Following more than 300 submissions, the international law firm has been shortlisted for an award in the Technology and Data Analytics category for incubating legal technology. It follows the firm’s investment in, and incubation of, technology start-up ThoughtRiver, which has developed software that uses artificial intelligence (AI) to scan and interpret information from written contracts used in commercial risk assessments. The tool brings the data alive with visuals and presents information in a central online dashboard enabling in-house financial officers, general counsel and contracting functions across a range of businesses to make better decisions more quickly. Matt Meyer, CEO of Taylor Vinters said: “We’re really proud to have made the shortlist of such competitive, high-profile awards, which are aimed at uncovering the real value that lawyers deliver to business. “The legal services market has changed significantly in recent years, so law firms need to develop new ways of thinking and working to deliver the best possible service to clients.
Our partnership with ThoughtRiver and the incubation model is novel in legal services. It shows how a willingness to collaborate and challenge traditional ways of working can open up new opportunities for growth and service. “We hope that our ability to innovate and embrace new technology is recognised in the next stage of the programme and look forward to the results announcement later this year.” Established in Europe in 2006, the FT Innovative Lawyers programme also runs in the US and was extended to cover North America and Asia-Pacific in 2014. The report consists of rankings and awards based on independent research and opinions of purchasers or users of legal services. The results will be announced at an awards event on 5 October 2016 in London and the rankings published in an FT special report.
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