Lex Mundi, and Diligen, an award-winning artificial intelligence (AI)-based contract assistant, announced a partnership today. Lex Mundi’s 160 member law firms will be able to leverage Diligen’s AI and machine learning capabilities to review contracts faster and more accurately, thereby improving workflow efficiencies and gaining competitive advantage.
Lex Mundi member firms that conducted use case trials over the last six months, including Jankovic, Popovic & Mitic (JPM) and Simpson Grierson, found that using Diligen to analyze and sort documents—extracting information quickly and easily—took some of the drudgery out of the otherwise manual work.
Using the latest machine learning algorithms, Diligen allowed JPM to review thousands of complex documents at a time, streamlining legal diligence and freeing its associates to do less mundane work. The firm estimated that the technology provided the team with average time-savings of 25% and sometimes cut hours by 30% to 40% depending on number, structure, and complexity of documents.
JPM’s Managing Director, Nemanja Stepanovic said, “Technology in the legal field now has the ability to help us achieve greater efficiency, completing review in less time and at a competitive price. It saved us time and cut labor, at times allowing us to do in five days what used to take two weeks.”
Increased technology demand from Lex Mundi member firms
“In a recent survey of member firms, we found that 86% strongly believed that law firms that are more innovative users of technology will have a competitive advantage. As an organization, we place great importance on helping our member firms drive change through continued innovation,” said Gordon Vala-Webb, Senior Advisor, Technology and Innovation at Lex Mundi. “Diligen fulfilled our key needs from both a product and service perspective. It’s a natural technology offering for those looking to change the way they approach the tedious and manual contract review process.”
“As a former practicing lawyer, I saw a big opportunity to help law firms overcome some of the manual processes and procedures that often hindered their ability to differentiate. AI enhances the work that lawyers do so that they can get back to practicing law in a more strategic way,” said Konrad Pola, Co-Founder and CEO of Diligen.
Diligen was named as one of the AI leaders for 2018 by The National Law Journal. The company was also identified by Analytics Insight as one of The 10 Most Promising Artificial Intelligence Companies, and was a finalist in the 2018 AI Legal Challenge sponsored by The Ontario Ministry of the Attorney General and the Legal Innovation Zone.
From small legal teams to the largest law firms and corporations in the world, Diligen is a contract assistant powered by AI that provides high quality contract review, helping to cut review time in half by automatically identifying key provisions, generating summaries and helping teams manage the contract review process. Diligen’s AI platform has been trained by experienced lawyers and allows legal teams to tackle the increased volume of contract review without adding additional resources, or requiring current resources to work around the clock. For more information about Diligen, please visit www.diligen.com.
About Lex Mundi
Lex Mundi is the world’s leading network of independent law firms with in-depth experience in 100+ countries. Lex Mundi member firms offer clients preferred access to more than 21,000 lawyers worldwide – a global resource of unmatched breadth and depth. Each member firm is selected on the basis of its leadership in – and continued commitment to – its local market. The Lex Mundi principle is one independent firm for each jurisdiction. Firms must maintain their level of excellence to retain membership within Lex Mundi.
Through close collaboration, information-sharing, training and inter-firm initiatives, the Lex Mundi network is an assurance of connected, on-the ground expertise in every market in which a client needs to operate. Working together, Lex Mundi members are able to handle seamlessly their clients’ most challenging cross-border transactions and disputes.
Member law firms are located throughout Europe, the Middle East, Africa, Asia and the Pacific, Latin America and the Caribbean and North America. Through Lex Mundi’s nonprofit affiliate, the Lex Mundi Pro Bono Foundation, members also provide pro bono legal assistance to social entrepreneurs around the globe.