The move combines the comprehensive legal services offering of Elevate with the data science team and AI engine of LexPredict, creating technology-enabled solutions for law departments and law firms. Increasing pace
Pratik Patel, vp of Innovation at Elevate, explained ‘Elevate and LexPredict have been collaborating closely for over a year, leveraging AI to improve speed and accuracy in M&A due diligence and contract analysis for Cisco.’ Mr Patel added, ‘we’re merging our businesses to increase the pace at which we are integrating AI into our enterprise legal management suite, Cael ELM and collaborating on solutions that are ‘AI + HI’ – artificial intelligence plus human intelligence.’ The Elevate-LexPredict team will build upon the AI-enabled contracts repository management, abstraction and search they have already developed together, adding AI-enabled intake, assessment and workflow.
The company will also focus on bringing increased efficiency to regulatory work including libor, gdpr and Brexit by combining enabling AI technology with managed services. ‘The most comprehensive solutions often require the integration of multiple disciplines,’ said Dan Katz, co-founder and chief strategy officer of LexPredict.