Big Name law firms are working to woo work from London’s fintech startups in the hope of building valuable business from the fast-growing sector.
Fintech is likely to provide major disruption to the banking arena, but that digital disruption has not always been accompanied by a detailed legal analysis of the implications, which is where the law firms are keen to establish a firm ‘Fintech foothold’.
Among the latest to produce inducements are Slaughter and May and US-based Simmons & Simmons, which has launched a student support programme at London’s Queen Mary University, while Slaughter and May have offered a valuable chunk of legal work to the firms who join.
Slaughter and May also started a Fast Forwrd programme which invited startups in area of growth including not just fintech, but also insurtech, regtech, datatech and related businesses offering growth to the Big Law firms and others.
FinExtra reported that over 25 firms applied, seeking £30,000 of value add services such as legal advice and guidance from experts at the firm, access to model legal documentation, as well as network access and tailored one-to-one coaching on topics such as pitching, presentations, people management, communications and negotiation.
Rob Sumroy, partner, Slaughter and May, says: “The quality of applications we received highlights the creativity, diversity and underlying strength of the UK’s thriving SME technology sector.”
This is not Simmons & Simmons’ first fintech move, last year it set aside £100,000 a year to provide free legal advice to three or four young companies in the sector, FinExtra said.