In a major legal win for eBrevia, leading global law firm Baker McKenzie has selected the artificial intelligence-backed contract analysis tool to be used on M&A and other transactional work for its global clients after a competitive pitch including both Luminance and Kira Systems.
Bakers will use eBrevia across a significant portion of its global due diligence work “delivering accurate and efficient contract review in Asia, North America and Europe.” Bakers’ offices in Hong Kong, Singapore, Kuala Lumpur, Frankfurt, Zurich, Munich, Berlin, Dusseldorf, Vienna, Toronto and Chicago are tailoring eBrevia’s machine learning to individual practice groups and jurisdictions, and plans are already underway to extend the reach of the programme.
As we revealed in March, Bakers led by global director of technology, Dan Surowiec has been conducting pilots with Luminance, Kira and eBrevia and Surowiec told us: “Each have interesting features and strengths. Working through them has been an eye opener in terms of capability and applying that to how we practice, which is the key decision in terms of what works.”
eBrevia’s Contract Analyzer tool extracts key terms from contracts to ensure that they are complied with, Diligence Accelerator work through due diligence search terms, Lease Abstractor does a similar task but within a commercial real estate context and eBrevia also offers bespoke solutions.
Paul Rawlinson, global chair of Baker McKenzie said in today’s announcement: “Digitization, Artificial intelligence and Machine Learning are all very real and the legal industry is right in the middle of the changes they will bring. Being truly innovative means listening to clients and understanding the challenges they face – so we can adapt and make sure the service we provide fits not just for today’s technological challenges but also for the future.”
Baker McKenzie’s Erik Scheer, who chairs the firm’s Innovation Committee, added: “We are applying a broad range of Artificial Intelligence tools for due diligence, contracts, and e-discovery where these technologies can ensure market-leading efficiency. Innovation doesn’t happen overnight – we are always learning more and adapting as we go .Whether this means learning new technical skills or deploying new models for enabling new technology. Clients expect us not just to keep up, but to set the pace.”
eBrevia’s machine learning employs cutting edge artificial intelligence technology to quickly gauge significant and relevant information in lengthy contracts, and its algorithm can be tailored to complement attorneys’ specific expertise and practice areas. In using eBrevia, attorneys become more efficient and produce more accurate work for clients. The AI software’s ability to quickly find and extract deeply buried information amidst complex documents means that attorneys’ time and talents are directed toward the higher value, judgement-based work.