US firm Fried Frank has created an AI-powered platform to support its asset management, regulatory and tax lawyers with fund formation, fund operations and transaction matters.
The proprietary platform known as FundAssist enhances document search and drafting capabilities. Fried Frank’s customers will have access to a secure environment provided by the platform, and users can adjust client-specific precedent libraries to locate relevant information.
The platform also allows its users to ask questions across fund documents and swiftly receive responses in a client’s preferred language.
FundAssist integrates with the firm’s document management system and is currently in a testing phase with a multi-agent drafting tool to produce first drafts of long-form fund documents.
Kenneth Rosh, Fried Frank chairman and co-head of the firm’s asset management and private equity funds group, said: “We are excited to launch FundAssist, which reflects our ongoing commitment to investing in and evolving with new technology.
“Our platform is tailored to what our fund clients want and need, and is resulting in greater efficiencies and significant cost savings, while still securely maintaining our standard of excellence.”
Becky Zelenka, partner and co-head of the private equity funds group, said the development of FundAssist has demonstrated its ability to “constantly enhance our efficiencies”.
She added: “We are laser-focused on technologies that are tailored to our practice and provide immediate benefits to clients.”
The creation of FundAssist is the law firm’s latest technology move within its financial services-related offering. Last year it adopted Intelligent Legal Solutions’ ProVision platform, which delivers side letters to support clients with fund formation.
In September last year, it announced a partnership with Centari, a platform for AI deal intelligence for law firms alongside investment funds.
Fried Frank has also turned to various technologies across the firm’s global practice areas, including Legora for review, drafting and analysis, along with contract drafting tool, Draftwise.
Last week, Kirkland & Ellis said it was planning to invest $500m in developing its own AI platform rather than relying on tools that are also available to competitors.
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