Today, alternative legal services provider (ALSP) Integreon has announced a new partnership with legal AI leader Seal Software, which will power the company’s global managed services contract lifecycle management business.
The move follows another recent ALSP deal, with UnitedLex, (see story), which Artificial Lawyer was also the first to reveal. The Integreon deal also underlines how process-focused legal businesses are now widely embracing legal AI tech, and making sure they are integrating it into their workflows.
This type of move by Integreon in turn puts pressure on law firms that have developed process units to follow suit – if they have not done so already – and integrate legal AI capabilities as well.
Bob Rowe, CEO of Integreon, said: ‘We are excited to partner with Seal Software. Seal’s reputation in the artificial intelligence and contract analytics market is outstanding, and we see a huge advantage in applying their technology to our LIBOR Task Force services. Banks and financial institutions have a massive undertaking as they transition from LIBOR, but we are confident that our services teams equipped with Seal’s enterprise-class technology will provide the best solution available to navigate the process successfully.’
Integreon’s Senior VP of Contracts, Compliance and Commercial Services Jeff Catanzaro will lead the LIBOR Task Force. He was most recently at UnitedLex, which as noted above, has also started to use Seal – (see story about the hire here).
The company said that industry estimates suggest that phasing out the LIBOR reference rate will impact over $350 trillion worth of contracts and render obsolete LIBOR contract clauses residing in 100+ million documents.
In short, this is going to create a ton of work…!
Catanzaro said: ‘Seal’s best-in-class artificial intelligence provides both pre-trained models and trainable solutions to execute complex contract analytics and data analysis. The combination of Integreon’s 20 years of experience handling complex regulatory and other trigger events and Seal Software provides clients unparalleled quality, accuracy and speed simultaneously.’
And, Jim Wagner, Seal Software President & Chief Strategy Officer, concluded: ‘We are excited to partner with Integreon in this important initiative. Putting the power of Seal enterprise contract analytics in the hands of Integreon’s highly skilled resources is truly a winning combination for both organizations and the market.’