Our parent company Elevate announced today that its legal AI platform ContraxSuite has been selected by Clifford Chance to power its new data science lab. Building on the firm’s existing AI capabilities, Clifford Chance will use ContraxSuite to provide new solutions for its clients, enabling more efficient handling of legal matters that involve complex document analysis.
The ContraxSuite AI tool set reduces the human time and effort involved in analyzing legal documents, enabling Clifford Chance to refocus lawyers on aspects of the work that humans are better equipped to do. By augmenting human expertise with AI tools, the resulting gains in efficiency and accuracy will ultimately provide better, more valuable outcomes for the firm’s clients.
“Our clients will benefit from the efficiency, power, and flexibility of a legal AI tool set that is already configured to solve many known problems,” says Paul Greenwood, Chief Information Officer at Clifford Chance. “ContraxSuite’s flexibility, coupled with ready access to experts in legal AI and data science at Elevate will enable us to build a wide range of AI-powered solutions, many of which haven’t even been contemplated yet.”
“We designed ContraxSuite as a set of modules that can work with each other in many different ways,” explains Dan Katz, VP of Innovation and Data Science at Elevate. “For example, the system has a customizable UI, a module for natural language processing (LexNLP), a module for analyzing the SEC’s public database (OpenEDGAR), and several other tools, all of which can be used in different combinations. This architecture enables faster, more nimble solutioning than many typical standalone products.”
Before selecting ContraxSuite, Clifford Chance used the software to complete a real-world project for a global banking client. Among ContraxSuite’s pre-configured solutions are several customized for banking and finance, including LIBOR-related analysis and remediation.
Greenwood notes that Clifford Chance reviewed other leading products and chose this technology platform in part because of its advanced data security architecture. The pilot project for the firm’s banking client demonstrated that ContraxSuite’s data security meets the most stringent client data security requirements, including one of the world’s largest banks.
Elevate is a global law company, providing consulting, technology and services to law departments and law firms. The company’s team of lawyers, engineers, consultants and business experts extend and enable the resources and capabilities of customers worldwide. In November 2018, Elevate acquired LexPredict, the legal AI technology consultancy that created ContraxSuite. Elevate is the most-used law company according to the 2017 “State of the Industry Survey” published by the Corporate Legal Operations Consortium (CLOC), and has been ranked as a top global law company by Chambers & Partners for the past five years in a row. It has also been ranked among the Inc. 5000 Fastest Growing Private Companies, including No. 53 in 2016. Find out more at the Elevate website.
About Clifford Chance
Clifford Chance is one of the world’s pre-eminent law firms with significant depth and range of resources across five continents. As a single, fully integrated global partnership, we pride ourselves on our approachable, collegial and team-based way of working. We always strive to exceed the expectations of our clients, which include corporates from all commercial and industrial sectors, governments, regulators, trade bodies and not-for-profit organizations. We provide them with the highest-quality advice and legal insight, which combines the firm’s global standards with in-depth local expertise. Find out more at www.cliffordchance.com.
The full press release from Elevate is available here.