Start-up whizz founds lawtech app store

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  • CyberREPORTs
Publish date 17 July 2019
Issue Number 1790
Diary Legalbrief eLaw
An entrepreneur who left the legal profession to make a fortune in the first dotcom boom is returning to his roots by founding an ‘app store’ for lawtech. Andrew Klein is the founder of Amsterdam-based Reynen Court, which aims to ...

An entrepreneur who left the legal profession to make a fortune in the first dotcom boom is returning to his roots by founding an ‘app store’ for lawtech. Andrew Klein is the founder of Amsterdam-based Reynen Court, which aims to cut the time taken for a firm to procure systems ‘from months to minutes’. A Law Gazette report notes that Reynen Court will open for business by early September, Klein said. Backers include international firms Latham & Watkins and Clifford Chance. Klein was a pioneer web entrepreneur in the 1990s. The Harvard Law School graduate founded the first online investment bank, Wit Capital, which in 1999 was valued at more than $2bn. Reynen Court will be his seventh start-up; other ventures include a media agency and a micro-brewery. The idea of Reynen Court is to provide a platform through which firms can buy software packages as and when they need them, rather than negotiating with individual suppliers. More than 80 vendors have agreed to collaborate, Klein claimed, ranging from startups to suppliers ‘in the m i l l i o n-dollar category’. Systems offered through the platform will be ‘containerised’ – they will run as self-contained packages on the cloud, rather than on the firms’ own hardware. While this is the norm in most industries, law firms are ‘still in the data-centre era’, Klein said. ‘It is one thing for a firm to buy a system, another to get all the lawyers using it,’ said Klein. An app store-style approach could be the solution, he said.