Allen & Overy is opening Fuse, a new tech innovation space where tech companies, Allen & Overy lawyers, technologists and their clients will collaborate to explore, develop and test legal, regulatory and deal-related solutions.
The legal market is embracing technological disruption and three particular areas of innovation where in recent months the pace of change has accelerated, are:
• legaltech: technology supporting legal advice, law firms and in-house legal functions;
• regtech: technology supporting regulatory compliance; and
• dealtech: technology that transforms how companies and financial institutions transact and negotiate deals with each other.
Early-stage and more mature tech companies can apply to work in a specially-designed area for 60 individuals housed within Allen & Overy’s London offices on the boundary of Shoreditch and the City of London. Once in residence, companies will have access to the expertise of Allen & Overy lawyers, technologists and clients to co-create practical solutions to some of the challenges faced by companies, financial institutions and law firms today.
The launch of this space builds on other Allen & Overy advanced delivery projects aimed at developing both the wider legal market and its own business model to meet the changing needs of its clients. They include aosphere, its online subscription business, and MarginMatrix™, a digital derivatives compliance system. It also complements Allen & Overy’s well-established engagement with the fintech sector.
Applications will open in April 2017 and applicants will undergo a selection process before successful companies move into the space in September 2017.
Wim Dejonghe, Allen & Overy’s senior partner, commented: “Developments in tech are rapidly transforming our industry and we are determined to play a lead role in harnessing the power of new solutions for the benefit of our clients.
“Fuse offers us a fantastic opportunity to collaborate with both our clients and some of the brightest minds in the tech sector, particularly those who have synergies with our business. I’m convinced this will not only put us at the forefront of developments in this field but will also be a key differentiator for Allen & Overy in the years to come.”