Travers Smith has become the latest City firm to trial RAVN’s machine learning-based due diligence tool RAVN ACE.
The highly profitable UK top 40 firm began running a pilot with RAVN around a month ago within its corporate department, for a case that involves a heavy amount of due diligence.
While the pilot is not complete and nothing has yet been signed, it is understood that the pilot is going well.
Travers follows in the footsteps of only a handful of firms including Linklaters, which earlier this year signed a master services agreement with RAVN but has yet to actively deploy its solution within the firm.
Berwin Leighton Paisner last year became the first law firm to sign up to RAVN ACE and is using the solution to search Land Registry documents in order to issue light obstruction notices. It is anticipated that RAVN ACE will be rolled out more widely within the firm’s flagship real estate department and to other practice areas.
Speaking to Legal IT Insider last year, RAVN’s co-founder and managing director Peter Wallqvist, said: “Many law firms have clients in the financial sector that want everything done yesterday, including due diligence. If there are two law firms on the panel and one can say it will take three weeks rather than nine weeks, that’s a big selling point.”