Baker McKenzie Deploys Bespoke AI to Enhance M&A and Transactional Practices
- Baker McKenzie will initially employ new Artificial Intelligence tools in 11 offices across 3 continents as part of a worldwide roll-out plan
- Faster , more comprehensive contract review on M&A and other transactional work
- Indicative of legal industry's need to adapt and differentiate
Leading global law firm Baker McKenzie today announced the selection of eBrevia as its main Artificial Intelligence (AI) tool of choice to be used on M&A and other transactional work for its global clients.
The Firm will combine its legal expertise with the software provider's industry-leading artificial intelligence to assist in performing contract analysis across a significant portion of its global Due Diligence work delivering accurate and efficient contract review in Asia, North America and Europe. Baker McKenzie offices in Hong Kong, Kuala Lumpur, Singapore, Frankfurt, Munich, Berlin, Dusseldorf, Vienna, Zurich, 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 program globally.
Paul Rawlinson, global chair of Baker McKenzie says: "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 Innovation Committee says AI is also about using smarter ways to make the very best of lawyers' time and talents: "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.
Earlier this year Baker McKenzie launched its global innovation committee and pioneered the Design Thinking approach globally at a law firm. Today's announcement is testament to the Firm's long-term innovation framework which includes Machine Learning, Services Transformation and Technology Investments.