynen Court will earn revenue from the fixed-fee annual licensing agreements and from firms’ software purchases through the “app store” itself.