The product of more than two years work and over a million dollars of investment from a local law firm was revealed yesterday in the form of an AI tool for lawyers.
AuthorDocs Business Edition is a Microsoft Word plug-in that uses neuro-linguistic programming and machine learning together with human inputs to help automate labour intensive contract review processes.
Law firm MinterEllisonRuddWatts, which hosted the global AuthorDocs launch yesterday, was a major investor in the project when developer McCarthyFinch was established in early 2017, putting in over $1 million.
It has now been appointed as the product's exclusive New Zealand reseller.
Because it is a plug-in, the system is easy to roll out and set up and its intelligence can be tailored to each team's or user's needs, the developers said.
The the tool can deliver significant time savings, improved collaboration, better quality, lower risk and greater value. Time taken to review contracts can be reduced by 60 per cent.
MinterEllisonRuddWatts CEO Andrew Poole said AuthorDocs was a demonstration of its commitment to service and adding value to clients.
"This cleverly designed AI tool combines simplicity and ease of use and is an ideal choice for any legal team looking to make tangible steps towards greater efficiency and the use of technology in the management of contracts," he said.
At the same time as legal spending is increasingly constrained, legal teams are expected to be more responsive, flexible and thorough in their work while also delivering measurable value, said McCarthyFinch chair James Schellhase.
"The quality and expediency of contract review and drafting are no exceptions and AuthorDocs uses AI technology to accelerate legal work and free lawyers to focus on higher value needs of the business," he said.
In that context, AuthorDocs can deliver quick wins and open a quick and easy gateway into the use of AI, said McCarthyFinch co-founder and CEO Nick Whitehouse.
"AuthorDocs creates immediate value. There are no complex IT projects and no changes to existing processes required," Whitehouse said. "You can simply download and get started."
The company has more product poised under development and approaching release, Whitehouse said.
The tool is not MinterEllisonRuddWatts first foray into software. It also resells SafeTrac for online compliance training and has two products of its own - Document Portal for document storage and automation and a compliance register.