Magic Circle Firms Collaborate on Standardised NDA
Several prominent multinational firms and businesses have come together to help create a universal NDA.
Three magic circle firms are supporting an initiative to create a “universally standardised” template for non-disclosure agreements.
The OneNDA project lists Allen & Overy, Linklaters and Slaughter and May as part of its drafting group. Major non-UK firms Norton Rose Fulbright and Gilbert + Tobin are also represented on the team, along with Ashurst.
In addition to the aforementioned law firms, in-house counsel from a range of companies are also helping to contribute to the project, commenting on the NDA template as it develops and committing to adopt it once it has been finalised.
Companies involved include Airbus, American Express, Barclays, Bupa, Deliveroo, Ernst & Young, UBS and several Coca-Cola subsidiaries.
The OneNDA initiative was co-founded by Electra Japonas and Roisin Noonan, CEO and COO of The Law Boutique respectively. It aims to have approved a standardised NDA template by the week commencing 10 May and to have attracted 1,000 partner companies by the end of the year.
The initiative hopes that the introduction of a standardised NDA will provide greater commercial protection without unnecessary delay and minimise the potential for friction between parties beginning a business relationship. It will also reduce the need for repetitive, rudimentary legal work.
“The most exciting bit about it is seeing the legal community really pull together in such an incredible way, from law firms to in-house counsel to legal tech vendors,” Japonas said. “The support has been unbelievable … it’s amazing to see how committed we all are to making this happen.”