Synergy is critical to accelerate secure adoption of contract analytics technology in law firms and legal departments
London, July 25 — Law firms and legal professionals can now review 10,000 pages in under 2 hours and extract key clauses and obligations. Cognitiv+, the digital disruptor and leading provider of Automated Intelligent Contract Analytics announced it is joining forces with Reynen Court, making it easier for law firms and in-house legal departments to access high performing and secure legal technology.
According to a survey conducted by EY, 68% of general counsel say they do not have accurate and up-to-date information about their legal entities, causing uncertainty around the content of the contracts they sign. This is a major risk factor; ignoring data, including information in contracts and other legal documents, comes at a price. Legal technology, such as AI-powered contract analytics, has become a much needed ally when performing accurate and fast document review for critical processes like M&A, due diligence and internal audits. In a market that is overcrowded with a multitude of technology players, what solution should you pick?
Research by the University of Oxford discovered that 50% of lawyers find a major barrier to the adoption of legal technology to be a lack of staff expertise with its assessment and implementation. While for 70% of survey respondents, client confidentiality and data protection are significant regulatory barriers when adopting, or planning to adopt, legal technology.
The Reynen Court ecosystem, which is supported by a consortium of leading global law firms and corporate legal departments, has been created to help legal professionals easily adopt and manage modern legal technology applications, without jeopardising security or stability.
Reynen Court provides an environment to securely discover new legal technology by ensuring access only to trusted and vetted providers. The platform also makes it easy for customers to safely test and deploy new solutions, either to their on-premises cloud or to virtual private clouds hosted by Azure, AWS or Google Cloud.
Cognitiv+ Artificial Intelligence technology successfully exceeded the platform’s strict security requirements, and Reynen Court’s global audience of law firms and legal departments can now deploy it automatically into their own private cloud environments via Reynen Court’s industry-leading platform.
With Cognitiv+ AI contract analytics, lawyers can unlock the value of information in their contracts, policies and regulations, mitigate legal risk and achieve faster and better decision-making. The unique Artificial intelligence capabilities allow for fast review of legal documents, understanding of obligations and extraction of key provisions at scale – accelerating processes like due diligence.
By joining the Reynen Court ecosystem, Cognitiv+ pursues its mission of providing law firms and legal departments with a reliable and intuitive solution for automated document review.
“It became very time-consuming for law firms and legal departments to find the right document review solution that fits their use case, while data privacy and cybersecurity have become a growing topic of concern” said Vasilis Tsolis, CEO of Cognitiv+. “Reynen Court curation eliminates the bottleneck in adopting new technology while ensuring security standards are respected. Knowing that they get a vetted and secure solution on the Reynen Court Solution Store, customers can focus on leveraging the power of AI-contract analytics to enhance understanding of their legal documents and manage risk. We are extremely proud to be part of the Reynen Court ecosystem”
According to Sam Moore, Director of Vendor Relations at Reynen Court, “Document review is a critically important aspect of every commercial law firm’s day-to-day activities, and finding the right technology to augment that workflow can be challenging” Cognitiv+ offers some of the most powerful functionality in this product category, and being deployable via Reynen Court means that our platform users can leverage that technology without any client data ever leaving their own IT estate. It’s potentially a game changer for any legal teams who are struggling with manual review, or who are understandably reluctant to upload huge repositories of sensitive documents to a third-party SaaS environment. We’re delighted to offer Cognitiv+ to our platform users as a fully deployable application”.
About Cognitiv+:
Cognitiv+ (www.cognitivplus.com) is the artificial intelligence platform that automatically reviews and summarises contracts, policies and regulations. Easier, cheaper, faster than manual review.
Our award-winning technology allows businesses and law firms to slash the time needed for legal revision, make better decisions and mitigate risks involved in missing key legal information.
About Reynen Court:
Reynen Court LLC (www.reynencourt.com) makes it fast, easy and secure for law firms and in-house legal departments to discover, test, adopt and manage Artificial Intelligence, Smart Contracts and other new technologies. The platform enables firms to run cloud-based applications either on premises or within virtual private clouds under their own control — thus giving access to modern software solutions without requiring a sacrifice of security or stability.
If you have further questions on Cognitiv+ capabilities, please email sales@cognitivplus.com