Milos Kresojevic from Freshfields Bruckhaus Deringer gave the attendees at the AI Summit in New York an insight into how they, as a large law-firm, applies AI to enhance and improve their services.Delivering his speech “AI and Big Law at Freshfields”, Kresojevic started off by outlining how Freshfields applies AI, and in what areas.
Freshfields uses a software from “Kira” for mergers and acquisitions due diligence and other contract analysis, as well as teaching the software to “read” languages, other than English. In addition to “Kira”, Freshfields also uses “Leverton” in their real estate practice, and Kresojevic said that they are both contributing to make their work a lot more efficient.
Another use-area of AI Kresojevic spoke about, was the use of technology-assisted review in litigation and investigations, particularly applying predictive coding in their US offices. “We are also building a global centre of expertise to make advice on technology assisted reviews an even more integral part of our client service”, Kresojevic said.
‘Smart apps’ Using Expert Logic:
Freshfields explained how they are using Neota Logic, an expert logic solution, in order to automate a labour-intensive part of the multijurisdictional filing process for the ACT practice. Kresojevic said that once the app is fully tested, they wish to look into applying it in other databases to create similar apps.
Smart Document Generation:
Kresojevic explained that Freshfields is also applying smart document generation in the capital markets context, as this allows lawyers to concentrate on more nuanced drafting and negotiating.
Blockchain and Smart Contracts:
Blockchain technology underpins bitcoin and removes the need for a trusted intermediary in financial transactions. It also enables the use of smart contracts (coded contracts that are essentially self-executing). Freshfields is applying this technology to advise clients on the legal and regulatory aspects of blockchain.
Semantic Web Technologies:
Kresojevic told that Freshfields is currently working with the University of Manchester’s Computer Science School in order to find a way of using semantic web technology to enable effective universal searching.
This is due to the semantic web creating a framework for data to be commonly defined and then shared, even where knowledge systems are not integrated, Kresojevic explained.
Following this, Kresojevic explained that for Freshfields it’s not just about the technology, as it extends to everything they do in business.
The use areas spring from products and propositions, pricing and billing models, technology solutions, talent structures, knowledge management approaches and new service lines.
Kresojevic gave the audience an insight to their overall experience of applying AI and what they have learned from this, seeing how and where these applications can be beneficial for a law firm. Their use of “Kira” have given them “out of the box provisions”, efficiency gains, governance of provisions, use cases beyond Corporate DD and the ability to teach in other languages.