Revolut, the UK-based fintech recently granted a banking license, has implemented a significant transformation in its management of outside legal counsel. The company has replaced its traditional law firm panel with a dynamic, performance-driven system that prioritizes global, specialist, and local law firms based on their suitability for specific mandates.

The new model employs artificial intelligence to match legal tasks with the firms best equipped to handle them. This matching process evaluates a range of factors, including each firm’s prior experience with similar cases, competitive pricing, and the extent to which they adopt legal technology. Revolut’s in-house legal team systematically provides feedback on completed assignments, rating firms on responsiveness, speed, and cost efficiency.

This continuous evaluation feeds into the AI-driven scoring system, which keeps the firm rankings updated in real time. Additionally, the platform is designed to identify potential issues such as unexpected scope expansions or billing irregularities, helping to mitigate cost overruns and enhance transparency.

By shifting to this data-driven approach, Revolut aims to boost efficiency in its legal operations while fostering accountability among its external advisers. This overhaul reflects a broader trend in the legal industry toward leveraging technology to optimize outside counsel relationships and control costs, particularly within rapidly evolving sectors like fintech.