Developed in conjunction with tech start-up RAVN, BLP’s ‘contract robot’ can complete legal work which would take a team of paralegals and associates months to do within seconds.
It is currently assisting the firm’s real estate team. Called LONald, the robot extracts data from Land Registry documents and enters it into a spreadsheet in the same way staff would do.
It cross-checks data points to remove duplicates and then uses the spreadsheet to send queries out.
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For example, it can send an enquiry to Companies House to check if the address in the document matches the company number.
If the address is out of date, the robot will flag it for review.
The team will then consider all flagged documents in one go at the review stage.
Victoria Blanchard, consultant at BLP said: “It converts unstructured data (e.g. contracts, official copies) into structured output (e.g. a spreadsheet), in a fraction of the time it takes a human (a few seconds) and with a higher degree of accuracy.
“The lawyers then do the higher level strategic review to make sure nothing is missed,” she said.
Peter Wallqvist, managing director at RAVN Systems, said the use cases are unlimited: “In addition to law firms implementing a variety of automated review processes, RAVN is working with organisations from the media, telecoms, professional services and financial services sectors to revolutionise their handling of unstructured data.
“Use cases include automated due diligence, document review, contract assurance, governance and financial instrument processing,” he said.
Linklaters and Pinsent Masons are also investing in AI to help automate mundane tasks usually preserved for more junior lawyers.
Read More – Source: Legal Firms Hire AI Robotic Assistants