Australian legal innovation leader, Plexus, and KPMG Law have announced an investment and the formation of a strategic alliance which is set to transform legal markets – initially in Australia, but with international potential.
KPMG Law has taken a stake in a broader $4.65 million Series-A capital raise for Plexus, and additionally, Plexus and KPMG Law have entered into a strategic alliance.
This initiative marks the ‘coming of age’ for the Australian legal industry and highlights the importance of technology in a rapidly evolving legal market.
Head of KPMG Law, Asia Pacific, Stuart Fuller said: “For over eight years Plexus has been at the cutting edge of legal innovation – we couldn’t be more excited to work together to accelerate our combined vision to create the future of law.”
Plexus Founder and CEO Andrew Mellett said of the relationship: “We were amazed to find that an international professional services firm could be so aligned with us on its vision of the future of legal services. It is quite remarkable how forward-thinking it is, and how, unlike many of its peers, it is willing to invest heavily to realise that vision.”
Mr. Mellett continued: “We both believe that the future is not a battle between old and new, but a battle to create legal solutions that deliver unprecedented value to clients. The winners are most likely to be those that combine innovation and technology. And this alliance brings credibility, established technology offerings and the international reach of KPMG Law.”
Rated by technology research business Gartner as ‘Best Practice’ for legal functions last year, Plexus’ legal automation platform, Plexus Gateway, allows over 100 clients around the world to deliver legal work more efficiently.
Mr. Fuller added: “After assessing the global markets for the last 18 months, we were surprised and very pleased to find a world leader in legal automation here in Australia. Our analysis suggests that Plexus Gateway is one of the world’s most advanced platforms for in-house legal functions. Combined with KPMG Law’s range of core and new solutions, it will allow us to provide a single access, one-stop platform to our clients.”
The $15.9 billion legal technology industry is exploding, both locally and internationally as clients demand more efficient modes of legal services delivery.
Plexus’ study of over 100 General Counsels suggests that on average, enterprises will increase investment in technology by 111% a year for the next three years. While research by Gartner shows that only 3% of them will increase investment in lawyers more than 5% over the same period.
Mr Mellett concluded: “Plexus and KPMG Law believe that the legal function can create a competitive advantage for an organisation through adopting innovative models and technology. Working with over 100 legal functions around the world, we’ve proven that this is not only possible, but with current trends, is required.”
“We are at the dawn of a 20-year transformation of one of the world’s most conservative industries. We believe that in the future, legal services will be delivered with the ease we expect of flicking a light switch. This alliance represents a giant step towards realising that vision.”
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