Updated: Feb 3
Baker McKenzie has significantly enhanced its bespoke legal tech offering by partnering with ContraxSuite by LexPredict, an open-source contract analytics and legal document platform. Crucially, the Firm's collaboration with LexPredict and deployment of this tool is custom-designed to match the very specific needs of Baker McKenzie's global clients. Put simply, ContraxSuite uses AI and human input to augment and integrate the user’s experience with the documents they are working with. Combining a lawyer's talent with legal tech, the tool aims to increase efficiency and accuracy by analyzing contracts, extracting key information, automating certain alerts and reports, creating document comparisons, and revealing trends in contracting. A significant step in bringing next generation contract analytics to the market, this collaboration will modernize and improve the contracting process for mid to high-volume contracts for Baker McKenzie's clients. The software covers many aspects of the contract process, including intake, pre-review, standardization, and post-review analysis. R&D Partner, Ben Allgrove, who chairs Baker McKenzie’s Innovation Committee explains: “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. This bespoke software reduces the time associated with reviewing legal documents and redirects our human talent to high-value work. " 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 analyze their matters." In the last 18 months Baker McKenzie has made 7 major tech deployments or expansions. In 2017 the Firm rolled out e-discovery tool, Relativity, in a move unmatched by any other law Firm in its scope of direct global deployment. Last year the Firm also 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. Earlier this year, the Firm partnered with Barclay Eagle Labs, a new law-tech initiative to help transform the legal industry. Elsewhere the Firm partnered with LitiGate, a Tel Aviv-based legal tech venture, to develop and test a litigation platform that uses AI to automate legal research and argument assessment in relation to High Court applications. This month, Baker McKenzie partnered with the Accord Project to assist in the development of industry-wide standards for smart legal contracts. As part of the Firm's wider global innovation strategy to redesign the future of law, last week the Firm announced the appointment of David Cambria to lead the Firms global Legal Operations and employ strategies for pricing, legal project management, and other commercial activities that are closely matched to increasingly sophisticated client needs and expectations.