Dentons is developing a suite of technologies utilising artificial intelligence to help clients weather the uncertainty created by the UK’s vote to leave the European Union.
In a statement, Dentons detailed two projects they are currently working on, one that involves the large-scale review of contract provisions and another that automatically produces a “Brexit Action Plan” for clients.
“Brexit will lead many of our clients into uncharted territory, and our experience since the referendum is that both domestic and overseas companies are looking for legal advice that 'cuts through the noise' and helps to deliver practical and cost effective guidance with respect to the many complex challenges that leaving the EU will present them with,” said Jeremy Cohen, Dentons' CEO for the UK, Middle East and Africa Region.
The first technology solution is being developed by the global law firm with Nextlaw Labs, the venture development company launched it launched last year, and Artificial Intelligence software experts RAVN Systems.
Dentons said that it is in advanced stages of developing a cognitive search engine tool that can be used for Brexit-related contract reviews.
Using RAVN’s Applied Cognitive Engine (ACE) Robot and an algorithm developed by RAVN with input from Dentons’ subject matter experts, high volumes of contract documentation can be processed through the tool to identify provisions that could potentially be impacted by Brexit.
The tool creates a report highlighting areas that should be further reviewed and possibly require expert legal advice.
“RAVN’s cognitive technology has already been proven to dramatically cut down review time, increase productivity as well as eradicate human error from the review process,” Dentons said.
Peter Wallqvist, CEO at RAVN Systems, said, “We are excited to be developing this innovation with Dentons to address the practical legal challenges Brexit may bring to organisations across the world in an efficient and risk averse manner.”
Dan Jansen, CEO of Nextlaw Labs, added, “Nextlaw Labs was created for exactly this type of challenge. By drawing on feedback from lawyers across Dentons' regulatory and risk group covering industries such as financial services, IP, media, transport, environment and telecoms, we are collecting ideas on products and services that will help them to deliver better service, and then engaging the technology community to develop innovative solutions.”
Dentons is also working with Nextlaw Labs in a separate software tool that creates a “Brexit Action Plan” focused on clients’ risk exposure areas.
“Clients will be able to log into a secure website that will ask them to select the key issues their businesses are primarily concerned with, such as data protection, the environment, immigration, and more,” Dentons noted.
“Based on this information an action plan will be produced that identifies concrete steps clients need to take in order to understand their exposure and plan an appropriate response.”
Dentons also highlighted its “Brexit Connect” tool is a secure online portal featuring useful information from the firm.
“Brexit Connect” features briefing notes on the impact of Brexit across different sectors; materials from the Firm's internal "Brexit Bootcamp" fee-earner training sessions; recordings of webinars that have been delivered to clients across North America, Europe, Asia and the UK; third party source material; an events calendar; and an "Expert Locator" of key partner contacts.
