Palantir (PLTR) Enters Collaboration with Akin Gump for New Legal Service

February 18, 2021 7:08 AM

Palantir Technologies Inc. (NYSE: PLTR) and Akin Gump Strauss Hauer & Feld LLP announced today they have collaborated to introduce Akin Gump’s RegSpot, a new legal digital services platform powered by Palantir’s Foundry software that will allow Akin Gump’s clients to access innovative solutions to meet their legal needs.

This collaboration marks a unique use of Palantir’s Foundry software in the legal industry. By leveraging Foundry’s world-class security functionalities, low-code interfaces and auditing features, RegSpot will enable end users to access novel, software-driven solutions to complex legal and compliance processes. Clients will be able to quickly manage previously complex and time-intensive compliance obligations using automated data solutions, while also securely collaborating with Akin Gump in a single decision-making platform.

“Palantir has a long track record of deploying technology to solve the world’s hardest problems,” said Palantir COO Shyam Sankar. “We are excited for another example of how our customers are able to configure SaaS offerings for their own customers on Foundry at remarkable speed.”

Palantir Foundry is currently used by other customers for compliance functionalities such as anti-money laundering regulation and fraud detection. Its built-in auditing and data protection features have made it particularly well suited to complex data environments with stringent security requirements. This is especially crucial in the legal world, where the strictest confidentiality is necessary.

The first RegSpot module that will be launched is an innovative tool built to support Akin Gump’s clients’ diligence efforts required to comply with U.S. government trade restrictions against certain transactions involving “military end use/users” in specified countries. This "MEU Tool, powered by Palantir," streamlines the due diligence process of collecting, reviewing, and storing information using the unique advantages of the Palantir Foundry platform, while leveraging Akin Gump’s capabilities to assess and respond to the legal risks posed by particular transactions.

“With the increasing complexities of U.S. export controls, companies face the daunting task of conducting sufficient due diligence to identify and respond to red flags,” stated Tom McCarthy, head of Akin Gump’s international trade practice. “The MEU Tool helps provide an auditable process that promotes consistency, reduces human errors, and serves as a recordkeeping tool to demonstrate a company’s compliance efforts. This function is critical as companies face increasing scrutiny from regulators in an ever-changing legal landscape.”

Palantir and Akin Gump will utilize their combined domain expertise and collaborate to develop additional offerings on RegSpot. Going forward, they plan to make additional offerings available on RegSpot, each addressing a unique, data-intensive compliance or regulatory need.

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