Linklaters’ Nakhoda tech group has launched a new contract automation platform, CreateiQ, which will allow key data to be extracted at the point of creation. The work builds on products such as its ISDA Create system.
Overall the idea is that the platform will make the ‘process of drafting, negotiating and executing contracts faster, smarter and more accurate’. But, the exciting bit is the data capture approach, after all there are plenty of doc automation systems already in the market.
Or as the firm puts it: ‘CreateiQ revolutionises the contracting process by creating structured data at the point of contract creation. This allows users to easily extract and use their contract data to identify legal risk, increase data-driven decision making in their negotiations and use contractual data in their business operations more widely.’
The global firm added that the tech team had been working closely with Linklaters’ lawyers and using their knowledge of what in-house lawyers and companies need during the contracting process, the result is a ‘legal tech proposition for use across a range of legal contexts – from derivatives to M&A’.
Shilpa Bhandarkar, the CEO of Nakhoda (pictured), commented: ‘With CreateiQ, we have built a single workflow that brings contracting into the digital age, saving our clients significant time in the drafting, negotiation and execution of contracts and allowing lawyers to spend much more time on high value work.’
As mentioned, Nakhoda has been here before, although with a more specific focus with its ISDA Create product. The guiding ethos there, and with Nakhoda in general, has been to find a way to ‘super-structure’ the doc creation process so that lawyers can be 100% certain of key data that has been extracted.
As the team told Artificial Lawyer some years ago, there had been demand from some partners for a method to extract data from contracts without having to resort to ‘after the fact’ NLP tools, and where they could be sure the data associated with a particular contract was absolutely right. Hence, the highly structured and ‘data extraction at the point of creation’ approach.
The new tool is a broader expression of this approach, which will now be rolled out to a wide range of contracts and legal documents.
Doug Donahue, a finance partner in New York and a Nakhoda board member, added: ‘The launch of CreateiQ is a shining example of our continuing commitment to collaborate with our clients to deliver solutions to their most pressing needs.
‘Over the course of my entire career, it has been painfully obvious that the way in which we create and negotiate legal agreements and then capture and track the data within them is archaic compared to the technological advances we see in other industries and in our everyday lives.’
P.S. here’s a pic of Christopher Angelos, Product Manager at CreateiQ – because it’s always good to give the wider team behind the tech some visibility too. Angelos joined Linklaters in 2018 as an associate. Before that he’d worked at US law firm Arnold & Porter.