Allen & Overy’s ‘Fuse’ Provides a Case Study for How to Launch a Legal Tech Incubator and to Harness its Potential
Allen & Overy, the venerable Magic Circle firm, launched its incubator, ‘Fuse,’ less than a year ago. Fuse is much more than a dedicated, innovative space where a group of legal tech companies work. The initial cohort of hand-picked companies collaborates with Allen & Overy and its clients to explore, develop and test tech-enabled solutions. The firm was strategic in the selection process, concentrating on tech companies whose focus is on three principal firm practice areas ripe for digitization: (1) ‘legal tech’ -technology that supports legal advice; (2) ‘reg. tech’ -IT to support regulatory compliance; and (3) ‘deal tech’-IT that streamlines deal making. Pairing of competencies and focus between the incubator host and participants is key.
Fuse has all the necessary ingredients to succeed: (1) well-defined focus on solutions that will drive consumer impact; (2) aligned practice and tech expertise that can be leveraged reciprocally; (3) consumer buy-in and participation; (4) dedicated space; and (5) a collaborative environment that promotes an ‘everyone wins’ culture.