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Innovation within the legal sector is exemplified by a number of initiatives driven by law firms

In Australia, law firm Gadens has launched RegTech, an innovative online platform based primarily on a reporting system for potential regulatory non-compliance issues that will assist Australian financial services institutions.

Through RegTech, it streamlines the process of gathering information, assessing and reporting potential regulatory issues on an online platform, enabling financial services institutions across the country to ensure defensible, timely and cost-effective compliance with key new regulations.

In this way, Gadens aims to ensure quality service and strict compliance with the regulations in force in the country. This programme is driven by Lawcadia, an Australian legal technology company, which is powered by a Lawcadia Intelligence smart engine, launched in October 2020.

"We have designed Gadens Breach Manager so that our time-consuming clients can efficiently gather the right information in a protected environment, assess which of the seven overlapping regimes the potential problem may fall under within the legal timeframe, and then get free in-house advice or for a fixed low external fee. The client has full control from an audit point of view and can choose to tailor the platform to their internal needs," said Liam Hennessy, director of Gadens. 

Lawcadia founder and CEO Warwick Walsh was enthusiastic about the new platform: 

"Since we launched Lawcadia Intelligence, we have been excited to see the different use cases that both in-house legal teams and law firms have come up with for our platform. I'm incredibly impressed by what Gadens has done with the platform for their key focus area of financial services and helping their clients".