Thomson Reuters Document Intelligence: Automating M&A Due Diligence Processes
Amid economic uncertainty, law firms and legal departments are focused on operating efficiently and making the most of advanced technologies to control costs and improve productivity. Legal professionals are increasingly turning to artificial intelligence to automate processes and strengthen operational efficiencies.
Legal Current looks at how Thomson Reuters Document Intelligence, formerly ThoughtTrace, uses AI to help legal professionals cut information retrieval and review time in half for Merger and Acquisitions (M&A) due diligence processes.
“Using AI-powered Document Intelligence, customers have accelerated information retrieval and review by more than 50%,” said Kriti Sharma, chief product officer, Legal Tech, Thomson Reuters. “Automating the review processes and the contracts that need attention saves hundreds of hours of manual review, improves accuracy, helps lawyers identify new opportunities and closes M&A deals faster.”
Document Intelligence capitalizes on the expertise of Thomson Reuters attorney editors and their vast legal knowledge to build, train, and maintain AI models. It reads thousands of documents at once to extract valuable insight from the unstructured data buried in large volumes of complex, contractual documents, flagging areas that need attention. The pre-trained models are particularly useful for lawyers in firms, where training AI models is nonbillable work, making AI adoption a costly exercise.
Integrated with the HighQ platform and leveraging the expertise of Practical Law, Document Intelligence helps firms to securely store, update, share, and collaborate on contracts and files – optimizing team productivity and streamlining the delivery of legal services. With legal professionals under pressure to be more productive while still delivering high-quality work to clients, Document Intelligence is enabling them to more efficiently manage contract analysis and contract lifecycle management tasks.
Visit the Document Intelligence website for more details.