It all started around two decades ago with the introduction of virtual data rooms to replace physical rooms. Initially, these virtual rooms were quite a simple online version of the physical spaces they had replaced. However, the technology has evolved over the years and virtual data rooms are now sophisticated solutions that include a variety of features that streamline the due diligence process.
Admincontrol’s data room solution has evolved to the stage where it now includes secure in-platform messaging, advanced security and access control, a preparation portal option, as well as automated workflows for key functions such as Q&A and task management.
We are also helping our customers work smarter and faster by enabling them to connect their data room directly to an artificial intelligence (AI) solution. In essence this solution lets our customers take full advantage of everything that AI has to offer in the legal due diligence process.
We have noted that many law firms are already starting to reap the benefits of AI, letting the software do the heavy work when it comes to document review and letting the legal experts focus on the tasks that add value.
We believe that the law firms that learn how to utilise the power of technology in combination with the insights of legal professionals will have a true competitive edge going forward.
Getting started with AI
Our introduction of AI is a result of our new partnership with Luminance, a leading artificial intelligence platform for the legal profession, which was founded by mathematicians from the University of Cambridge.
The Luminance system works by combining supervised and unsupervised machine learning algorithms to read and form an understanding of legal data. By creating this partnership, we are enabling legal teams to automatically transfer their documents from Admincontrol into Luminance and have them automatically and intelligently reviewed for the first time.
Specific features include:
- A secure connection between your Admincontrol data room and your Luminance account with a synchronisation every five seconds
- The option to choose which folders you would like to synchronise
- Automatic and rapid surfacing of anomalies categorised according to severity type and number
- Automatic clause identification based on over 1,000 pre-set clause models
- Automatic document and clause compliance based on standardised models and established learning
- The potential benefits are truly transformational
Why the introduction of AI is so significant
There are four main reasons why introducing AI to the due diligence process is so important:
1. AI enables smart and efficient document review
The most significant issue with document reviews is the time it takes to review thousands of contracts. When using Luminance, lawyers report time savings of up to 50% from the first day of a review.
2. It reduces costs on an unprecedented scale
Due to the length of time it takes to conduct a manual document review, the process has historically been costly. By using Luminance to save time, due diligence teams can also reduce costs by up to 85% (actual figure reported by a top 50 UK law firm).
3. It reduces risk
Another major problem with manual document review is that lawyers have often have to review samples of documents rather than the master document, and may therefore miss a significant error. Luminance and machine learning enable all documents to be reviewed in a fraction of the time. This means lawyers can be confident they are conducting a full review that is virtually risk-free.
4. It frees up time to add more value
It has also been well documented in the past that document reviews prevent lawyers from focusing on more important tasks. Bringing artificial intelligence and machine learning into the equation will allow lawyers to focus on more valuable, revenue generating work.
By bringing artificial intelligence and machine learning into the equation will allow lawyers to provide more valuable, revenue-generating insight and analysis.The case for AI is not just compelling – it is essential for the times we live in and the challenges we face.
If you would like further information or if you want to get started with AI-powered data rooms, please contact us here.
Find out how you could benefit from AI support in due diligence by downloading our eBook;