International law firm Stephenson Harwood, in collaboration with Curvestone, the tech development company behind the Workflow GPT system, has built a custom contract review solution for the new DORA EU rules.
The solution delivers genAI-based extraction, legal analysis and a reporting functionality. Partners in the firm’s technology practice have already utilised the tool to review IT contracts for compliance with DORA.
The Digital Operational Resilience Act (DORA) came into effect on 17th January. It is a European Union regulation that requires financial entities to improve their digital operational resilience and sets out minimum contracting requirements.
Paul Orchard, Stephenson Harwood’s Head of Innovation, said: ‘One of the main reasons for our collaboration with Curvestone was the ability to build customised tools in its core platform. This tool combines the power of Generative AI with our legal expertise. The application of this to support our DORA work for clients is the first of a long list of ideas we have.’
Simon Bollans, partner and head of the technology sector group, added: ‘Clients have been under a lot of pressure to meet the DORA compliance deadline, and we’ve been able to deploy our GenAI DORA tool to speed up our review time while continuing to deliver the same high-quality service.
‘This means the firm can handle a higher volume more efficiently, and leads to more certainty on fees, which our clients certainly appreciate. We are excited to see this tool being rolled out across the firm as part of our ambitious AI strategy.’
The London-based firm added that it had been using legal AI tools for seven years now, across areas ranging from title review work in real estate matters, to document disclosure and due diligence work for M&A transactions. Plus, they stressed they still always use a ‘lawyer in the loop’, and don’t give their AI systems total freedom.
In December the Curvestone group also announced a partnership with another UK-based law firm, Walker Morris.
Artificial Lawyer congratulates the firm on the move, especially the part about handling more volume more efficiently.