Uría Menéndez signs deals with two companies to use artificial intelligence
Uría Menéndez has announced it has signed agreements with two technology companies to use artificial intelligence (AI) to improve contract review processes and assist in the analysis of documentation in due diligence.
The firm said it had confirmed deals with Luminance and RAVN Systems that would help free lawyers up from performing the most “tedious” and repetitive tasks and therefore improve the service provided by the firm.
Both the Luminance and RAVN Systems will operate in Spanish.
A Uría Menéndez statement said the Luminance project, which is based on technology developed at Cambridge University, “offers one of the most modern AI platforms in the legal sector [and] will enable the firm to improve efficiency in contract review processes”.
It added: “For its part, with RAVN, the firm has signed an agreement to improve the RAVN Extract application by creating a Spanish robot to assist in the analysis of documentation in due diligence. RAVN Extract is an application based on RAVN’s cognitive engine, a platform that automatically reads, interprets and extracts key information from unstructured databases.”
Santiago Gómez Sancha, the firm’s systems director, said: “The true potential of these systems, far beyond reviewing contracts or facilitating due diligence, is the possibility of becoming a lawyer’s aide that frees them from the most tedious and unproductive activities, while improving the efficiency of the service rendered.”