SAN FRANCISCO--(BUSINESS WIRE)--Please replace the release dated September 5, 2018 with the following corrected version due to multiple revisions to the subhead and third paragraph of the release in order to clarify potential partnership details.
The corrected release reads:
LEGAL AI FIRM MCCARTHYFINCH GOES TO WAR IN LAW AT TECHCRUNCH DISRUPT SF BATTLEFIELD
Tech Innovator Showcases AI Platform Author as One of the 21 Battlefield Startup Participants
Legal AI technology innovator McCarthyFinch was on the TechCrunch Disrupt SF Battlefield today at Moscone Center West, one of the 21 chosen companies out of a thousand to compete and be recognized as the world’s best early-stage startup. McCarthyFinch showed off its AI-powered platform: a virtual lawyer that can be trained and plugged into any legal process, from financial compliance to contract automation.
“Our AI platform learns up to 100 times faster than traditional AI, using far smaller data sets,” said Nick Whitehouse, CEO and co-founder of McCarthyFinch. “Most importantly, its results are entirely explainable, defensible and trustworthy.”
To help expedite the rollout of its technology, McCarthyFinch is looking to form strategic partnerships with leading professional services firms, such as Deloitte and Accenture. McCarthyFinch does not have an established partnership with Deloitte, but the details are still being worked through and agreed upon. Accenture is engaging with McCarthyFinch on a number of government projects beginning in Australasia.
Some of the legal processes the platform called Author can be trained and plugged into include:
- Settlement Insight: Helps legal teams negotiate the best settlement for their clients or companies by extracting settlement values from 35,000 agreements across the U.S. It then groups these values by court, state and other parameters to create comparable databases.
- Contract Favorability Review: Breaks down a contract into different clauses and sections, analyzing each part and identifying whether it’s in a client’s favor or not. It also identifies missing or added clauses and text to speed up everyday document review.
- M&A Insight: Reads through public and private mergers and acquisitions to create an insight report for advising clients, negotiating transactions and attracting new clients. At one firm, this reduced junior legal effort by 99 percent.
- Court Decision Classification: The AI platform was put to the test classifying court decisions against a team of legaltech workers. While it took the human team six weeks and an undisclosed cost to classify five decisions with 91 percent accuracy, it took the AI platform only two hours and no cost to classify eight decisions with 94 percent accuracy.
- Tax Determination: Revolutionizes legal research for government tax decisions, turning a multi-week process into one that only takes minutes. Author does this by taking latent information from physical documents and turning it into a research interface.
- Transactional Contract Automation: Author automatically approves contracts when they conform to existing laws and company policies, providing review tools and insights for the in-house teams only when the contract needs a second look. This reduces in-house legal workload, ultimately allowing revenue to be brought in faster.
- Legal Triage: Author determines the value of clients by acting as a web interface for public legal questions. In an experiment where Author fielded questions before passing them along to lawyers, time spent to resolve these questions reduced by 43 percent. The firm helped twice as many clients for the same cost and effort while resolving low-value questions with little interaction.
- Financial Advice Compliance: Author highlights where inappropriate or incomplete financial advice has been given by comparing the goals of a client with the financial products they’ve been sold.
The AI platform reads, writes, problem solves and reasons like a lawyer, understanding tiny differences in language that make all the difference in the legal world. “Our AI platform is designed to read pages like a human, not a machine,” said Whitehouse. “It looks beyond statistical patterns and instead interprets the meanings behind the words.”
McCarthyFinch is a pioneer in automating and improving the legal process. Formed as a joint venture between leading law firm MinterEllisonRuddWatts and Goat Ventures, a strategic boutique VC firm, McCarthyFinch was founded with the chief goal of utilizing AI and legal technology to boost the productivity of in-house legal teams and make the law more accessible to non-lawyers. Since its formation in 2017, McCarthyFinch has brought together lawyers and data scientists to address the deepest needs of the legal professions, and create solutions that can be deployed rapidly. For more information, visit McCarthyFinch.com and follow McCarthyFinch on Twitter and LinkedIn.