For the second year running The Fold Legal has won a place on the 2016 Legal Innovation Index announced by LexisNexis® and Janders Dean.
This year’s win recognises our innovative approach to partnering with the firm’s fintech and financial services start-up clients.
The Fold has established strategic partnerships and equity arrangements with a number of fintech clients to help them manage the cost, time and risk of delivering their product to market. The arrangements include tailored Cost Agreements for legal and regulatory advice, with The Fold's Managing Director, Claire Wivell Plater taking a role on the client’s Advisory Board and, in some cases, an equity stake in the client’s business. Each of these equity arrangements is tailored to the needs and budget of the start-up and the balance of strategic and legal services contributions by The Fold. Each carefully considers the professional and ethical issues associated with acting for a client in which the lawyer holds equity.
Claire said, “Innovation underpins The Fold’s approach to growing our business, and partnering with our fintech clients in this way emulates the innovative approach to doing business that is characteristic of the fintech sector”.
Facing stiff competition with a 100 per cent increase in entries this year across organisations, individuals and academics, the 2016 Legal Innovation Index highlights a rise in the embrace of innovative thinking and design in Australia and the realisation of many projects that have been implemented in the past six to 12 months.
“What we love about this year’s entries is the amount of collaboration between firms, their clients and other specialist law, professional service or technology organisations”, explains Joanne Beckett, Managing Director of LexisNexis Australia. “To see the industry set aside competition and work together for the benefit of the client is very innovative for this sector and a sign that the ‘age of the client’ has come to the fore in Australia”.
“Again the Legal Innovation Index continues to blow us away each year with the wide range of creativity and design emanating from all areas,” adds Justin North, Director, Janders Dean. “While we expect that from New Law firms, this year’s in-house counsel, the top end of town and academia have really stepped up to the plate and are delivering some fantastic thinking. Australia should be very proud of how it is not only handling change in legal practice but smashing it out of the ballpark”.