The firm's innovation head Graeme Grovum claims it can recognise and analyse '1.5 million documents in just a few hours and at about half the price of the industry's lowest rates.' He adds that this is an exercise that can usually take a week or more and cost clients anywhere between two to four cents per page. Cumulative costs can make the process prohibitive for large matters with millions of pages, he added. This is the latest move by a law firm to compete in the legaltech sector and in this instance the national firm will release the web application, known as JustOCR, to the market at large making the law firm the entrepreneur.
Committd to open innovation
‘We are committed to open innovation and that means bringing to market our advancements to benefit not just our clients, but the legal profession more broadly,’ said Corrs partner James Whittaker. The product is the latest to target this space as firms, in-house counsel and developers intensify work on tools and products to improve efficiency in a cost-afferse market.
Black spots pinpointed
JustOCR analyses and gives documents them a quality rating, flagging those with poor searchability and helping to identify black spots. Relevant documents that may have been missed because key words were not searchable could be picked up as a result. By flagging documents escaping the search radar, the tool could be particularly useful in regulatory and fraud investigations, said Mr Whittaker who pointed out that ‘a clever person would ensure their document does not fit within a readable format.’
Latest tech move
In October, Corrs took a 50 per cent stake in the Asia-Pacific arm of Beagle, the artificial intelligence start-up which automates contract analysis.