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It has recently been announced the birth of LegalEye, a platform promoted by Barclays and Legal Advisor, which allows law firms and legal advisors to share work and ideas efficiently, creating interesting synergies between these two areas of the legal sector 

So far, six law firms have joined the platform. They include Allen & Overy, Simmons Simmons, Bird & Bird, Ashurst and Paul Hastings.

This innovative platform seeks to develop trust, increase transparency and open lines of communication between the various relevant actors in the legal sector. 

LegalEye also aims to reduce the time spent by lawyers. According to the statement published by LawAdvisor, this platform could save lawyers, both in-house and in law firms, between 40% and 60% of the time they spend managing tenders, "depending on the complexity of the matter".

The initiatives come as many general counsel feel that their law firms are not proactively offering them technology solutions, and they are often "left in the dark" about law firm technology solutions.

Through LegalEye, law firms will be able to improve: 

- In determining the scope of matters and estimating costs, based on existing expertise, past work and industry pricing data.

- Understanding the scope of the proposed assignment/transaction.

- In predicting the legal spend, with an insight into the potential risks to the scope of the issues and cost overruns.

- In speeding up the tender process with automated workflows that align with key deadlines and events.

It is expected that during the first quarter of this year, more than 150 law firms will join this unique project.