Andrew Klein is no stranger to entrepreneurial success. Prior to founding Reynen Court LLC, he started the first Internet investment bank, Wit Capital, Spotzer Media, which provided digital marketing solutions to small to medium enterprises, and co-founded Skybridge Capital and Ultra Capital. The Harvard law graduate clerked at the Second Circuit Court of Appeals before working for six years as a securities lawyer at Cravath, Swaine and Moore. Throw in a microbrewery, Spring Street Brewing Co., and Andrew may boast one of the most impressive and diverse entrepreneurial resumes around.
Reynen Court LLC represents his most ambitious undertaking in legal technology. Its aim is to become the predominant marketplace for IT directors to procure all new legal applications. At present, it is backed by no less than nineteen major global law firms, with Latham & Watkins and Clifford Chance acting as co-chairs of the consortium established to support the development and launch of the company’s platform.
“I am relatively new to legal tech but have been working on disruption for more than 25 years,” said Andrew. “I was a transaction lawyer at Cravath, Swaine and Moore from 1987 to 1992 but then jumped out the window to start a microbrewery. In 1996, I started an internet investment bank. Along the way, I helped launch an asset manager focused on hedge funds and another trying to accelerate financing to sustainable energy.”
A pace of change that cannot be ignored
It is this level of activity that reflects Andrew’s boundless energy and optimism for new projects. When it comes to how tech might impact the legal industry, Andrew is upbeat.
“The legal industry has been fairly immune to past waves of technological innovation,” Andrew observed. “But it seems to me that AI has the potential to be different. There already are important tools that no ‘modern’ firm can afford to ignore. The pace of new invention is fast and getting faster. Clients are demanding more efficiency and transparency.”
“When we look back from the vantage point of a decade or so, I am pretty sure we will barely recognize the days when Office and Email were the main infrastructure of even the largest practice groups.”
Lawyers more involved in tech tools
Andrew’s major prediction for the legal tech sector is how lawyers will be involved in selecting the tech they need.
“Lawyers and clients will be much more involved in selecting the right tools for a particular matter,” said Andrew. “The tools will come in many shapes and sizes and – though this is wishful thinking – all will be available in just a few clicks on the app store of Reynen Court.”
Sharing new ideas and inventions
The best way lawyers can navigate the disruption already underway in the profession is to stay informed.
“Forums for introducing new ideas and products and sharing experiences are invaluable,” said Andrew. “There is just so much new to keep abreast of.”
For lawyers entering the profession, Andrew advocates a multi-disciplinary career.
“Embrace the law and technology,” advised Andrew. “There are accomplished engineers and excellent lawyers everywhere. But there are very few professionals who truly span across both domains. I see great opportunities for lawyers who can imagine and steer development of the next generation of solutions.”
Andrew praised the Centre for Legal Innovation (CLI) for its invaluable contributions to helping the legal profession respond and navigate digital disruption.
“Hopefully, the CLI will continue to very important,” said Andrew.