As the first law firm in Norway, Thommessen is now providing an AI tool from Maigon that will review and approve DPAs and NDAs, as well as report any deviations - without any human involvement whatsoever.
The creation and review of legal documents need to meet the most stringent quality standards, and may require considerable time and resources. Before Christmas last year, Thommessen embarked on an innovation partnership with the Legal Tech firm Maigon, with the aim of making the review of data processing agreements (DPAs) and non-disclosure agreements (NDAs) more efficient.
- We are curious about technology developments in the legal industry and want to try new solutions and tools that emerge. We therefore monitor developments closely, and are constantly looking for ways to simplify and streamline the day-to-day operations of our clients and ourselves, says Chief Digital Officer Trine Melsether.
Focus on specific contract types
Using artificial intelligence (AI), the tool will review the contract and generate a report of deviations, as well as a report of which elements should be considered and negotiated further, measured against applicable regulations and best practice.
- Maigon has a really exciting Legal Tech tool that targets an area in which we believe there is considerable potential for efficiency improvement. Many of the AI tools that have been introduced to the legal industry are too broad in scope, and have been hampered by a lack of adequate underlying data with enough variation. We therefore find it exciting to test an AI tool that is more focused on specific contract types, says Uros Baarlid Tosinovic, a lawyer in the Thommessen Technology and Data Protection practice group.
Three simple steps is all it takes
- Upload your contract. For DPAs, you can choose whether the tool should review the contract from the perspective of a data controller or a data processor.
- Contract review. The tool will in a few minutes generate a report listing any deviations, and a recommendation as to which elements you should examine more closely.
- Download report. The report can be downloaded and shared, for example with colleagues or others involved in contract negotiations.
First time in Norway
- This is a brilliant and unique Scandinavian Legal Tech collaboration, which marks the start of a new journey for both companies. For Thommessen it is about AI innovation, while for Maigon it is about a whole new level of clientele. "This is the first time we provide our services to a law firm in Norway," says Sergii Shcherbak, CTO of Maigon.
- We really appreciate the opportunity to work with a top law firm like Thommessen. The collaboration has been amazingly smooth and constructive, with both parties contributing expertise and practical experience that make the solution even better. We look forward to seeing where this will take us and to continuing our excellent collaboration," says Knut-Magnar Aanestad, Head of Market Development at Maigon.
Using Maigon's tool is up to 90 percent more efficient than conducting a manual review.
- The tool completes a full review of a 50-60-page document in just a couple of minutes. This will of course not replace lawyers, but it will give an helpful indication and provide useful guidance, Sergii continues.
Thommessen will make the Maigon tool available to clients that would like to try it.
- We believe that the tool can be valuable in separating contracts that should be reviewed by a lawyer from contracts that can be approved internally in the organisation without external legal assistance. In that sense, this is a tool for highlighting what should be considered or negotiated. We believe this can save clients quite a lot of time," says Trine.
Together with clients, Thommessen has tested the tool over a period of time and provided feedback on what the AI should focus on, as well as the key features the agreements
- We are constantly training the AI on new data, validating its accuracy and making sure that it is always as accurate as is feasible with the current technology, i.e. state-of-the-art AI," adds Sergii.
Read more about the tool and how to get access
Using artificial intelligence (AI), our tool reviews your contract and generates a report listing deviations. You receive an overall compliance score for the contract, and a recommendation as to which elements you should check against applicable regulations and best practice.
Read more about the tool and how to get access to test it here.