beyond the hype: artificial intelligence in law firms and ... · management • centralized...
TRANSCRIPT
![Page 1: Beyond the Hype: Artificial Intelligence in law firms and ... · Management • Centralized Repository • Document, Email, Records • Governed, Secure • Where Work Gets Done](https://reader033.vdocuments.site/reader033/viewer/2022060207/5f03d8aa7e708231d40b0db5/html5/thumbnails/1.jpg)
Beyond the Hype:Artificial Intelligence in law firms
and what the future holds
Multilaw – Lisbon 20 October 2017
![Page 2: Beyond the Hype: Artificial Intelligence in law firms and ... · Management • Centralized Repository • Document, Email, Records • Governed, Secure • Where Work Gets Done](https://reader033.vdocuments.site/reader033/viewer/2022060207/5f03d8aa7e708231d40b0db5/html5/thumbnails/2.jpg)
Beyond the HypeArtificial Intelligence in law firms and what the future holds
Peter Wallqvist
VP of Strategy
Co-founder of RAVN
![Page 3: Beyond the Hype: Artificial Intelligence in law firms and ... · Management • Centralized Repository • Document, Email, Records • Governed, Secure • Where Work Gets Done](https://reader033.vdocuments.site/reader033/viewer/2022060207/5f03d8aa7e708231d40b0db5/html5/thumbnails/3.jpg)
3
![Page 4: Beyond the Hype: Artificial Intelligence in law firms and ... · Management • Centralized Repository • Document, Email, Records • Governed, Secure • Where Work Gets Done](https://reader033.vdocuments.site/reader033/viewer/2022060207/5f03d8aa7e708231d40b0db5/html5/thumbnails/4.jpg)
Today’s Discussion
Business environment
to foster change
Technological progress Practical examples of AI applications
4
![Page 5: Beyond the Hype: Artificial Intelligence in law firms and ... · Management • Centralized Repository • Document, Email, Records • Governed, Secure • Where Work Gets Done](https://reader033.vdocuments.site/reader033/viewer/2022060207/5f03d8aa7e708231d40b0db5/html5/thumbnails/5.jpg)
Motivations for efficiency increases are maturing
Increased pressure for AFA
Regulators as change agents
New competition
Clients wield more power
© Copyright 2017 iManage. 5
Source: 2017 Altman Weil Survey
![Page 6: Beyond the Hype: Artificial Intelligence in law firms and ... · Management • Centralized Repository • Document, Email, Records • Governed, Secure • Where Work Gets Done](https://reader033.vdocuments.site/reader033/viewer/2022060207/5f03d8aa7e708231d40b0db5/html5/thumbnails/6.jpg)
Although There is no Doubt we are at Peak Hype…
6
![Page 7: Beyond the Hype: Artificial Intelligence in law firms and ... · Management • Centralized Repository • Document, Email, Records • Governed, Secure • Where Work Gets Done](https://reader033.vdocuments.site/reader033/viewer/2022060207/5f03d8aa7e708231d40b0db5/html5/thumbnails/7.jpg)
…There are Still Concrete Examples of “Practical AI”
BLP enlists AI to shoulder process work burden – and so far the lawyers like itBy Dan Bindman
BLP’s Whalley: Using AI for processing is just the beginning
7
![Page 8: Beyond the Hype: Artificial Intelligence in law firms and ... · Management • Centralized Repository • Document, Email, Records • Governed, Secure • Where Work Gets Done](https://reader033.vdocuments.site/reader033/viewer/2022060207/5f03d8aa7e708231d40b0db5/html5/thumbnails/8.jpg)
AI in a Nutshell: What can you see?
8
![Page 9: Beyond the Hype: Artificial Intelligence in law firms and ... · Management • Centralized Repository • Document, Email, Records • Governed, Secure • Where Work Gets Done](https://reader033.vdocuments.site/reader033/viewer/2022060207/5f03d8aa7e708231d40b0db5/html5/thumbnails/9.jpg)
In consideration of the grant in Paragraph 3 above, Party A agrees not to distribute The Product to any for profit third party without prior written consent of Party B. Party A agrees to ask whether the purchaser is a for-profit entity, and if so identified, advise the purchaser that it must first obtain a use license from Party B. Party B shall notify Party A of its written consent within (10) days of execution of any use license for Party A. It shall be the sole responsibility of Party B toobtain and enforce any use licenses.
AI in a Nutshell: What is the Obligation?
9
![Page 10: Beyond the Hype: Artificial Intelligence in law firms and ... · Management • Centralized Repository • Document, Email, Records • Governed, Secure • Where Work Gets Done](https://reader033.vdocuments.site/reader033/viewer/2022060207/5f03d8aa7e708231d40b0db5/html5/thumbnails/10.jpg)
AI in a Nutshell: Reduce Domain – Increase Accuracy
Platform philosophy
Increases Accuracy
Reducing Domain
Narrow domain means better outcomes
‘Out of the Box’ models serves as a starting point
10
![Page 11: Beyond the Hype: Artificial Intelligence in law firms and ... · Management • Centralized Repository • Document, Email, Records • Governed, Secure • Where Work Gets Done](https://reader033.vdocuments.site/reader033/viewer/2022060207/5f03d8aa7e708231d40b0db5/html5/thumbnails/11.jpg)
• Reducing the domain:
specific, clearly defined tasks
in a professional’s daily routine
which can be augmented / automated
• These tasks are normally the most repetitive, costly and boring
AI in a Nutshell: Routine Cognitive Tasks
11
![Page 12: Beyond the Hype: Artificial Intelligence in law firms and ... · Management • Centralized Repository • Document, Email, Records • Governed, Secure • Where Work Gets Done](https://reader033.vdocuments.site/reader033/viewer/2022060207/5f03d8aa7e708231d40b0db5/html5/thumbnails/12.jpg)
Lesson: AI is Most Powerful When Embedded into Tools Used Daily
![Page 13: Beyond the Hype: Artificial Intelligence in law firms and ... · Management • Centralized Repository • Document, Email, Records • Governed, Secure • Where Work Gets Done](https://reader033.vdocuments.site/reader033/viewer/2022060207/5f03d8aa7e708231d40b0db5/html5/thumbnails/13.jpg)
A focus on practical uses and consumability
Work Product Management
• Centralized Repository
• Document, Email, Records
• Governed, Secure
• Where Work Gets Done
AI Current Applications
• Point Solutions
• High Value
• Used for a Specific Purpose Within a Matter
13
Content Aware Work Product Management
• Intelligence Inside core tasks• Tasks get smarter• Saves time, adds Insight • Manages risk
![Page 14: Beyond the Hype: Artificial Intelligence in law firms and ... · Management • Centralized Repository • Document, Email, Records • Governed, Secure • Where Work Gets Done](https://reader033.vdocuments.site/reader033/viewer/2022060207/5f03d8aa7e708231d40b0db5/html5/thumbnails/14.jpg)
Key AI capabilities
Predict
• Forecasts based on past examples
• Examples:
- Cost of matters
- Suggested clauses based on history
Extract
• Reads, understands documents
• Extract key terms- Clauses- People- Dates- Obligations
Insight
• Full text, taxonomy and conceptual search
• Federated search
• Across repositories
• Identify experts via social graph
Classify
Automated classification
Predictive Coding (tagging)
Intra-document analysis
Time card narratives
![Page 15: Beyond the Hype: Artificial Intelligence in law firms and ... · Management • Centralized Repository • Document, Email, Records • Governed, Secure • Where Work Gets Done](https://reader033.vdocuments.site/reader033/viewer/2022060207/5f03d8aa7e708231d40b0db5/html5/thumbnails/15.jpg)
Work Safer
• iManage Records Manager
• iManage Security Policy Manager
• iManage Threat Manager
• iManage Comply
Work Smarter
• iManage Insight
• iManage Classify
• iManage Extract
Work More Productively
• iManage Work
• iManage Share
iManage – Transforming How Professionals Work
15
iManage Cloud On Premises
OR
iManage RAVN Engine – Content Intelligence and AI
iManage Platform – Administration ∙ Common Services ∙ Security
![Page 16: Beyond the Hype: Artificial Intelligence in law firms and ... · Management • Centralized Repository • Document, Email, Records • Governed, Secure • Where Work Gets Done](https://reader033.vdocuments.site/reader033/viewer/2022060207/5f03d8aa7e708231d40b0db5/html5/thumbnails/16.jpg)
ClassifyAdding Structure to Chaos
16
![Page 17: Beyond the Hype: Artificial Intelligence in law firms and ... · Management • Centralized Repository • Document, Email, Records • Governed, Secure • Where Work Gets Done](https://reader033.vdocuments.site/reader033/viewer/2022060207/5f03d8aa7e708231d40b0db5/html5/thumbnails/17.jpg)
• Document tagging Automated classification
Automated clustering
• Intra-document analysis Document & Clause level tagging
Adding structure to documents
Deviation analysis
• Out of the box capabilities Document type
Clause type
Classify: Adding Structure to Chaos
17
![Page 18: Beyond the Hype: Artificial Intelligence in law firms and ... · Management • Centralized Repository • Document, Email, Records • Governed, Secure • Where Work Gets Done](https://reader033.vdocuments.site/reader033/viewer/2022060207/5f03d8aa7e708231d40b0db5/html5/thumbnails/18.jpg)
RequirementIdentify potential Precedent and Knowledge Base content
Legal Document Classification
18
Business DriverReutilise tacit knowledge within the firm
SelectionItems considered and selected based on training data set
OutcomeContent is automatically selected, classified and made available through search for rapid re-use, improving legal service delivery
CRMFiles
DMS
Knowledge Identified
Training Data
ClassifyAuto ClassificationMachine learning based auto classification of content
LOB Solutions Extract
Refine
![Page 19: Beyond the Hype: Artificial Intelligence in law firms and ... · Management • Centralized Repository • Document, Email, Records • Governed, Secure • Where Work Gets Done](https://reader033.vdocuments.site/reader033/viewer/2022060207/5f03d8aa7e708231d40b0db5/html5/thumbnails/19.jpg)
TimeCard Narrative Classification
Business DriverClassify activity for billing, pricing, project mgmt, budgeting
SelectionUse correctly assigned records to teach learning engine
OutcomeTime records are updated and made available for additional analysis by the firm. Proactive processes can be engaged to continuously monitor and correct new records.
Billing Systems Time
Entry
ClassifyAuto ClassificationMachine Learning based auto classification of content
Knowledge Identified
Training Data
Refine
Tag
19
![Page 20: Beyond the Hype: Artificial Intelligence in law firms and ... · Management • Centralized Repository • Document, Email, Records • Governed, Secure • Where Work Gets Done](https://reader033.vdocuments.site/reader033/viewer/2022060207/5f03d8aa7e708231d40b0db5/html5/thumbnails/20.jpg)
Analyze
Attorney Client Privilege
20
Training Data
Manual ReviewACP ContentNot ACP Content
↓ 75% workload
Business DriverReduce time and cost of identifying Privileged content from review
Machine LearningAttorney tagged content used as training set for applying to large corpus of content for review
OutcomeAccuracy in excess of manual review. Massive reduction in time and cost of processing. Defendant’s representative agreed to innovative approach. Smaller volumes (hence cost) in review platform
Adjustable Sensitivity can be adjusted. Increases false positives but ensures privileged content includedACP robot
![Page 21: Beyond the Hype: Artificial Intelligence in law firms and ... · Management • Centralized Repository • Document, Email, Records • Governed, Secure • Where Work Gets Done](https://reader033.vdocuments.site/reader033/viewer/2022060207/5f03d8aa7e708231d40b0db5/html5/thumbnails/21.jpg)
21
Government Department Documents processed: 30m • Employees:300
Challenge:
• Manual identification process too lengthy & costly
• Inconsistent review
• Important information could be missed
iManage Classify automatically identifies privileged and non-privileged information
iManage Solution:
• AI techniques to automatically read through documents
• Automatically determines whether items are subject to LPP
• Classifies privileged and non-privileged information
Benefits:
• Increased efficiencies
• Increased productivity
• Removed human error from review process
• Increased accuracy
“The robot technology is able to learn and bolster its own knowledge base to help identify privileged and relevant material and is more efficient and more accurate than human intervention.”
— David Green, Director at SFO
![Page 22: Beyond the Hype: Artificial Intelligence in law firms and ... · Management • Centralized Repository • Document, Email, Records • Governed, Secure • Where Work Gets Done](https://reader033.vdocuments.site/reader033/viewer/2022060207/5f03d8aa7e708231d40b0db5/html5/thumbnails/22.jpg)
ExtractTransforming unstructured into structured
22
![Page 23: Beyond the Hype: Artificial Intelligence in law firms and ... · Management • Centralized Repository • Document, Email, Records • Governed, Secure • Where Work Gets Done](https://reader033.vdocuments.site/reader033/viewer/2022060207/5f03d8aa7e708231d40b0db5/html5/thumbnails/23.jpg)
Name
Address
Dates
Concept
Company
Extract: Transforming unstructured into structured
• Automatically understand
Type of document
Structure of the document
Meaning
• Multi-purpose
AI trained by the end users
Data scientists
• Out of the box
Out of the box models
Re-use of the client models
23
![Page 24: Beyond the Hype: Artificial Intelligence in law firms and ... · Management • Centralized Repository • Document, Email, Records • Governed, Secure • Where Work Gets Done](https://reader033.vdocuments.site/reader033/viewer/2022060207/5f03d8aa7e708231d40b0db5/html5/thumbnails/24.jpg)
M&A Due Diligence
RequirementExtract KPIs to support due diligence exercise on M&A
Business DriverClient responsiveness, efficiency and margin improvement
OutcomeAutomated clustering of M&A document types followed by detailed key terms extraction for each to spread sheet.
Provision of contextual ad-hoc query platform over entire corpus
Deal Room
Party Termination
Change ofcontrol Benefits
Parties Amount
Interest Rate Repayment
terms
Extract
Analyze
Employmentcontracts
Facility Letters
Corporatedocuments
Clustering
Commercialcontract
Benefit800 hours removed from a 1000 hour billable exercise
24
![Page 25: Beyond the Hype: Artificial Intelligence in law firms and ... · Management • Centralized Repository • Document, Email, Records • Governed, Secure • Where Work Gets Done](https://reader033.vdocuments.site/reader033/viewer/2022060207/5f03d8aa7e708231d40b0db5/html5/thumbnails/25.jpg)
Extracted Data
Property Portfolio Due Diligence
RequirementIdentify ‘gold standard’ lease and extract KPIs and provide variance tools to support lease DD review
Business DriverClient responsiveness, efficiency and margin improvement
Deal Room
Leases
Title Deeds
Portfoliodocuments
Clustering
EPCReports
Tenure Registered Owner
Charge Holder Covenants
Extract
Review
25
![Page 26: Beyond the Hype: Artificial Intelligence in law firms and ... · Management • Centralized Repository • Document, Email, Records • Governed, Secure • Where Work Gets Done](https://reader033.vdocuments.site/reader033/viewer/2022060207/5f03d8aa7e708231d40b0db5/html5/thumbnails/26.jpg)
Extraction & Automation Robot
26
RequirementAutomation of production of Light Obstruction Notices (LONs)
Business driverEfficiency, speed and competitive advantage
Outcome• Automated production of 100s of LONs
• >80% reduction in overall time taken
• Massive increase in margin (fixed price deals)
• System delivered as a service
BenefitLabour intensive task previously taking many hours can now be completed in seconds at agreed rate per notice. Delivers significantly higher margins for each instruction and highly responsive service for clients
Connection
OCR
Classification
Hot Zone Detection
Extractors
Review
Enrichment optional
Output
![Page 27: Beyond the Hype: Artificial Intelligence in law firms and ... · Management • Centralized Repository • Document, Email, Records • Governed, Secure • Where Work Gets Done](https://reader033.vdocuments.site/reader033/viewer/2022060207/5f03d8aa7e708231d40b0db5/html5/thumbnails/27.jpg)
Corporate Contract Analytics
analyse
Business DriverGovernance & Risk: Contract Discovery, structuring and analysis
Revenue & Efficiency: Contract Assurance process automation
Corporate Data
Repositories
ResultContract estate now under management
£ Millions recovered in revenue ‘leakage’
£ Millions saved in resource effort
£ Millions opportunity applying charge rate changes correctly
Regulator fine risk mitigated across estate
Addition of further contract sets through business acquisition present no challenge to assurance team
![Page 28: Beyond the Hype: Artificial Intelligence in law firms and ... · Management • Centralized Repository • Document, Email, Records • Governed, Secure • Where Work Gets Done](https://reader033.vdocuments.site/reader033/viewer/2022060207/5f03d8aa7e708231d40b0db5/html5/thumbnails/28.jpg)
28
International Law Firm • Employees: 500+ • Partners: 200+
Challenge:
• Lack of resource and time to review documents in order to meet tight deadlines
• Low morale in team due to manual review
• Inconsistency and inaccuracy of extracted data
BLP uses iManage RAVN to allow lawyers to focus on higher value work for clients
iManage Solution:
• iManage RAVN AI powered contract review
• Key data points extracted and exported to excel for further review
Benefits:
• Reduce costs over time
• Increase in efficiency
• Increase in accuracy
• Improved staff morale
“The robot has fast become a key member of the team. It delivers perfect results every time we use it. Team morale and productivity has benefited hugely, and I expect us to create a cadre of contract robots throughout the firm.”
— Matthew Whalley, Head of Legal Risk Consultancy at BLP
![Page 29: Beyond the Hype: Artificial Intelligence in law firms and ... · Management • Centralized Repository • Document, Email, Records • Governed, Secure • Where Work Gets Done](https://reader033.vdocuments.site/reader033/viewer/2022060207/5f03d8aa7e708231d40b0db5/html5/thumbnails/29.jpg)
Extract: Endless Applications
Lease review
ISDA / CSA
M&A due diligence
Structured finance
Commercial contracts
Employment contracts
![Page 30: Beyond the Hype: Artificial Intelligence in law firms and ... · Management • Centralized Repository • Document, Email, Records • Governed, Secure • Where Work Gets Done](https://reader033.vdocuments.site/reader033/viewer/2022060207/5f03d8aa7e708231d40b0db5/html5/thumbnails/30.jpg)
InsightSurfacing the Knowledge in Your Organization
30
![Page 31: Beyond the Hype: Artificial Intelligence in law firms and ... · Management • Centralized Repository • Document, Email, Records • Governed, Secure • Where Work Gets Done](https://reader033.vdocuments.site/reader033/viewer/2022060207/5f03d8aa7e708231d40b0db5/html5/thumbnails/31.jpg)
Insight: Surfacing previously hidden knowledge
• Universal search Documents
People, matters, projects
Relationships matter
• Represent knowledge as a graph People, documents, matters, projects
Relationships
• Learn what is relevant User feedback
External factors
31
![Page 32: Beyond the Hype: Artificial Intelligence in law firms and ... · Management • Centralized Repository • Document, Email, Records • Governed, Secure • Where Work Gets Done](https://reader033.vdocuments.site/reader033/viewer/2022060207/5f03d8aa7e708231d40b0db5/html5/thumbnails/32.jpg)
© Copyright 2017 iManage. Information may be confidential. 32
![Page 33: Beyond the Hype: Artificial Intelligence in law firms and ... · Management • Centralized Repository • Document, Email, Records • Governed, Secure • Where Work Gets Done](https://reader033.vdocuments.site/reader033/viewer/2022060207/5f03d8aa7e708231d40b0db5/html5/thumbnails/33.jpg)
![Page 34: Beyond the Hype: Artificial Intelligence in law firms and ... · Management • Centralized Repository • Document, Email, Records • Governed, Secure • Where Work Gets Done](https://reader033.vdocuments.site/reader033/viewer/2022060207/5f03d8aa7e708231d40b0db5/html5/thumbnails/34.jpg)
Project / Deal Expeditor
RequirementEfficiently locate deal related materials
Business DriverCompetitive advantage, efficiency and margin improvement
OutcomeLawyers can efficiently access relevant deal information across a wide variety of repositories.
Crawling Multiple repositories –
DMS, Deal bibles, CRM etc.
Unified Search Interface
Expose different types of knowledge
Identify Knowledge
BenefitIncreased efficiencies, more responsive, make more informed decisions
34
![Page 35: Beyond the Hype: Artificial Intelligence in law firms and ... · Management • Centralized Repository • Document, Email, Records • Governed, Secure • Where Work Gets Done](https://reader033.vdocuments.site/reader033/viewer/2022060207/5f03d8aa7e708231d40b0db5/html5/thumbnails/35.jpg)
Expertise Locator
RequirementEasily identify subject matter experts, their skills and area of expertise Business Driver
Get to the information they need as efficiently as possible to remain competitive
OutcomeLawyers can find the most appropriate person and expertise to move forward on a client engagement
BenefitIncreased efficiencies, more responsive, make more informed decisions
35
Search
Further Refine Search
Subject Matter Experts Identified
Identify Experts
![Page 36: Beyond the Hype: Artificial Intelligence in law firms and ... · Management • Centralized Repository • Document, Email, Records • Governed, Secure • Where Work Gets Done](https://reader033.vdocuments.site/reader033/viewer/2022060207/5f03d8aa7e708231d40b0db5/html5/thumbnails/36.jpg)
Clause Knowledge Bank
RequirementEfficiently locate specific clauses Business Driver
To understand how accurate president documents were compared to live content
OutcomeLawyers can efficiently access and compare clauses across different versions of documents.
BenefitIncreased efficiencies, more responsive, make more informed decisions
36
Extracted Clauses
Search Specific Clauses
Compare Clauses
![Page 37: Beyond the Hype: Artificial Intelligence in law firms and ... · Management • Centralized Repository • Document, Email, Records • Governed, Secure • Where Work Gets Done](https://reader033.vdocuments.site/reader033/viewer/2022060207/5f03d8aa7e708231d40b0db5/html5/thumbnails/37.jpg)
Mid-Tier Law Firm• Partners: 53 Staff: 350
Challenge:
• Had to look in several locations to locate information
• Research process too lengthy & disjointed
• Needed in keep existing legacy systems
Howard Kennedy achieves efficient information retrieval with iManage Insight
iManage Solution:
• Enterprise search
• Knowledge Management
• Unstructured data mining
Benefits:
• Quick & efficient access to knowledge via a single source
• Safe & secure
• Supports all core functions of the business
• Allows them to increase competitive advantage
“Howard Kennedy needed an innovative solution and iManage Insight has allowed us to implement our vision of providing integrated, secure and effective access to our knowledge resources. For us one of the key benefit is that we continue to manage our resources through our DMS whilst iManage provides a sophisticated layer above this”
— Robin Hall, Head of Knowledge Management at Howard Kennedy
![Page 38: Beyond the Hype: Artificial Intelligence in law firms and ... · Management • Centralized Repository • Document, Email, Records • Governed, Secure • Where Work Gets Done](https://reader033.vdocuments.site/reader033/viewer/2022060207/5f03d8aa7e708231d40b0db5/html5/thumbnails/38.jpg)
Routine legal processes: The present
![Page 39: Beyond the Hype: Artificial Intelligence in law firms and ... · Management • Centralized Repository • Document, Email, Records • Governed, Secure • Where Work Gets Done](https://reader033.vdocuments.site/reader033/viewer/2022060207/5f03d8aa7e708231d40b0db5/html5/thumbnails/39.jpg)
Routine legal processes: The future
![Page 40: Beyond the Hype: Artificial Intelligence in law firms and ... · Management • Centralized Repository • Document, Email, Records • Governed, Secure • Where Work Gets Done](https://reader033.vdocuments.site/reader033/viewer/2022060207/5f03d8aa7e708231d40b0db5/html5/thumbnails/40.jpg)
The Way Professionals Work