Online legal technology journal Artificial Lawyer interviews eBrevia COO and co-founder Adam Nguyen about the direction of eBrevia, the recent collaboration with Thomson Reuters, and the future of AI in legal tech. You can read the article by following the link below.
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
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Managed services + integrated tech: What Thomson Reuters commercial contracts collaboration with eBrevia means
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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.
Duff & Phelps Selects eBrevia's Machine Learning Software to Accelerate Contract Review
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.
Click here to see the publication
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.
Adam Nguyen Explores Implications of AI on Legal Profession at ABA's 2018 Corporate Counsel CLE Seminar
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.
Adam Nguyen Presents eBrevia Case Studies at LegalTech 2018
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 in Financial Times
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.”
10 Transactional Support Services Companies to Watch in 2018
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.
Tennessee Chapter NASHVILLE: Artificial Intelligence and Contract Review
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.
Farella Braun + Martel's 11th Annual Client MCLE Day Featured Adam Nguyen
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
Adam Nguyen Participated as Lecturer in Clear Law Institute's Webinar on Structuring Agreements in AI and other Innovative Industries
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
Adam Nguyen Participated in LawLine’s Lecture on AI and Knowledge Management