Global law firm, Clifford Chance, has chosen Elevate’s legal AI platform, ContraxSuite, to help power its new data science lab. The move follows the law company’s acquisition in November last year of US AI pioneer, LexPredict, which has developed ContraxSuite
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 move follows a real-world project for a global banking client. Among ContraxSuite’s pre-configured solutions are several that are customised for banking and finance, including for LIBOR-related issues.
One of the key strengths of ContraxSuite is that it was designed to be highly customisable and also has a modular approach. The system has a customisable UI, a module for natural language processing (LexNLP), a module for analysing the SEC’s public database (OpenEDGAR), and other tools that can be used in different combinations.
there is increasing interest in flexible AI toolkits as opposed to individual point solutions
The decision is quite a coup for LexPredict and Elevate, especially given the number of well-established legal AI tools on the market today. Moreover, Clifford Chance will be leveraging this tech for its flagship data science lab, out of which many new tools to help its clients will be developed.
Paul Greenwood, Chief Information Officer at Clifford Chance, said: ‘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.’
He added that the firm also liked ContraxSuite’s data security architecture. Data security is always vital, but when you’re working with banks and publicly listed companies’ data the focus here is even greater.
In addition, Dan Katz, VP of Innovation and Data Science at Elevate – and co-founder of LexPredict – told Artificial Lawyer: ‘Overall, I think there is increasing interest in flexible AI toolkits as opposed to individual point solutions. We are happy that a number of leading law firms, including Clifford Chance, have chosen to license our offerings, including but not limited to ContraxSuite and LexNLP.’
‘Our AI/data science team has really enjoyed working with Clifford Chance and look forward to continuing to work with them in the future. Stay tuned!’ he concluded.
Is this a big deal? For Elevate and LexPredict it certainly is. Working so closely with a global firm that is generating its own bespoke tools for clients that are based on ContraxSuite is a major vote of confidence and will certainly help encourage other firms and corporate legal teams to explore what they can provide.
It’s also proof that despite several big brand legal AI companies having carved out significant market share the buyers remain open to exploring other offerings. The flexibility and security point here is also interesting.
The major client win is also a further positive validation of the Elevate M&A strategy, which has seen the law company acquire a series of companies in the legal tech and NewLaw sector.
And, one other aspect is the #MoreThanLaw trend. Clearly Clifford Chance – along with a growing number of other law firms – is taking up with great enthusiasm the opportunity to build its own tech solutions for clients. In fact, if the firm was not so committed to this approach it would likely not have needed to leverage a system such as ContraxSuite, which has been designed to allow users to build what they need.
The data lab is also a declaration of intent from the global firm that the #MoreThanLaw trend is not just a flash in the pan, but that the firm’s partnership is willing to invest for the long term in this approach.