Akber Datoo, chief executive and founder of D2 Legal Technology (D2LT), has been recognised in the prestigious Financial Times Intelligent Business accolades 2019 as one of the top ten market shapers of the year, ‘bringing change to the way we do business’, with the firm itself winning an award in the data strategy category and shortlisted in the automation category. He is an inspiration for young Khojas to look up to.
D2LT was the category winner of an accolade for reforming the OTC derivatives industry through the creation of a legal agreement data standard, digitising the International Swaps and Derivatives Association (ISDA) Master Agreement – a document that Time Magazine once described as the most important financial document of the last thirty years. The company helps its clients to optimise their trading decisions, meet regulatory reporting requirements, reduce legal risk and improve their operational efficiency through legal change and data. It has developed ‘a clause library to streamline contract negotiation’ using ‘AI-enabled software’.
Alongside its work with ISDA, D2LT has also recently worked with major banks in the UK, US and Asia Pacific regions.
Cutting legal costs by 40%
D2LT was also a runner-up in an accolade recognising excellence in using automation to reduce the cost of using outside counsel. D2LT ‘developed a platform for [leading investment banks to obtain] legal opinions on the enforceability of close-out netting and collateral in master trading agreements, which reduce the [regulatory] capital required to comply with banking rules.’ The work is an excellent example of the transformation of the legal profession through process optimisation and use of technology enablers to create business value whilst reducing legal risk and costs.
Business inspiration to young Khojas
The Financial Times also praised Akber Datoo’s career, stating how he was ‘one of the first people to be convinced of the importance of data to the sector and to work out ways to harness it to create value for clients.’
Since 2011, he has expanded his company from a one-man consultancy to a global firm with over 100 consultants across the UK, US, Hong Kong and Australia. He is a real example of Khoja entrepreneurship and excellence, and young members from the community should look to him for inspiration.
Read more about Akber Datoo here.