LEGALTECH INNOVATION BY LAW FIRMS
Mondaq reported that Aaron Baer, a corporate/commercial associate with Canadian law firm Aird & Berlis, completed the first known secondment between a leading law firm and legal tech company. Baer was seconded to Diligen, a Toronto-based company that provides AI technology for due diligence and contract review. Baer on AI and the future of law:
- By helping train the Diligen platform on new clauses using machine learning, Baer gained valuable insight and perspective on how broadly legal tech can be used, as well as the possibilities and implications it has on the future of legal services.
- For more holistic delivery of legal services, lawyers need to serve as a piece of the puzzle. The future of legal service delivery involves a diverse group of professionals who leverage technology, bring different skills to the table, and understand their data. The separation between lawyers and non-lawyers (“other professionals”) is breaking down as the legal profession begins to better understand that other professionals bring so much value to the table.
- The way that legal services are provided in the future is going to look a lot different than it does today. There is a real appetite for products leveraging AI to help improve the delivery of legal services especially when these products can add additional value (for instance, project management) in addition to their main focus (for instance, contract review).
- Complex legaltech products should serve clients globally. Given the complexity of many of these products and the incredible amount of expertise required to build complex products, it simply wouldn’t make economic sense if produces were only able to be used locally.
LEGALTECH VC, INCUBATORS & ACCELERATORS
- Legal tech start-up Apperio closed a $10m funding round. The funding will expedite further expansion into the US market. Dentons was an early investor. The latest funding round was led by venture capital firm Draper Espirit, a new investor, and supported by existing investors and fellow venture capital firms Notion and IQ Capital.
NEW LEGALTECH PRODUCTS
At the[ [TechCrunch Disrupt SF Battlefield](https://
- Settlement Insight: Helps legal teams negotiate the best settlement for their clients or companies by extracting settlement values from 35,000 agreements across the U.S. It then groups these values by court, state and other parameters to create comparable databases.
- Contract Favorability Review: Breaks down a contract into different clauses and sections, analyzing each part and
identifying whether it’s in a client’s favor or not. Speeds up document review by identifying missing or added clauses and text.
- M&A Insight: Reads through public and private mergers and acquisitions to create an insight report for advising clients, negotiating transactions and attracting new clients. At one firm, this reduced junior legal effort by 99 percent.
- Court Decision Classification: The AI platform outperformed humans at classifying court decisions – it took the human team six weeks and an undisclosed cost to classify five decisions with 91 percent accuracy, it took the AI platform only two hours and no cost to classify eight decisions with 94 percent accuracy.
- Tax Determination: Revolutionizes legal research for government tax decisions, reducing a process from weeks to minues by taking latent information from physical documents and turning it into a research interface.
- Transactional Contract Automation: Automatically approves contracts when they conform to existing laws and company policies, providing review tools and insights for the in-house teams only when the contract needs a second look.
- Legal Triage: Determines the value of clients by acting as a web interface for public legal questions. Author fielded questions before passing them along to lawyers, reducing time spent to resolve these questions by 43 percent. The firm helped twice as many clients for the same cost and effort and resolved low-value questions with little interaction.
- Financial Advice Compliance: Author highlights where inappropriate or incomplete financial advice has been given by comparing the goals of a client with the financial products they’ve been sold.
The interesting part of the demo video is at minute 1:30