International law firm McDermott Will & Emery announced its second $10 million investment into the LegalTech Fund, reinforcing the Firm’s unwavering commitment to innovation and the advancement of artificial intelligence (AI) in the legal industry.
“Since our initial anchor investment in LegalTech Fund in 2021, we’ve been working closely to evaluate hundreds of early-stage GenAI technology companies,” said Ira Coleman, McDermott Chairman. “The transformative power of technology has never been greater and it lines up perfectly with our love of being a disruptor in our profession–always with the goal of delivering the best possible value and results for our clients.”
The LegalTech Fund invests in and supports entrepreneurs who are transforming the legal space. With a portfolio of 65 companies, the Fund connects founders to the right capital partners and acquirers to address the most pressing challenges in the industry.
This investment is another milestone in McDermott’s innovation journey. In September 2024, McDermott hired Christopher Cyrus, the Firm’s Director of AI Innovation, and in December 2024, the Firm was named the Most Innovative Law Firm by the Financial Times. McDermott remains steadfast in its mission to integrate advanced technologies into its operations, fostering a culture of continuous improvement and excellence. The Firm is at the forefront of AI in Big Law, having partnered with the top AI platform providers to deliver market-leading industry solutions. McDermott has developed a market-leading portal called McDermott AI, which uses the latest AI models, custom document, and data processing technologies to reduce the risk of hallucinations. McDermott AI will help facilitate the delivery of hundreds of easy-to-use AI solutions for firm lawyers throughout 2025.
