Baker McKenzie steps toward next-generation contract analytics

The partnership is tailored to the specific needs of the firm’s clients in Australia and beyond

Baker McKenzie steps toward next-generation contract analytics

Baker McKenzie has taken a significant step in bringing next-generation contract analytics to the market with a new partnership forged with an enterprise consulting and technology firm.

The global law firm has partnered with ContraxSuite by LexPredict, an open-source contract analytics and legal document platform. The partnership and deployment of the technology has been tailored to the specific needs of clients around the world, the firm says.

“Our clients expect us to foresee their business challenges and anticipate what’s next – and by combining our legal expertise with technology, we are doing just that,” said research and development partner Ben Allgrove, who chairs the firm’s innovation committee.

The custom software reduces time spent on legal document review, making sure human talent is focused more on high-value work, he said. ContraxSuite uses AI and human input to augment and integrate the user’s experience with the document they are working on.

It combines lawyer talent and legal technology to increase efficiency by analysing contracts, extracting key information, automating certain alerts and reports, creating document comparisons, and revealing trends in contracting, Baker McKenzie said.

The technology covers numerous contract review processes, including intake, pre-review analysis, standardisation, and post-review analysis. Baker McKenzie said that it will modernise and improve the contracting process for mid- to high-volume contracts for clients.

"We have to travel at world speed, at clients' sectors' speed – not our own speed.  Because one thing is sure, the market will kill those who don't adapt, those who are not resilient. Clients expect law firms to embrace technology in order to work smarter and be more efficient, but also to be able to help them forecast, better manage their affairs and analyse their matters,” Allgrove said.

Last year, Baker McKenzie rolled out machine learning worldwide through its Relativity e-discovery tool. It also selected eBrevia last year as its AI tool of choice to be used on M&A and other transactional work for its global clients.

This year, it partnered with legal tech initiative Barclay Eagle Labs. It also agreed to develop and test a litigation platform that uses AI to automate legal research and argument assessment in cooperation with Israeli legal tech venture LitiGate. The firm has also partnered with the Accord Project to for the development of industry-wide standards for smart legal contracts.

Last week, Baker McKenzie appointed David Cambria as global director of legal operations. He will employ strategies for pricing, legal project management, and other commercial activities as the firm continues to focus on changing client demands.

 

Related stories:
Here are Asia-Pacific's strongest law firm brands
Global firm rolls out machine learning worldwide
Global firm says it has most women partners following promotions

 

Recent articles & video

Dentons announced as legal partner of Australian Sporting Alliance for People with Disability

Banking and finance expert joins Msquared Capital as GC

Macpherson Kelley moves to new space in Sydney

Holding Redlich decorated in first-ever Best Law Firms – Australia

Thomson Geer partner: Bruce Lehrmann suit teaches a lesson about bringing unmeritorious claims

Australian Ethical picks up Altius Asset Management with KWM's guidance

Most Read Articles

Thomson Geer partner on the biggest impact of the Bruce Lehrmann defamation ruling

Thomson Geer partner: Bruce Lehrmann suit teaches a lesson about bringing unmeritorious claims

G+T guides Mitsubishi UFJ Trust and Banking on $2.1bn pickup of Link Group

HWL Ebsworth reveals new leadership and management structure