in the news
Legal Tech Download: Big Money In Legal Technology
By Aebra Coe| February 5, 2019
The world of legal technology is evolving quickly, with new products coming to market in rapid succession.
Recent developments include a few news items with major price tags, including OpenText‘s $75 million acquisition of e-discovery provider Catalyst Repository Systems, the completion of an $83 million funding round by Texas-based legal tech company Disco, and Tel Aviv-based Verbit’s completion of a $23 million funding round.
Here, Law360 rounds up the biggest news in legal tech….
Law Firm Launches Tech Subsidiary
On Jan. 18, Chicago law firm Actuate Law LLC announced the launch of Quointec LLC, a technology and advisory subsidiary that will develop technology and services aimed at resolving corporations’ legal and compliance challenges.
According to the law firm, Quointec will build AI-driven tools that automate the delivery of legal and compliance services, in an array of practice areas such as data privacy and security, corporate disclosure, information governance, health care, and more.
“Quointec starts with the client’s voice and looks at the value stream for legal services from that key perspective,” Quointec Chief Innovation Architect Jeffrey Sharer said. “By doing so, we find opportunities to proactively unbundle what traditionally has been considered ‘law firm work.’ That enables the forging of new solutions through which clients can quickly and affordably ‘self-serve’ for advice on straightforward issues and be guided to counsel for more complex matters.”
Crain’s Chicago Business
This software thinks like a lawyer—so you don’t have to pay one
By Claire Bushey | January 25, 2019
A Chicago law firm is rolling out a subsidiary that offers clients software designed to mimic their lawyer’s thinking—at a fraction of the price.
Actuate Law was founded a year ago by lawyers who left Katten Muchin Rosenman and the local office of Akerman. Through Actuate’s new offshoot, Quointec, companies can subscribe to artificially intelligent software that walks them through whether they have a legal obligation to report a data breach.
The software operates
“We’re trying to save our clients money on their day-to-day legal spending on routine but time-consuming legal matters,” she said.
The subscription service has three pricing tiers, ranging from $5,000 to $50,000 per year, depending on organization size and level of access. Clients also can try it for a flat fee.
Actuate, a litigation
Persuading customers to adopt the new technology may prove challenging. In the past five years legal tech companies worldwide have proliferated from approximately 50 to 1,500, said Dan Jansen, CEO of NextLaw Labs in Palo Alto, Calif. The lack of an industry-dominating player means corporate law departments are bombarded with sales pitches for varying services and products, and sometimes they don’t know what they need anyway. That makes it easy to fall back on the hated staple of legal pricing: the billable hour.
“Even though everyone bemoans it, it’s still difficult to move away from it,” Jansen said.
But some companies already are using the service, which launched last week. Aristotle Sangalang, president of Northbrook collection agency the Bureaus, said in an email that the firm had implemented the data breach adviser as part of its compliance management system.
Actuate, which now has 11 lawyers, brought in $5 million in revenue their first year. Although Quointec has no outside funding so far, the partners created the new venture to allow for such investment in the future without violating professional regulations.
Quointec derives its name from architecture. A “
Young Chicago Firm Latest to Launch Legal Tech Subsidiary
By Frank Ready | January 24, 2019
Chicago-based firm Actuate Law LLC spun-off a new legal tech subsidiary this week that will develop AI tools that automate compliance. Potential customers range from existing clients to other law firms.
There’s a chance that Actuate Law LLC may be getting a little ahead of its self—and that’s sort of the point. Less than a year after opening its doors in Chicago, the 11-lawyer boutique firm is spinning off a new legal technology advisory company.
The firm’s new subsidiary Quointec LLC will leverage artificial intelligence (AI) technology to build tools that automate the completion of simple legal and compliance tasks. Where the products go from there is anybody’s guess.
“We can own it and license it. We can build it and sell it. We can build it for somebody else,” said Actuate partner Martin Tully.
Tully was part of the drafting team behind the Sedona Principles, a set of e-discovery guidelines that while non-binding, are widely accepted by judges. His outlook on Quointec is really pretty simple. Somebody is going to pursue advancements in legal compliance. So why not at least try to get out in front of it?…
Actuate Law Debuts New Legal Tech Subsidiary, Quointec LLC
PR Newswire | January 18, 2019
Actuate Law LLC, an innovation-forward law firm serving the next generation of business leaders, today announced the launch of Quointec LLC, a technology and advisory company that will develop leading-edge solutions to clients’ legal and compliance challenges. Quointec will build legal expert systems and other AI-driven tools that automate the delivery of legal and compliance services to meet client and industry demand for more efficient, scalable, and cost-effective solutions. Powered by Actuate, Quointec combines Big Law experience with people, process, and technology capabilities from strategic partners such as Thomson Reuters Legal Managed Services and Neota Logic. The results are reengineered legal services through collaborative, value-driven offerings in diverse practice areas such as data privacy and security, corporate disclosure, information governance, health care, and more.
Quointec starts with the client’s voice and looks at the value stream for legal services from that key perspective,” said Quointec Chief Innovation Architect, Jeffrey Sharer. “By doing so, we find opportunities to proactively unbundle what traditionally has been considered ‘law firm work.’ That enables the forging of new solutions through which clients can quickly and affordably ‘self-serve’ for advice on straightforward issues and be guided to counsel for more complex matters.”