Global law firm group, CMS, has today announced it is working with UK-based legal AI and compliance tech company, Cognitiv+, in the development of a financial agreement risk analysis module, under the Government-backed InnovateUK Open Programme.
Founded in 2015, Cognitiv+ provides legal and regulatory analytics to corporates, consultancies and legal firms enabling them to understand and act upon contractual and regulatory obligations using artificial intelligence.
By automating long and repetitive tasks, Cognitiv+ enables the users to remove constraints while ensuring all possible risks are carefully reviewed. Cognitiv+ provides them with benefits such as being able to focus on high added value solutions, time and cost efficiency.
The CMS team is led by partner Charles Kerrigan, with support from Of Counsel Anne Chitan.
Commenting on the project, Vasilis Tsolis, CEO of Cognitiv+ said: ‘In this project we will revolutionise the way people understand and manage their contractual and regulatory obligations that are buried in financial agreements. It is very exciting to work with CMS, as they are the global leaders in M&A transactions, giving us true insights in the market.’
CMS partner Charles Kerrigan added: ‘We’ve a long history in the technology sector and it’s important that we’re participating and contributing as well as advising where we can. There are lots of great software products in the legal tech market; few use true AI but Cognitiv+ is one of those that do.’
CMS has sought to be at the forefront of legal AI adoption in Europe. Most recently, the team advised the founders of RAVN on its sale to iManage. RAVN was also a member of CMS’ equIP programme.