24 Jul 2019 | 11:00 am | 1 min. read
International law firm Pinsent Masons is currently running a pilot programme with machine learning company Genie AI as it marks its next step in using AI tools for contract analysis.
Since 2012, the firm's Banking Team has been using TermFrame ERA, Pinsent Masons' in-house document review technology platform, to enable extraction, review and analysis of information held in legal documents in a fraction of the time required for manual review. The team hopes to take the firms AI contract review capacity one-step further by joining forces with legal technology start-up, Genie AI
Genie AI, which is part of Barclays Eagle Labs lawtech accelerator, utilises state of the art deep learning and reinforcement learning models to predict the legal language models most suitable for lawyers.
Rafie Faruq, CEO of Genie AI describes its SuperDrafter product as:
"an intelligent contract editor which processes contract data to give novel insights to lawyers".
Commenting further, Rafie said:
“We provide lawyers access to powerful insights from past drafting, enabling law firms like Pinsent Masons to provide a differentiated client experience. We believe AI-assisted drafting, negotiating and review is the future and SuperDrafter enables this to happen in one place.”
Their cutting edge machine learning technology will enable Pinsent Masons to go beyond extraction and review of documents and will enable them to use AI technology to assess contract provisions; ensuring documents contain market standard, and ultimately client standard, provisions.
Lucy Shurwood, Partner, Pinsent Masons commented:
“We believe that Genie will complement our existing suite of legal tech tools by allowing us to add an element of assessment in understanding whether a particular contractual provision is drafted according to, short of or goes beyond market practice, and ultimately whether provisions meet, exceed or fall short of particular client standards based on their preferences and documentation standards. This would provide invaluable insight for us and our clients and give us information that we would otherwise have to manually-review."
"We are excited to expand our trial of Genie AI across our UK Banking Teams and hope that, eventually, AI assessment will be implemented across all transactional services.”
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