Unveils the debut of innovation-driven subsidiary, LX Studio, on our platform
Norton Rose Fulbright's Innovation-Driven Subsidiary, LX Studio, Embraces Technology to Transform Legal Services
In a bid to accelerate legal innovation and digital transformation, global law firm Norton Rose Fulbright has launched LX Studio, an innovation-focused US subsidiary. The new entity aims to deliver more effective and efficient legal services by harnessing technology and innovation specifically for the legal sector [1].
At the heart of LX Studio's service model is the desire to improve how legal services are delivered through technology. The company plans to collaborate and invest in legal technology and services that align with its innovation goals, though specific partners or investment targets are not yet disclosed [1].
LX Studio aspires to combine multidisciplinary IP law services, business strategy insight, and technological tools to drive value in areas such as managing IP assets, mitigating regulatory risks, handling collaborations and M&A, and supporting clients through disputes with a business-minded approach [1].
The subsidiary is part of Norton Rose Fulbright's global innovation and service delivery program, NRF Transform. It will house some of the firm's existing technology products, including the award-winning privacy compliance tool suite NT Analyzer. LX Studio's business also includes legal operations solutions for corporate legal departments [1].
Jeff Cody, Norton Rose Fulbright's US Managing Partner, stated that LX Studio's focus is to provide innovative solutions for clients. Gina Shishima, the Chief Strategy and Operations Partner, believes that LX Studio will bring new opportunities for the company to offer new and different services to support its clients [1]. Shishima further adds that LX Studio allows the firm to capitalize on its tremendous resources and innovative focus.
Christy Bentz, the Chief Client Value & Innovation Officer, has stated that legal service delivery expectations continue to evolve, and LX Studio further positions the company to build, co-develop, and partner with clients on personalized service solutions. Bentz also states that LX Studio provides the platform to more intentionally collaborate with clients on the 'how' of legal service delivery [1]. The company wants to meet its clients where they are, Bentz emphasizes [1].
This positions LX Studio as a strategic innovation arm within a global law firm, bridging cutting-edge technology and traditional legal service to create new value propositions for clients. However, it's important to note that the firm has faced legal challenges in some partnerships, as indicated by a controversy involving a legal tech company that partnered with the firm through LX Studio but later filed a fraud suit alleging unfulfilled promises [5]. This underscores the potential challenges in these collaborations.
[1] Norton Rose Fulbright. (2021). Press Release: Norton Rose Fulbright Launches LX Studio, an Innovation-Focused US Subsidiary. Retrieved from https://www.nortonrosefulbright.com/en-gb/news/2021/06/norton-rose-fulbright-launches-lx-studio-an-innovation-focused-us-subsidiary
[5] The American Lawyer. (2022). Norton Rose Fulbright Sued by Legal Tech Startup Over Unfulfilled Promises. Retrieved from https://www.law.com/theamericanlawyer/2022/02/21/norton-rose-fulbright-sued-by-legal-tech-startup-over-unfulfilled-promises/
The new innovation-focused US subsidiary, LX Studio, aims to revolutionize legal services by integrating technology and fostering collaborations within the legal industry. LX Studio's business strategy also encompasses investments in technological tools and services, with a particular emphasis on aligning them with the company's innovation goals. This approach could potentially lead to advancements in finance, resulting from improved legal services and more efficient business processes.
