Post by @EmilioMatthaei:
Fact finding as part of legal due diligence is a time-intensive process – that is, when done manually. Disruptive technology can accelerate this task, leading to a more efficient legal review. This allows lawyers to focus on the assessment of the core legal issues.
Legal fact finding is primarily still done manually – i.e. by flipping pages. Such manual procedure is not only tedious and monotonous, but also very time-consuming. As a consequence, legal due diligence requires a great amount of legal personnel, thereby increasing legal expenses for the client. And, even more critically, manual fact finding is very prone to errors, which can lead to significant malpractice suits.
Outsourcing of fact finding process
To avoid such a scenario and guarantee a fast and efficient due diligence, a growing number of top tier law firms is outsourcing the fact finding process. This not only shifts the lawyers’ tasks back to the assessment of core legal issues, but also puts the law firm at a competitive advantage. Law firms can offer a more attractive product by maximizing the client’s benefit: legal advice can be given in less time, which enables clients to sooner start the financial assessment of a potential investment.
Technology accelerates due diligence by up-to 75%
Top tier law firms work with LEVERTON to facilitate a faster due diligence by using machine learning / deep learning technologies. The intelligent platform with its disruptive algorithms allows for an efficient text analysis and information extraction – more accurate, more complete, and up to 75% faster than a traditional manual review.
Intelligent platform is multilingual, transparent and collaborative
LEVERTON’s intelligent platform can be used in more than 20 languages and dramatically enhances the management and processing of documents from industries such as real estate and finance. Following the fact finding exercise, important data discrepancies in the documentation become instantly visible. Documents missing from a file are identified and can be sourced across different stakeholder / user groups through a ticketing functionality.
Artificial Intelligence adds value – for lawyers and clients
Such structured data processing allows for a focused legal due diligence with increased transparency. The fact finding exercise is reduced to a minimum, and the legal work becomes generally more meaningful. As a result, law firms can grant their clients access to all structured data in the LEVERTON Viewer. This also enables clients to use a perfectly equipped data room that can then be shared with other stakeholders and for multiple purposes.
Our guest author Emilio Matthaei is CEO of LEVERTON. As a passionate data strategist, entrepreneur, ex-banker and researcher Emilio revolutionizes how individuals work with data and documents. LEVERTON develops and applies disruptive deep learning / machine learning technology to extract and manage data from corporate documents in more than 20 languages. Global clients such as Bilfinger, Clifford Chance, Deutsche Bank, Goldman Sachs, JLL and STRABAG trust LEVERTON’s smart data solution which enables a web-based contract management with the highest data security.