Legaltech: Auctus Legal Accelerator to Help Australian Entrepreneurs Work on Risk Assessment, Compliance Solutions

Allens is reportedly seeking applications for its legal accelerator program, called Auctus, which was introduced on November 2, 2020. The program is being offered through a partnership with Collective Campus, a corporate innovation consultancy, and startup accelerator.

The Auctus Legal Accelerator program provides innovators and entrepreneurs from Australia (and globally) the opportunity to refine their ideas and find solutions to real business problems. Program participants will receive support from the Allens team.

According to its management, the Auctus – Allens Legal Accelerator is specifically seeking startups that are working on solutions for legal contract creation and management. They’re also looking for early-stage companies focused on improving risk assessment and compliance.

Potential or eligible solutions may include those focused on data analytics, machine learning and artificial intelligence (AI), data management, natural language processing (NLP), API development, algorithm-based automation and various reporting apps.

Anna Collyer, Partner and Head of Innovation at Allens, stated:

“We’re really excited by the prospect of building on our legal tech work by joining forces with startups in the legal tech space through Auctus – Allens Legal Accelerator. We see enormous potential for the development of new legaltech products to add value to our business and the legal services industry, and want to promote and support the development of this potential through our accelerator.”

Allens was notably ranked among the top 10 most innovative professional services companies in the AFR BOSS Most Innovative Companies list (for three consecutive years). The company reportedly works closely with early-stage Legaltech firms via its Allens Accelerate practice for startups, scaleups, and investors.

Steve Glaveski, CEO of Collective Campus, remarked:

“We are excited to partner with Allens to foster innovation in the legal sector. When you combine the domain expertise, brand and resources of one of the world’s leading law firms, with the talent, thinking and speed of emerging startups and scaleups, you create the perfect conditions to get further, faster. We’ve seen venture investments into LegalTech startups increase by a factor of 20 over the past six years.”

The program will require interested parties to complete an online application process and take part in a virtual pitch event. Legaltech firms that manage to succeed at the pitch event will be able to take part in an eight-week accelerator program (offered online). The accelerator will offer expert advice, an education program and access to the Allens network team of professionals.

Startups are invited to apply to the accelerator by visiting the official program website.

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