Global Legal Innovation Challenge Congrats Knomos!
Law Made was pleased to help design and execute the inaugural Global Legal Innovation Challenge with its key client and partner Blakes – a top business law firm that provides exceptional legal services to leading businesses in Canada and around the world.
Serving a diverse national and international client base, Blakes’ integrated network of 11 offices worldwide focusses on virtually every area of business law.
This being the first time such a challenge has been run in Canada — it represents a bold initiative, building on Blakes innovation agenda.
The purpose of the challenge was to apply technology to keep corporate clients updated on legislative and regulatory changes related to financial services. The jurisprudence document set included Canadian federal, provincial and territorial disclosure requirements for the cost of consumer credit.
Blakes provided a Business Requirements Document and a sample of the pertinent legislation and regulations.
Applicants were then instructed as to how the work is typically performed without the benefit of a more automated solution (the point of the Challenge!) as well as the key business drivers under consideration
The winning entry was from Knomos and its VisuaLaws app — a functional prototype that displays a historical timeline viewer of legislative changes to laws and regulations over time.
The app utilizes machine learning, data visualization and collaborative tools to simplify research of changes to laws and regulations, streamline internal compliance protocols, and enhance the client experience.
Knomos now will have the opportunity to work alongside Blakes in developing their winning submission. The estimated value of the prize is C$100,000.
“This is an amazing opportunity for Knomos to work in direct partnership with a top business law firm and their corporate clients to further develop enterprise applications that will enhance legal services and improve client outcomes. It sends a strong signal to the legal industry that leading firms aren’t waiting on the sidelines for technology to change. They’re playing an active role in making it happen now.”
There were many lessons learned along the way by the organizers — and we anticipate the next challenge will be bigger and better — but the results of this initial forary are outstanding. Knomos is an excellent solution that will just keep getting better.
How else does a firm founded in 1856 stay relevant for the 21st Century?
Traditional values with modern initiatives for legal delivery.
Some examples where Blakes has continued to move forward includes its use of leading edge technology, alternative models and partnership with startup labs like JLabs.
Blakes has also shown leadership with its Nitro program aimed at both seed and growth stage companies. This initial $1 million investment provides for flexible and subsidized legal services to qualified emerging technology companies.
BlakesinSource is an innovative and efficient alternative service delivery model staffed with highly trained in-house lawyers with a primary focus on document review and due diligence, contract review, corporate services and legislative updates. Embedded within the Blakes model -inSource provides seamless work product within a single team.
— and of course —
over and above the Global Legal Innovation Challenge — Blakes has partnered with Law Made for a number of pillars including the 2016 Blakes Legal Innovation Forum held in Toronto and attended by 200 guests and who’s who of experts on topics related to Emerging Innovation and Technologies and Design Thinking.
As a matter of course and as part of their agreement, Law Made also brings forward the best of early stage technology companies from around the globe for evaluation and integration into the Blakes ecosystem including corporate clients who look to the innovation team to guide on what’s happening for both single purpose point solutions and platforms.