Futuristic system has already been put to work on “a number of multi-billion dollar transactions”
National law firm Pinsent Masons has become the latest corporate outfit to embrace the weird and wonderful world of artificial intelligence (AI), all be it with a Brexit-themed twist.
In these uncertain times for the economy, the top legal minds over at Pinsent Masons have been quietly building a
giant robot software system which can help its clients “identify risks” that the United Kingdom’s impending EU exit could pose to their businesses interests.
The system, called TermFrame, can “extract, review and analyse key contract risks, and provide actionable risk reports”, for the firm’s lawyers and clients. The new AI kit — which has taken years to develop — has already been used on a number of “multi-billion dollar transactions”, according to the firm.
Clare Francis, a partner in the commercial team at Pinsent Masons who has led on the development of the new system said:
In the uncertain world of Brexit, our clients have asked us how best to manage the risk posed by that continuing uncertainty through their contracts and we wanted to develop a truly comprehensive response. By leveraging the firm’s various technologies we can build certainty, efficiency and consistency into an overall solution. That enables clients to guard against risks but also consider what competitive advantage can be gained through astute contracting. The result is an altogether better outcome for the client.
Pinsent Masons is now rubbing shoulders with a number of other top firms who have embraced AI software in one form or another.
Back in September, magic circle giant Freshfields Bruckhaus Deringer revealed it was joining both Clifford Chance and DLA Piper in signing up to an AI system known as Kiara. Meanhwile — just two weeks before Freshfields’ announcement — uber-traditional law firm Slaughter and May confirmed it had punted for a self-learning software package called Luminance. This followed Linklaters‘ decision earlier this summer to team up with a computer called RAVN, which, according to the firm can undertake a number of automated tasks.