A new legaltech product powered by AI is promising faster contract drafting and review for legal professionals and firms.
Legaltech innovator, McCarthyFinch, and leading New Zealand firm, MinterEllisonRuddWatts, have launched authorDOCS Business Edition. Powered by authorAI, the AI platform designed by McCarthyFinch with investment from MinterEllisonRuddWatts, the new service brings together enhanced AI, team concept sharing, and data segregation for information security and confidentiality, the companies say.
An add-in for Microsoft Word, authorAI promises a plug-and-play experience. Individuals ot teams only need to download and install for easy integration into their day-to-day processes, all while giving access to an AI-aided workflow.
McCarthyFinch and MinterEllisonRuddWatts said that the system’s intelligence can be customised for specific needs of users. This includes the ability to apply specialised review packs for specific types of contracts. The system also uses machine learning to pick up user preferences, which will guide the tool’s focus and suggestions.
The system will give users significant time savings, as it automatically presents pertinent information and provides quick access and concepts needed for efficient contract drafting and review, the companies said. The concept sharing feature will also enhance collaboration, since it allows sharing clauses and concepts across legal teams, facilitating consistency, shared understanding, and cooperation.
The authorAI system will also improve quality and reduce risk by ensuring consistency of review, including auto-flagging of issues to allow proactive management of potential problems, McCarthyFinch and MinterEllisonRuddWatts. Teams are also enabled to deliver greater value because the system cuts time required on each contract by up to 60%, they said.
“Our firm is committed to delivering exceptional service and creating value for our clients. authorDOCS is the latest demonstration of us acting on this promise. 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,” said Andrew Poole, MinterEllisonRuddWatts chief executive.
James Schellhase, McCarthyFinch chair, said that pressure has been mounting for legal teams and authorAI aims to alleviate some of that pressure.
“Legal teams are expected to be more responsive, flexible, and thorough in their legal work, while providing measurable value to the business. This is amid ever tightening constraints on legal spend and resources,” he said. “The quality and expediency of contract review and drafting are no exceptions, and authorDOCS uses AI technology to accelerate legal work and frees lawyers to focus on higher value needs of the business.”
Nick Whitehouse, McCarthyFinch cofounder and CEO, said that while the company has a range of legal AI products in various stages of release, it also knows that most legal teams are eager to begin realising the benefits of AI. He said that authorDOCS “creates immediate value, there are no complex IT projects and no changes to existing processes required. You can simply download and get started.”
McCarthyFinch and MinterEllisonRuddWatts said that authorDOCS is available globally via a subscription, with optional review packs. These packs cover everyday supply agreements, material contracts, confidentiality agreements, and more. The business edition adds team collaborative concept sharing and enhanced security.
MinterEllisonRuddWatts is the exclusive reseller of the tool in New Zealand. More information can be read and requests for demonstration can be made through this webpage.