April 12, 2023
Thomson Reuters Document Intelligence Automates M&A Due Diligence Process for Legal Professionals, Helping Close Deals Faster
- Document Intelligence AI cuts information retrieval and review time in half for Merger and Acquisition (M&A) due diligence processes
- Capitalizes on expertise of attorney editors, with pre-trained AI models that work “off the shelf”
Thomson Reuters, April 12, 2023, TORONTO – Evolving artificial intelligence to automate processes and strengthen operational efficiencies is more important than ever in the legal space. Amid economic uncertainty, law firms and legal departments have never been more focused on operating efficiently and making the most of advanced technologies and legal data to control costs and improve productivity.
“Using AI-powered Document Intelligence, customers have accelerated information retrieval and review by more than 50%,” said Kriti Sharma, chief product officer, Legal Tech, Thomson Reuters. “Automating the review processes and the contracts that need attention saves hundreds of hours of manual review, improves accuracy, helps lawyers identify new opportunities and closes M&A deals faster.”
Capitalizing on the expertise of Thomson Reuters attorney editors and their vast legal knowledge to build, train, and maintain AI models, Document Intelligence reads thousands of documents at once to extract valuable insight from the unstructured data buried in large volumes of complex, contractual documents, flagging areas that need attention. The availability of pre-trained models is particularly relevant for lawyers in firms, where training AI models is nonbillable work, making AI adoption a costly exercise.
Integrated with the HighQ platform and the expertise of Practical Law, Thomson Reuters Document Intelligence helps firms to securely store, update, share, and collaborate on contracts and files – optimizing team productivity and streamlining the delivery of legal services. With legal professionals under pressure to be more productive while still delivering high-quality work to clients, Document Intelligence is enabling customers to more efficiently manage contract analysis and contract lifecycle management tasks.
Document Intelligence, formerly ThoughtTrace, was part of a Thomson Reuters acquisition in 2022. This solution is a foundational component of Thomson Reuters cutting-edge AI technology portfolio.
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