Leading Global Law Firm Baker McKenzie won the Business of Law: New products and Services category award at last night's Financial Times, Innovative Lawyers, Europe Awards, for it's Compliance Cockpit. The firm also received a highly commended award for its work on the Street Children Legal Atlas, alongside the Consortium for Street Children and clients.
The Firm was named among the Top 15 Most Innovative Law Firms in the region, recognized for its forward-thinking work for clients across three categories -- Business of Law, Legal Expertise and Social Responsibility.
These awards are testament to Baker McKenzie's commitment to innovation. Since launching its global innovation strategy in January 2016, the Firm has achieved several significant milestones, including launching client-facing innovation hubs and partnerships in Canada and Germany. Baker McKenzie has also partnered with the World Economic Forum on its Center for the Fourth Industrial Revolution, where firm lawyers spend secondments to learn how to better leverage new technology for innovative developments for the Firm and its clients.
Invented by Baker McKenzie lawyers Nicolai Behr and Franz Leisch, the Compliance Cockpit is a one-of-a-kind holistic risk assessment and risk monitoring tool. Via the Compliance Cockpit, a company can collect all relevant information on the status of the compliance program and the risk exposure of a company from multiple sources. The Compliance Cockpit then automatically collates the data in a holistic database, analyzes the collected information via pre-defined algorithms and presents the results in an interactive dashboard.
Paul Rawlinson, global chair of Baker McKenzie, said: "Innovation is at the very heart of our work for global clients and strategically it is integral to every part of our own business. Being a good lawyer is no longer enough. These awards are proof - our global innovation program addresses changing client needs, new industry dynamics, and the broader role of digitization across the economy. Put simply, that means seeing business challenges through a client lens and helping clients anticipate what's next - that is what it means to be The New Lawyers. I am delighted that our Firm is being recognized by the FT in this way."
Now in its twelfth year of publication, the FT Innovative Lawyers Report has become one of the top legal rankings in Europe and the accompanying awards are widely regarded as the best researched in the market. In 2018, the publication received over 800 submissions and nominations in Europe, from 127 law firms and 60 in-house legal teams and conducted interviews with over 700 clients, senior lawyers, executives and experts to arrive at the final rankings.