Baker McKenzie was awarded second place in this year's STP Legal Innovation Award in the 'product' category. The award ceremony took place on June 21, 2018 in Schloss Bensberg in Bergisch Gladbach.
The award-winning product is a cartel damage compensation tool created by a team of lawyers and economists, led by Baker McKenzie partners Prof. Dr. Jörg Risse und Dr. Heiko Haller, both in the Dispute Resolution Practice Group. The tool enables users to estimate damages caused by price fixing or other antitrust behavior.
"Our cartel damage app helps to calculate antitrust damages and enables estimates of the value of a claim against cartel members," comments Jörg Risse, pointing to the firm's approach on legal tech: "We are constantly looking for solutions that already work today and provide our clients or third parties with effective benefits."
The cartel damage compensation tool also fits into a broader context which the firm is currently pursuing: procedural risk analysis. This makes legal decision-making processes transparent using decision trees. It helps to quantify individual risks and to convert them into a current exposure value in simple calculation steps. Both, the cartel damage compensation tool and the procedural risk analysis make it easier to assess and evaluate opportunities and risks in litigation.
The STP Legal Innovation Award, which was awarded in its second year, aims to raise awareness of new technologies, future ways of working and legal tech in Germany. Legal Departments, law firms and legal service providers participate in three categories - "product", "process" and "special". The international expert jury, which evaluated the projects, is composed of law schools, publishers, corporate lawyers and law firm representatives.