Janders Dean tomorrow announces the launch of their exclusive partnership with new global legal technology start-up darling Empora as the company launches the latest machine learning based smart contract platform – Invisi-Trac.
“Put simply, nothing like this has been seen in the smart contract space before,” said Justin North of Janders Dean. “With Invisi-Trac, the team from Empora have achieved a universal leapfrog over all other artificial intelligence technologies that have come before them. There has never been a more suitable fit for law firms and their clients”, said North.
“This technology is one of the most revolutionary changes to the legal industry in the past century, and if you want evidence of the next industrial revolution hitting law, then Invisi-Trac is it”.
Founded by the Tailor brothers, Jay and Timmy, Empora is a legal technology start-up with a predictable future. Invisi-Trac is their first major product release, and it is expected to take not only the legal technology conference and blogging world by storm, but also the eager law firm and corporate legal department markets.
The Invisi-Trac product promises to meet the client demand for transparency through the use of advanced deep learning artificial intelligence technologies, coupled with experimental AR and VR technology and computational analysis of legal data.
It is designed to integrate across the law firm’s internal data ecosystem and then uses machine learning to determine who has the legal expertise to review or collaborate on a contract. The unique threads of product and feature integration essentially automates the identification of those who have the intellect and ability to see the contract physically, and renders it invisible to others less skilled.
The unique ability for the contract itself to remain completely unseen in even physical form is reliant on a partnership with famous angel investor Hans Anderson. With the help of Anderson, Empora have incorporated emerging AR and VR technologies being currently trialled in FinTech, RegTech and TechTech to achieve their most popular visibility feature.
The incorporation of these emerging technologies has been seen as the major tipping point for the Tailor brothers when needing to convince early adopters of Invisi-Trac’s real benefits.
PHOTO: Jay Tailor (left) shows a 382 page commercial contract (developed using the new Invisi-Trac smart contract platform) to Empora Co-Founder and brother Timmy Tailor. Both brothers have the ability to see the Invisi-Trac contract; however advanced machine learning, coupled with emerging AR and VR technologies, means that those without experience cannot access the physical document.
“From a risk and compliance perspective, and indeed a security perspective, these physical visibility restrictions are what the industry deserves” said the Tailors at their recent launch event.
Invisi-Trac is already in pilot mode at three global firms based in the UK, with a major corporate legal department in Australia also close to going live. One industry commentator predicting at the launch meet-up that “every magic circle firm, every AmLaw 100 firm, and every NewLaw firm will be all over this like a rash”.
“We’ve been working on this with Empora as a skunkworks for a few months now, really ideating and hacking and such. Trying to keep the excitement contained across our firm has been really difficult”, said Gully Bull, partner at a global law firm.
“The excitement was so high that we even had to give the project a code name to ensure that the news didn’t leak too early to our competitors. Project Lolita has been truly invigorating for us all,” he said.
“The older partners in particular really loved the vibe from the Tailors. Working with them and their young start-up team to co-create this has been such a refreshing experience, and I know our clients will be impressed. We really couldn’t see any flaws in their product. It is truly amazing to see the difference it makes to our panel submissions – Project Lolita is truly a differentiator for us,” said Bull.
“As legal tech start-up products go, Invisi-Trac has all the characteristics to succeed tremendously over the coming months,” said Timmy Tailor. “We’ve been invited to speak at heaps of legal technology events, which clearly means we’re on to something. The phone is running hot and we’re having so many meetings at firms to show them what their new contracts could look like with Invisi-Trac.”
The company has recently set up new office space in Shoreditch, London to be closer to their start-up peers.
“We looked at the likes of WeWork but it just felt too corporate for us, and we’re a little strapped for actual real cash to pay for things like staff or offices once the corporate wall stencils were paid for,” said Timmy.
“We found an abandoned shipping container on a building site which really fits with our start-up vibe, and we have heaps of legal trainees still looking for work who enjoy the job titles we’ve been able to give them. Shoreditch is super convenient for us, and law firm partners love being associated with the vibe of the area,” he said.
When asked about their financials to date and future projections, the Tailors remain optimistic.
“Again, the whole revenue thing is also way too corporate for us to focus on. Profit isn’t a motive for us. We’re getting paid to speak at heaps of things, and that is enough until a bigger player buys us out. Being seen as innovators is the really important thing for us,” said Tay.
“We currently measure our success on retweets, clicks, and mentions,” he said.
Not all legal technology start-ups are expected to enjoy the same market entry excitement as Empora, and one of their many differentiators is their understanding of the legal marketplace, and the brothers’ ability to interpret the buying characteristics of this market into their own go-to-market strategies and sales pitches.
“The thing that sets us apart from all these non start-ups is that we really know the law. The industry is second nature to us. We both went to law school for like three years, so that’s six years of legal experience right there” said Timmy.
“We also know how lawyers work and we know what the law firm clients really want. Heaps of our mates from university are trainees, and we’ve met dozens of young associates at legal tech meet-ups, unconferences and hackathons. It all adds up, you know” he said.
Inspired by their new Shoreditch digs, one of the team’s under-utilised developers is now currently working on an app that allows users to find local squatting opportunities for their start ups.
“It’s a really cool app and could be a great future pivot for our company” said Jay.
“The key with all our side projects is to make sure they fail fast, and that we as a company, uphold the mantra of failing often. I for one think that we should look to push the boundaries even further and have the goal of failing every time – that’s could well be our USP. In my mind, as long as we try lots of things, and are formally known as co-founders, we’ll get the respect of the industry and our peers for the moment”.
The future roadmap for Invisi-Trac is also looking promising to those who have seen it, with the achievable goal of fundamentally disrupting and reinventing the way in which law firms approach M&A.
“This is a huge area of the law that our team are super experienced with. The marriage and alimony market won’t know what hit it in the coming months.” said Jay, “Here comes the Tailors with more invisi-stuff to sell to firms who truly want to find a way to impress,” he said.
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About Janders Dean
Janders Dean is a leading legal industry consultancy specialising in providing expert advisory products and services to law firms and corporate in-house legal departments across the globe. Janders Dean’s projects include some of the most innovative and award winning engagements undertaken within the legal industry across the United Kingdom, the United States, South Africa, Latin America, Australia and the wider APAC region. For further information, please contact Janders Dean via email at email@example.com