Global law company Elevate today announced the acquisition of enterprise legal AI technology and consulting firm LexPredict. The move combines the comprehensive legal services offering of Elevate with the data science team and AI engine of LexPredict, creating more sophisticated technology-enabled solutions for law departments and law firms.
“Elevate and LexPredict have been collaborating closely for over a year, leveraging AI to improve speed and accuracy in M&A due diligence and contract analysis for Cisco,” says Pratik Patel, VP of Innovation at Elevate. “We’re merging our businesses to increase the pace at which we are integrating AI into our enterprise legal management suite, Cael ELM and collaborating on solutions that are ‘AI + HI’ – artificial intelligence plus human intelligence.”
The Elevate-LexPredict team will build upon the AI-enabled contracts repository management, abstraction and search they have already developed together, adding AI-enabled intake, assessment and workflow. They will also focus on bringing increased efficiency to regulatory work including LIBOR, GDPR and Brexit by combining enabling AI technology with managed services. They also plan to develop AI‑enabled tools for outside counsel billing guideline compliance and predictive modelling for pricing and planning of litigation and transactional matters.
“The most comprehensive solutions often require the integration of multiple disciplines,” said Dan Katz, Co-Founder and Chief Strategy Officer of LexPredict. “Joining forces with Elevate is the most effective way to bring those solutions to market more quickly, by combining the engineering and data science of LexPredict with the award-winning legal services of Elevate.”
About Elevate Services, Inc.
Elevate is a global law company, providing consulting, technology and services to law departments and law firms. The company’s team of lawyers, engineers, consultants and business experts extend and enable the resources and capabilities of customers worldwide. Elevate is the most-used law company according to the 2017 State of the Industry Survey published by the Corporate Legal Operations Consortium (CLOC) and has been ranked as a top global legal services provider by Chambers & Partners for four years in a row. Elevate was also ranked on the Inc. 5000 Fastest Growing Private Companies list for two years in a row, including No. 53 in 2016. More at elevateservices.com
LexPredict is an enterprise legal technology and consulting firm, specializing in legal analytics, legal data science and training, risk management, and legal data strategy consulting. Spanning people and processes, software and data, and execution and education, LexPredict empowers better organizational decision-making for corporate legal departments and law firms. More at lexpredict.com