Artificial intelligence is being incorporated into almost every industry, and executives are wondering how AI technologies can make or break their businesses. Adam Nguyen, co-founder and COO of eBrevia, a leading AI contract analytics software provider, shares his perspectives on the adoption of AI across a number of industries, as well as the related ethical, legal and regulatory challenges, during the Symposium on Innovation at Bloomberg in New York City (sponsored by the Harvard Law School Alumni Association of New York City and the Harvard Alumni Association).
Symposium on Innovation
As described below in LegalTech News, Thomson Reuters announced a new partnership with eBrevia, where the company’s legal managed services team will use eBrevia’s technology for its contract remediation projects and train it to be used in broader use cases. Thomson Reuters selected eBrevia as an AI contract analytics partner from a wider pool of similar technology platforms using three main criteria: the speed and efficiency of the tool, its accuracy and its ability to handle nontraditional content. Thomson Reuters will also leverage eBrevia’s software to extract contract data and intelligence to help power the company’s Contract Express platform, which generates clauses for contract drafting.
From Thompson Reuters:
Thomson Reuters Collaborates with eBrevia to Deliver AI-Driven Contract Remediation Solution
Related coverage from LegalIT Insider:
Managed services + integrated tech: What Thomson Reuters commercial contracts collaboration with eBrevia means
Related coverage from LegalTech News:
Thomson Reuters Turns to eBrevia to Augment Contract Services
Related coverage from Artificial Lawyer:
Thomson Reuters Brings In Legal AI Co. eBrevia In Breakthrough Development
Duff & Phelps, a top global valuation and corporate finance advisor, has selected eBrevia’s artificial intelligence technology to deploy throughout the enterprise for faster contract review. The firm is leveraging eBrevia's award-winning software in support of a variety of use cases. These increasingly include not only for transactional work and large-scale contract review projects but also assisting clients in complying with IFRS 15, IFRS 16, and GDPR.
eBrevia is pleased to announce inclusion in the National Law Journal's Legal AI Leaders, a listing of companies that are leading the legal industry by advancing AI technology. Beginning in 2013, the National Law Journal started publishing its Trailblazers series, featuring innovative professionals in the legal world. This year, after months of research, the ALM owned periodical published its inaugural Legal AI Leaders list, applying the same Trailblazers concept to companies furthering the technology of artificial intelligence within the legal profession.
Adam Nguyen, eBrevia's co-founder and COO, speaks at the ABA's Corporate Counsel CLE Seminar in La Quinta, CA on what artificial intelligence can do today and may be able to do in the future for the legal profession. The panel, “Autonomous Lawyering: Predictive Analytics and Artificial Intelligence are Changing the Practice of Law”, also explores the legal restrictions on lawyers’ use of AI and the implications of AI for the legal profession.
eBrevia's co-founder & COO, Adam Nguyen, presents case studies showing how eBrevia’s clients have achieved great results by combining eBrevia's artificial intelligence solutions and professional services. The LegalTech educational track, “The Future for ALSPs is Now: How Combined Service/Technology Solutions Build Scale and Leverage Emerging Technologies”, also features Jeff Sharer, Co-chair of Akerman’s Data Law Practice.
In an article outlining the benefits of legal technology, eBrevia was highlighted as a useful and cost-saving solution. The Financial Times article lists Baker McKenzie’s use of eBrevia for due diligence on contracts, and focuses on how technology will continue to play a major role in the legal profession.
eBrevia was named one of the top ten transactional support services companies to watch in 2018 by Disruptor Daily. Disruptor Daily writes that “eBrevia artificial intelligence is unprecedented in its ability to automate contract review” and that "eBrevia is changing the way the legal industry reviews its contracts.”
Ned Gannon, eBrevia’s CEO, joined a panel entitled Deep Dive into New Accounting Standards as part of the 21st Annual SEC Hot Topics Institute sponsored by Donnelley Financial Solutions in Cleveland, OH. The panel of legal and accounting experts focused on implementation of the revenue recognition (ASC 606/IFRS 15) and lease capitalization (ASC 842/IFRS 16) accounting standards. One of the major pain points in the implementation process for complying with each of these standards is the review and extraction of data from large volumes of customer contracts and leases respectively. eBrevia’s machine learning software is well-suited to assist with this task. Other panelists included Richard Stovsky, PwC, Gerard Emery, EY, and Marybeth Shamrock, KPMG.
In partnership with Donnelley Financial Solutions, Preethy Prakash, eBrevia’s Director of Account Management, presented a CLE course entitled “Artificial Intelligence and Contract Review” for the Nashville chapter of the Association of Corporate Counsel. The CLE was held at HCA's headquarters, and described the origins of artificial intelligence, how it works, and implications for the legal industry today.
At Farella Braun + Martel's 11th Annual Client MCLE Day in San Francisco, CA, eBrevia's co-founder and COO, Adam Nguyen, presented eBrevia's solutions and capabilities as part of a panel entitled, "Harnessing the Power of Artificial Intelligence". Attendees learned how artificial intelligence can help organizations spend less time on tedious drudge work and more time on high value lawyering.
Ned Gannon, eBrevia’s CEO, joined a panel entitled Current Accounting Issues as part of the 13th Annual Corporate Securities Forum in Philadelphia, PA. The panel of legal and accounting experts focused on implementation of the revenue recognition (ASC 606/IFRS 15) and lease capitalization (ASC 842/IFRS 16) accounting standards. A significant bottleneck in the implementation process for complying with each of these standards is the review and extraction of data from large volumes of customer contracts and leases respectively. eBrevia’s machine learning software is used to accelerate this aspect of the process while improving accuracy. Other panelists included Jill McCormack, PwC, Peter Bibles, EisnerAmper LLP, Jeffrey DiGiovanni, The Pine Hill Group, and Dennis Johnson, Qlik.
The Clear Law Institute featured eBrevia's co-founder and COO, Adam Nguyen, as an instructor for its course, “Structuring Commercial Agreements for New Products and Services in Transformative Industries – Artificial Intelligence, Cloud Computing, the Sharing Economy and More”. The course provides information on how to navigate requests from business clients relating to new technological paradigms. A recording of the webinar can be accessed via ClearLawInstitute.com
Leading global law firm Baker McKenzie announced the selection of eBrevia as its Artificial Intelligence tool of choice to be used on M&A and other transactional work for its global clients. The Firm is combining its legal expertise with eBrevia’s industry-leading artificial intelligence to assist in performing contract analysis across a significant portion of its global Due Diligence work delivering accurate and efficient contract review in Asia, North America and Europe. Many Baker McKenzie offices are tailoring eBrevia’s machine learning to individual practice groups and jurisdictions. Paul Rawlinson, global chair of Baker McKenzie says: "Digitization, Artificial intelligence and Machine Learning are all very real and the legal industry is right in the middle of the changes they will bring. Being truly innovative means listening to clients and understanding the challenges they face - so we can adapt and make sure the service we provide fits not just for today's technological challenges but also for the future."
Related coverage from Legal IT Insider:
Baker McKenzie selects eBrevia for contract review after threeway competitive pitch
eBrevia was selected as one of the top hundred disruptive legal companies by Disruptor Daily. According to Disruptor Daily, eBrevia “has the potential to single-handedly disrupt more industries(arguably) than any company on this list.”
Ned Gannon, eBrevia’s CEO, joined a panel of four other successful entrepreneurs from the classes of ’92, ’02, and ’12 at the Harvard Law School 2017 Reunion to discuss founding and growing companies, transitioning from a lawyer to entrepreneur, and legal technology. The audience which included Harvard Law alumni from around the world benefited from the panel’s diverse set of experiences and candid comments.
In an article entitled “No Corner Offices in the Law Firms of the Future (And That's Not a Bad Thing!)” the Recorder describes how technology is changing the practice of law and influencing law firm office space needs. The article states “Paralegals and first year associates are often expected to wade through enormous amounts of often-unstructured data, and this is, of course, a massive time sink. But new versions of AI can wade through and analyze this data effectively, freeing up humans to do the more cerebral work. AI can also be trained to help predict litigation and search documents for concepts instead of keywords, leading to more sophisticated search practices that will in turn eliminate the necessity for document review. For example, the company eBrevia uses AI to speed up the industry-standard processes of contract analysis, due diligence, and lease abstraction—all of which can suck up huge chunks of time (and blow through the client's budget).”
A recent article entitled “Robots aren’t automating the jobs we want them to” highlights the somewhat counterintuitive results related to which jobs are susceptible to automation and which are not. With respect to the legal industry, the article states “The practice of law requires many years of studying and understanding laws, cases, and other legal precedence. Recent advances in AI have made the automation of those tasks possible; to date, case law, contract law, and advocacy law have seen the most automation….eBrevia uses AI to extract data from contracts to accelerate diligence, contract analysis, and other related applications.”
Adam Nguyen recently taught the course, “Artificial Intelligence in Legal Knowledge Management”, via LawLine.com. The course served as an introduction to AI’s use for legal research and knowledge management. Topics included how research challenges for litigators, diligence and management agreements, intellectual property rights, cloud security, and ethical issues relate to the implementation of artificial intelligence. This course can be purchased at LawLine.com
Legal Talk Network
In this report from On The Road, host Monica Bay talks with eBrevia founder and CEO Ned Gannon, Allegory founder and CEO Alma Asay, and Alt Legal founder and CEO Nehal Madhani about the Above the Law Legal Innovation Awards. In addition to discussing their companies and the applications for their legal technologies, the group provides advice to other entrepreneurs looking to refine how they market their products.
eBrevia and Donnelley Financial Solutions are deepening a strategic partnership that will make legal due diligence faster, more accurate, and secure for users of Donnelley's Venue Data Room. The partnership reflects Donnelley Financial Solutions' commitment to providing the most fit for purpose and advanced technology to meet the needs of dealmakers worldwide.
Venue Contract Analytics, part of the Venue Deal Solutions suite, uses eBrevia machine learning technology to make contract review fast, accurate, and effective.
Ned Gannon, eBrevia’s CEO, joined a panel of real estate technology entrepreneurs to discuss real estate’s frontier tech at the mipim PropTech Summit. The panel which also included David Eisenberg, Founder & CEO, Floored, Ragnar Lifthrasir, Founder, International Blockchain Real Estate Association, and Dr. Jeff Wilson, CEO, Kasita, focused on advances in some of the most innovative technology in commercial real estate today. The summit was part of the broader NYC Real Estate Tech Week.
eBrevia is among a select group of cutting-edge technology companies using artificial intelligence behind-the-scenes to help lawyers complete an array of daily tasks.
Find out six ways artificial intelligence like eBrevia is helping lawyers--without them even noticing--in areas from document management to employee management, here.
Thomson Reuters and MaRS LegalX presented the Emerging Legal Technology Forum at MaRS Discovery District in Toronto, a premier forum showcasing top legal industry professionals and change leaders taking a comprehensive look at ways to use technology to revolutionize legal practice.
The program examined the current state of technologies available and the impact they have in the firm, how contract and document automation change the transactional practice, the design change requirements to leverage technology to improve delivery of legal services, and the power in leveraging legal data analytics.
The panel entitled “Object Lesson: How Contract Automation is Changing the Transactional Practice” featured:
Ned Gannon, Chief Executive Officer, eBrevia, Inc
Fred Headon, Assistant General Counsel – Labor and Employment Law, Air Canada
Mara Nickerson, Chief Knowledge Officer, Osler, Hoskin & Harcourt LLP
Mark Tamminga, Partner, Leader of Innovation Initiatives, Gowlings WLG
Andy Wishart, Global Head – ContractExpress, Thomson Reuters
In coordination with event sponsor RR Donnelley, Ned Gannon, eBrevia’s CEO, presents The Latest Techniques and Tools to Streamline Due Diligence at the American Bar Association’s 2016 M&A Committee Conference in Laguna Beach, CA. The talk covers how artificial intelligence is being applied on the transactional side of the legal industry and focuses on contract analytics specifically. The audience consists of approximately 150 corporate attorneys, and the presentation includes a lively Q&A session.
Artificial intelligence is evolving the nature of lawyering. Legal analyst Julie Sobowale explains how in this cover story for the American Bar Association. Here’s Sobowale’s take on AI in law:
Artificial intelligence is changing the way lawyers think, the way they do business and the way they interact with clients…It is the next great hope that will revolutionize the legal profession.
Sobowale notes some standout companies harnessing AI in ways that will transform the legal profession for the better, among them ROSS, NexLP, Riverview Law, and eBrevia. “What makes eBrevia different,” says Sobowale, “is the program’s ability to learn how to do searches [within contracts] more efficiently.”
eBrevia COO Adam Nguyen explains how lawyers can benefit from using AI tools:
Technology that automates tedious tasks, while not a panacea, can free up lawyers’ time to perform higher-level, more intellectually satisfying work which clients would be willing to pay for…It’s clear we need a solution that increases lawyers’ productivity while helping to deliver legal services at the level expected by clients.
With the AI revolution on the horizon, in Sobowale’s words, “maybe it’s not so scary after all.”
At ABA TechShow 2016 in Chicago, Adam Nguyen, eBrevia's Co-Founder, speaks on a panel with Fastcase's CEO Ed Walters on how law firms can start using data and analytics for strategic advantage. The panel, Data is the New Oil – Lessons from Standard Oil, Smart Diapers, and Uber for Law Firms, is part of TechShow's Tech Fundamentals track.
On a separate panel with attorney Jon Tobin of Counsel for Creatives, Adam explores practical, time-saving ways for lawyers to collaborate on documents during Realtime Collaboration Isn’t Just for Conference Rooms Anymore. The session is part of TechShow's Tech Beyond Walls track.
In a world where new technology and an anything’s possible ‘Silicon Valley’ mentality are pushing the boundaries of even the more traditional professions, career possibilities for lawyers are growing. In this issue of The Practicefrom the Harvard Law School Center on the Legal Profession, eBrevia CEO Ned Gannon is exemplified as one lawyer following the path less traveled. Ned says:
When I graduated from law school, I ended up practicing corporate law…I got to witness some really great entrepreneurs build up these companies…That drew me into the business side, and I always thought to myself, “Hey, wouldn’t it be great to sit on that side of the table at some point?”
As for his professional identity being a lawyer-turned-entrepreneur, Ned comments:
I consider myself a part of the legal profession. And I like to think that, as the legal profession is changing, we’re on the forefront in terms of helping attorneys to adapt to some of these changes.
If you have an subscription with The Practice, you can read the full article “Drawing Your Own Path: Forging New Identities in the Profession” here.
In AngelList today, there are over 1,000 LegalTech companies compared to a mere 15 in 2009. Sue Banerjee, eBrevia's VP of Client Relations, joins other legal technology experts in Palo Alto, Ca, to explain how and why the industry has grown so dramatically.
The panel discusses the biggest legal tech trends, economics of legal tech valuations, and key performance indicators that legal organizations should look at when implementing innovative technologies. Attendees include in-house lawyers, outside counsels and licensing professionals interacting with legal departments.
Ned Gannon, eBrevia's CEO, answers questions about eBrevia's contract review platform -- how it began, who the software is helping the most, and why machine learning is an essential component -- in this new Evolve Law podcast. Metrics on the benefits eBrevia brings to lawyers practicing contract review are also discussed in the episode.
Evolve Law is a community for legal innovators, hosting events and content that spark ingenuity in the legal industry. You can subscribe to their podcast on iTunes or wherever you get your podcasts to get regular updates on the newest legal trends, innovations, and ideas. To find out more about Evolve Law or to become a member, go to evolvelawnow.com.