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On the occasion of the 1st Annual Study of Juridical Technological Innovation, The Impact Lawyers interviews the participating law firms to discuss the benefits that these technological tools bring to their work

1. What differentiates EBA Outsourcing Solution from other technological tools in the legal sector?

This is a bespoke solution which combines our technology stack powered by our people and our carefully tried and tested legal project management processes. Our machine learning software has been trained to process outsourcing agreements and identify any terms that need to be updated in order to be compliant with the EBA guidelines. The quality controlled findings from this due diligence process are then used to automatically generate first draft amendments to those agreements.  It increases efficiency and reduces costs for clients. 

2. Is this the first time that the firm uses a tool powered by Artificial Intelligence?

No, other examples of our adoption of AI include:

• Creating a Data Science capability of 72 algorithms which we applied to our entire enterprise database to build better client relationships.

• Rolling out a global solution for e-discovery using Relativity, Brainspace, NexLP and, where necessary, custom tools.

• Creating a first of its kind, breakthrough technology using machine learning to ‘tokenize’ character-based written languages (that for the first time is applicable in written Korean, Japanese, and Chinese).

• Our AI delivery toolkit for the LIBOR benchmark ahead of the 2021 deadline.

• Our AI Covid-19 solution for financial institutions tackling implications and risks posed by COVID-19.

• Trialled, piloted AI document review tools across the market - selecting Kira, developing a 'brown bag lunch' training methodology and rolling out implementation globally.

3. How important will artificial intelligence be in the legal sector?

Innovation and legal technology are critical to retaining and winning clients, and to market profile. AI is an integral part of this. 

We see the use of data as critical to our firmwide strategy and client service delivery. We have a Legal Technology Working Group that focuses on our use of emerging technologies including document review, robotic process automation, legal trend analysis and the use and analysis of data. Innovating with data science to drive performance and profit has been a major investment for the firm. Led by Michael Davison, we apply genuine data science techniques to look for features that drive client satisfaction and how those features interplay with each other to maximise performance.

4.           What challenges can a law firm face when working with an artificial intelligence tool?

Law firms have traditionally been conservative about digital transformation, which can present challenges for its adoption. These include: having the right infrastructure in place; use of confidential information, sense of ownership of client data, effectively integrating data for the best results.

Once overcome, the fact remains that you always need a human lens to vet the results, which is particularly important when you’re making decisions around people – for example in relation to recruitment or diversity & inclusion.

We supplement our machine learning software with human review quality control to maintain high levels of accuracy. 

5.           What benefits does EBA Outsourcing Solution bring to the firm?

Putting clients at the centre of everything we do is one of our strategic priorities as a firm, alongside enhancing profitability. The EBA Outsourcing Solution demonstrates both of these in action. It helps clients with logistical challenges for the EU regulator’s EBA guidelines, as our machine learning software has been trained to process outsourcing agreements and identify terms that need updating in order to be compliant with the EBA guidelines. 

We are also able to adapt the solution to meet the needs of our clients. It has been very successfully received, and we have been instructed by clients on non-EBA projects as a result of the success of the solution.