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. Baker McKenzie’s collaboration with LexPredict and deployment of this tool is custom-designed to match the very specific needs of Baker McKenzie’s global clients.
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, ContraxSuite 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.
Ben Allgrove, an R&D Partner 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.”
Mr. Allgrove went on to say, “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.”
This project demonstrates the advantages of ContraxSuite’s open source platform approach relative to other fixed “products” in the market. Learn more about ContraxSuite here.
Baker McKenzie’s full press release is available here.