McCarthyFinch Introducing AI-Powered Contracts for Legal Teams at 2019 CLOC Sydney Institute
McCarthyFinch Introducing AI-Powered Contracts for
Legal Teams at 2019 CLOC Sydney Institute
Announces authorDOCS Business Edition powered by authorAI for Faster Contract Drafting and Review
Sydney, New South Wales – 20 August 2019 -- McCarthyFinch, a leading innovator of AI solutions to automate and improve legal processes for corporate legal departments, today announced the release of authorDOCS Business Edition, an intelligent AI assistant for Australian in-house legal teams which enables faster drafting and review of contracts than traditionally possible, including up to 60% faster review of routine contracts. authorDOCS Business Edition brings together enhanced artificial intelligence, powered by authorAI, along with new collaborative team concept sharing, data segregation for information security and confidentiality, and support for Microsoft Office versions 2013 and newer, including Office365.
“Law departments are increasingly expected to be more responsive, flexible, and thorough in their legal work, with an eye on providing measurable value to the business, all amid ever tightening constraints on legal spend and resources. The quality and expediency of contract review and drafting are no exceptions, and authorDOCS leverages AI technology to accelerate legal work and free lawyers to focus on higher value needs of the business,” said James Schellhase, Chairman of the Board, McCarthyFinch.
authorDOCS is built upon authorAI, an artificial intelligence platform designed by McCarthyFinch, as a highly advanced legal AI that reads, writes and augments how lawyers work. authorDOCS leverages authorAI through a user-friendly add-in for Microsoft Word, enabling quick setup and ease of integration with existing law department processes. The application’s intelligence can be tailored to meet each team and user’s specific needs, including available review packs to enhance intelligence for specific types of contracts and machine learning of user preferences to guide the application’s focus and the types of insights and suggestions it provides. Benefits for legal teams include:
Significant time savings by automatically presenting pertinent information and providing quick access to clauses and concepts needed for efficient review and drafting of contracts;
Greater collaboration with the ability to share clauses and concepts across legal teams to facilitate consistency, shared understanding, and cooperation;
Improved quality and reduced risk by ensuring consistency of review, including auto-flagging of issues to allow proactive management of potential problems;
Delivery of greater value by reducing the amount of time required for each contract by up to 60%, empowering lawyers to refocus attention on more impactful work.
“Through our investment in artificial intelligence via McCarthyFinch we are helping drive unparalleled legaltech solutions to address the challenges our clients face in today’s fast-paced, ever more competitive business environment,” added Andrew Poole, Chief Executive of New Zealand law firm MinterEllisonRuddWatts.
Andrew Cunningham, Managing Partner Consulting Solutions and Innovation at MinterEllison Sydney said, “We applaud McCarthyFinch on this innovative solution to one of the greatest challenges Australian law departments face – how to keep pace with fast moving business transactions while continuing to deliver consistent, high-quality legal work on contracts. As a simple add-in for Microsoft Word, authorDOCS is Occam's razor for contracts.”
authorDOCS is available globally on a subscription basis with a choice of optional review packs, including packs for everyday supply agreements, material contracts, confidentiality agreements, and more. The basic edition for individuals is available from Microsoft AppSource. Legal teams can upgrade to the Business Edition to add team collaborative concept sharing and enhanced security. A full-featured 60-day evaluation of the business edition is available by request.
“authorDOCS is all about delivering quick Legal Ops wins for our clients,” said Nick Whitehouse, Co-founder and CEO, McCarthyFinch. “We have an exciting range of legal AI products in various stages of release, but we know that most law departments are eager to begin realizing the benefits of legal AI. authorDOCS creates immediate value, no big projects, no changes to existing processes, simply download and get started.”
CLOC Sydney Institute
To learn more and request an in-person demonstration, visit McCarthyFinch during the CLOC Sydney Institute, September 2-3, 2019 at The Westin Sydney. To pre-schedule a meeting at the event, contact us at McCarthyFinch.com/MeetatCLOC.
McCarthyFinch delivers innovative AI solutions to automate and improve legal processes for corporate legal departments and law firms. Initially funded by leading law firm MinterEllisonRuddWatts and Goat Ventures, a strategic boutique VC firm, McCarthyFinch has brought together lawyers, technologists, and data scientists to address the deepest needs of the legal professions and create rapidly deployable AI solutions. Learn more at McCarthyFinch.com and follow McCarthyFinch on Twitter and LinkedIn.
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High-res image of Nick Whitehouse here.