With M&A activity declining amid an economic slowdown, law firms are looking to differentiate and innovate to stand out from the competition and win more due diligence business. To help with these efforts, Thomson Reuters is hosting a free webinar on Feb. 16 that highlights the benefits of collaborative project management, streamlined workflows, and artificial intelligence (AI)-powered document analysis.

Strategies and Technology to Differentiate Your Firm and Attract M&A Clients” will focus on how Thomson Reuters Document Intelligence and HighQ can help law firms automate project and case management solutions to streamline workflows; leverage AI to reduce risk, cost, and non-billable time; and collaborate with others in an integrated platform.

For a sneak peek of the webinar, Legal Current caught up with Michael Thrall, subject matter expert, who is one of the presenters. Below is a recap of the conversation.

Legal Current: In today’s uncertain economy, why is it especially important for law firms to differentiate themselves to attract M&A clients?

Michael Thrall

Thrall: “More and more, using AI is table stakes in delivering M&A services. Clients are requiring law firms to integrate legal technology, particularly AI, into their workflows to reduce cost and shorten time-to-close. Firms that use AI are gaining market advantage and have access to a greater percentage of M&A deals.”

LC: How can leveraging AI and technology provide a competitive advantage?

Thrall: “Thomson Reuters Document Intelligence allows firms to complete due diligence projects more accurately and with less risk. AI reduces time-to-close while improving work product and reducing low-value work.”

LC: What are key ways Thomson Reuters Document Intelligence and HighQ help law firms leverage AI and automate parts of due diligence, and how does this help firms streamline the due diligence process?

Thrall: “Thomson Reuters Document Intelligence leverages our team of Practical Law editors to build, train, and maintain our AI models so that our models work on day one. Our clients don’t have to waste time building or training their own AI solutions; instead, our team of Practical Law editors and data scientists provide models to our clients that work immediately. This allows our clients to start the due diligence process right away. Further, the HighQ and Document Intelligence integration allows our clients to use the data and insights from Document Intelligence to automate workflows, tasks, and client collaboration within HighQ’s secure, cohesive platform. The marriage of Document Intelligence and HighQ surfaces risky obligations within contracts, streamlines due diligence workflows, and creates closing reports – all to allow users to do their job better and with less risk.”

LC: Beyond leveraging AI, what are additional ways law firms can strengthen the due diligence services they offer their clients?

Thrall: “With all legal services, communication is key. Firms should leverage technology that allows them to collaborate with clients in real time. Instead of traditional communication through email or phone calls, HighQ allows clients to get live updates on project status and communicate with their firms in a secure portal.”

LC: What are the advantages for firms of conducting due diligence in an integrated platform?

Thrall: “The average law firm licenses more than 100 SaaS products on an annual basis. Each new piece of unintegrated software only increases wasted, non-billable time for a firm’s associates. Thomson Reuters offers a different path: an end-to-end integrated solution for due diligence. From starting a project to finalizing a closing binder, Document Intelligence and HighQ offer the integrated solution law firms are looking for. Attorneys can work in one place without hopping from platform to platform.”

LC: What’s the one the thing every legal professional should know about how technology can make completing due diligence easier?

Thrall: “Document Intelligence allows users to get to work faster, reduce costs associated with maintaining their own solutions, and attract the most M&A work by leveraging the expertise of Practical Law and know-how of Thomson Reuters.”

Register for the webinar, which takes place on Feb. 16 from noon to 1 p.m. Eastern.

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