Big Law is Automating Legal Services!?

Big Law is often ripped for failing to adopt technology that would create greater efficiency in services.

But two little-noticed announcements earlier this month show a few players in the legal sphere are more than willing to jettison the traditional business model and automate services — for the right client.

This month, Allen & Overy and Axiom both announced they have developed proprietary software platforms to help banks prepare for a swath of new regulations on over-the-counter derivatives expected to take effect by 2017.

The regulations come as part of a global push by financial regulators to create new safeguards such as higher collateral requirements on uncleared ...