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Riverview Law and Legal OnRamp create 'legal-by-design' service

Platform targets global banks and offers cost-effective compliance services

9 January 2014

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By Manju Manglani, Editor (@ManjuManglani)

Riverview Law and Legal OnRamp have created a combined service and technology platform that aims to facilitate cost-effective regulatory compliance for global banks.

This project covers thousands of contracts and millions of data points and is currently being used by one global financial institution in preparing its recovery and resolution plan (RRP).

Major banks in the UK, US and Europe are now required to put in place RRPs – referred to as ‘living wills’ – to ensure safe reorganisation in the event of financial trouble. The living will must include a wide range of information, including contractual obligations across the entire organisation. In addition, a number of banks will face similar requirements in relation to ‘ring-fencing’ areas of their activities.

“The RRP is a huge challenge for any bank,” said Karl Chapman, CEO of Riverview Law. “We have built a robust process and scalable model that can cope with the huge volumes involved. Of course, this model also has applications beyond banks to any global organisation that needs to manage its contract and data infrastructure more effectively.”

Added Paul Lippe, CEO of Legal OnRamp: “This is the next stage in the development of ‘legal-by-design’, helping legal departments improve quality and efficiency while also reducing the cost of legal work.”

The offering, which was launched in June 2013 and announced this week, combines Riverview Law’s fixed-priced legal services with Legal OnRamp’s legal technology platform. It aims to:

  • identify all client contracts and supporting documents, including a gap analysis and escalation process for recovering incomplete contracts/documents;

  • upload completed contracts and documents onto the OnRamp collaboration platform;

  • review and map each contract/document against a client-tailored checklist of up to 200 legal and related questions;

  • quality assure the review process and organise the information into appropriate contract families and systems maps;

  • help resolve any operational and/or regulatory issues with any contracts and/or documents; and

  • provide ongoing tactical and strategic management of existing and new contracts if required.

OnRamp was first implemented as a legal department productivity and collaboration platform at Cisco Systems. It aims to help legal departments improve quality and efficiency while also reducing the cost of legal work.

Riverview Law, which applied for an alternative business structure license in 2013, aims to change the way organisations use, measure and buy legal services by bringing cost transparency and certainty through fixed-price annual and multi-year contracts, litigation and legal advisory services.

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