(Reuters) - Legal tech company LawAdvisor is unveiling two new products for corporate legal departments and law firms with the help of Barclays plc and several law firms, including Bird & Bird.

The London-based company said it worked closely with a "steering group" that included the financial services giant and other international law firms such as Paul Hastings, Allen & Overy, Simmons & Simmons and Ashurst to get a better sense of challenges facing the legal industry.

The new products, which are customizable, have already been available to a select group of LawAdvisor's clients, said Brennan Ong, the company's CEO and founder. With Tuesday's launch, the products are more widely available.

One, LegalEye, aims to manage the relationships between law firms and in-house legal teams by tracking their interactions and generating insights. Ong, in a statement, said the company "sought to create a solution which would cater to the needs of corporate legal departments, and benefit the wider industry."

The company in its announcement said early predications suggest the tool could save lawyers on both sides between 40% and 60% of the time they spend on managing tenders, depending on the complexity of the matter.

The other product, a legal project management system called Fibonnaci, is already in use at Bird & Bird. The firm's CEO, David Kerr, said the product "generates significant efficiencies allowing lawyers to better focus on the substantive legal issues and improve our working relationship with clients."

LawAdvisor launched in Australia in 2015 with an initial goal of improving access to justice before turning to corporate products. The company counts as one of its backers Lars Rasmussen, the co-developer of Google Maps, the company said.

Ong highlighted the industry collaboration with Barclays and access to its panel law firms as an important part of the development of the new products.

Barclays is onboarding six firms it works with to the LegalEye platform, with the rest of the firms to follow suit in March, LawAdvisor said in its announcement. Paul Branscombe, legal change director at Barclays, in a statement said its work with the company "is an exciting leap forward for us and our law firms that creates efficiencies for us all and streamlines the way we work."