Travers Smith, a top 40 UK law firm, has spun out its AI technology products into a new software business.
The business, known as Jylo, will sell its online AI platform to the broader legal market following an initial investment from Travers Smith. Shawn Curran, previously director of legal technology at Travers, will lead the new business as CEO.
The platform combines analytics and chat features to explore, organize, and interpret the results from your data.
This combines YCNBot, an open-source chatbot the company launched in May last year to enable businesses to use ChatGPT with enhanced controls around compliance, security and data privacy, with Analyse, a user interface developed in-house to support volume-based work such as discovery and diligence.
Mr. Curran commented: “In the past 18 months, we have developed two great products, and now is the time to build on our position in the market. This is possible by integrating with our cloud-based AI platform. ”
He further added that Jylo is “more than just a data analysis tool; it acts as a colleague who communicates with users, providing advice and approval at each step. It also introduces a marketplace where users can create and share custom intelligence.” I will,” he added. Products for personal use or sale open new avenues for knowledge sharing and monetization. ”
In addition to Karan Jayro's team, the company also includes Travers alumnus Sam Lansley, who has been named chief technology officer, Russell Harding, vice president of consulting, and Zach Jama, senior software engineer.
Travers cutting out the AI group is an unusual move.
Edmund Read, Managing Partner at the firm, said: “As a firm we have benefited tremendously from the expertise of Sean and his team, and now is the time to make our AI capabilities independent and already do so in-house. We feel this is the right time to capitalize on what we have achieved.”
“This will enable the team to continue supporting their first customer, Traverse Smith, whilst also selling to other companies. I'm confident that Jylo will continue to move forward and innovate rapidly, and I'm excited to see what they develop next.”
Law firms are moving to take advantage of the boom in generative AI technology and increased client demand for AI-related advice in a variety of ways. Some law firms, such as Sullivan & Cromwell, a top 25 law firm in the US, launched his AI practice earlier this month, while others, such as Evershed Sutherland, started using his AI leadership roles and tasks. Founded the Force.
A number of companies, including legacy A&O Sherman, CMS, and McFarlanes, have also partnered with Harvey, a developer of generative AI tools designed specifically for legal work.
Kennedys launched Kennedys IQ in 2020, which targets the company's large insurance client base and houses a range of existing claims management services.
Slaughter and May were early backers of legal tech company Luminance, which the company told Legal IT Insider in 2017 that they were “given a small amount of equity” in return for partner input.
