Latham & Watkins and Harvey are partnering to build AI tools for investment fund formation, integrating the firm’s investment fund practice with Harvey’s product and engineering team.
The law firm says the partnership will work by combining its knowledge of market practice and fund complexities, alongside Harvey’s AI expertise to support workflows.
The collaboration with the legaltech giant is focused on key aspects of the fund formation process, including developing AI capabilities on limited partnership agreements, undertaking the relationship between a fund’s general partner and its investors.
Other aims include AI tools to process side letters that give investors additional rights, subscription documents where investors commit capital to a fund and memos that summarise negotiation responses.
Matthew Chase, global chair of Latham’s investment funds practice, said: “Fund formation requires lawyers to navigate an enormous amount of detail while staying focused on the commercial priorities of sponsors and investors.
“We’re excited to partner with Harvey to combine their engineering expertise with the breadth of practitioner perspective across Latham’s premier global platform, and to translate our market knowledge and insights into AI-enabled tools that support our clients.”
Winston Weinberg, CEO and co-founder of Harvey, said the best technology is built with “deep understanding” of how lawyers work.
“Latham gives our product and engineering teams direct insight into the needs of lawyers handling some of the most complex fund formation matters, helping us build capabilities that reflect the complexity and realities of their work,” he said.
The partnership announcement further strengthens the relationship between the two parties, after Latham last August committed to an enterprise licence for a firm-wide rollout of the Harvey platform.
The collaboration is one of several strategic partnerships Harvey has entered into over the past year.
In August, it agreed a strategic partnership with UK-based AI legal drafting platform Avvoka, combining the legal tech giant’s expertise with Avvoka’s document engine.
And back in May, Harvey announced a collaboration with Swiss legal AI intelligence start-up DeepJudge, with the aim of bringing law firm and in-house expertise into AI-powered legal work.
Harvey also received a substantial financial boost last month after it secured $550m in fresh capital following its latest funding round, valuing the business at $15.5bn.
The financing round was co-led by venture capital firms Diffusion and Lightspeed Venture Partners, both new investors.
Email your news and story ideas to: [email protected]
