Source: Allen & Overy
There are two application streams – a LegalTech stream open to any company and a separate stream chosen from nominations from A&O clients (which, like the cohort in 2023, will focus on digital assets and other uses of distributed ledger technology, including NFTs, payment and security tokens, and smart contracts).
Companies at any stage of development, or in any geographical location, can apply so long as their work is directly applicable to A&O’s lawyers and/or clients.
Investment in legal tech was a bright light in 2023, defying a wider slump. The sector raised around USD600m last year, according to Dealroom, with other high profile raises closing before the year’s end. Last year, of course, also witnessed a revolution in generative AI, with A&O at the forefront.
Many companies who have been part of Fuse are now incorporated into business-as-usual use within A&O. The A&O LegalTech Toolkit currently comprises 12 tools, 8 of which have been through Fuse. During 2023, Legatics, a transaction management platform, was used on around 400 client matters, and Definely had over 1300 unique users across A&O’s global offices. Last year Fuse received over 220 applications to fill four available spaces.
“In 2023 we had more applications for Fuse than ever before, and our past cohort members had amazing success in their funding rounds and gaining wider recognition as legal tech. 2024 has all the ingredients for the year when use of legal tech really starts to become pervasive in law firms. Given the upcoming merger with Shearman & Sterling, I am particularly excited to have the opportunity to shape who we engage with this year through Fuse,” Shruti Ajitsaria, Partner and Head of Fuse
Read full article: https://www.allenovery.com/en-gb/global/news-and-insights/news/applications-opening-for-fuse-aos-tech-innovation-hub
