Pinsent Masons has launched an artificial intelligence-powered tool for clients to use to respond to challenges brought about by the Brexit.
The three-step tool which uses the firm’s its own AI platform, TermFrame, helps clients identify risk in existing portfolios, address Brexit risk in future contracts, and surface any business-critical supply chain risk.
Along with the in-house developed AI platform, the tool called Brexit Contracting Solution also integrates the firm’s SmartDelivery and Cerico platforms.
“A number of law firms are partnering with third party organisations to consider how to take off the shelf AI technology and apply it to legal challenges faced by law firms,” says the firm’s David Halliwell.
“We have taken a different approach, beginning with the challenges clients need to address and developing an AI solution to suit through our own R&D team. The technology has been successfully applied across a number of transactions and becomes all the more compelling when integrated with the firm’s wider suite of technology platforms,” the Knowledge and Innovation Delivery director adds.
The AI component streamlines significant elements of otherwise daunting large-scale contract review exercises, and enables clients to work with Pinsent Masons to develop their own risk priorities, tailored to their business, their sector and their existing contract portfolio, the firm says.
TermFrame is used to extract, review and analyse key contract risks, and provide actionable risk reports. This AI technology has been developed over a number of years and successfully deployed by Pinsent Masons over the summer in the context of a number of multi-billion dollar transactions.
For ongoing contracts, the SmartDelivery platform enables businesses to use the firm's technology to create and embed business rules to manage Brexit risk through contracts. The SmartDelivery platform already underpins many of the firm’s most comprehensive client relationships including those with Balfour Beatty and E.ON.
Finally, through the use of the supplier due diligence solution created by Cerico, the firm’s compliance business, clients have the option of quickly and rapidly surveying their suppliers through the cloud to assess any material risk caused by supply chain.
Clare Francis, a Partner in the Commercial team at Pinsent Masons who has led on the development of the Brexit Contracting Solution product, says: “In the uncertain world of Brexit, our clients have asked us how best to manage the risk posed by that continuing uncertainty through their contracts and we wanted to develop a truly comprehensive response. By leveraging the firm’s various technologies we can build certainty, efficiency and consistency into an overall solution. That enables clients to guard against risks but also consider what competitive advantage can be gained through astute contracting. The result is an altogether better outcome for the client.”
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