The epidemic has accelerated the use of technology in various fields and the law is no exception. The judiciary has been forced to enter the 21st century and adapt quickly.
In particular, technology has had a significant impact on the practice of integration and acquisition. A recent survey by the American software company Litter revealed at least that.
Conducted with more than 200 lawyers specializing in mergers and acquisitions in Canada, the United States and the United Kingdom, this proves that they are more advanced than other practice groups.
This discovery is not surprising Angelo Nose, A partner of Blacks in Montreal, whose practice focuses specifically on consolidation and acquisition. “Everything we do lends itself very well to the use of technology,” he said.
The latter indicates that there are often several parties involved in a transaction, regardless of the buyer, seller, insurer or financial party. “It involves a lot of documentation in a short period of time and that means the technology becomes even more important.”
From beginning to end
In an interview given to the magazine Canadian lawyer, David CarlLitter, head of legal content and research, notes that 50% of respondents use at least seven of the 15 technologies cited.
From organizing and signing documents to negotiating and preparing contracts, “technology is used at all stages of the work,” he said.
At Blakes, the M&A team also embraces the technology panoply from start to finish. “For example, we use artificial intelligence solutions to help us do the right thing,” illustrates Angelo Nose.
To stop the supply, the partner and his team use such tools Closing folder. “They allow you to quickly collect the signatures of closed documents and easily put all the concluding documents on one site to see which ones are signed and finalized,” added Mr Nuss. This process, which used to take a few days, now takes only a few seconds.
The use of technology has a positive effect on all aspects of practice. According to respondents, collaboration and simplification of the process are the two elements where improvements are most visible.
Artificial intelligence, an ally
In a data-rich field of practice, artificial intelligence technology is becoming increasingly important. The study shows that artificial intelligence is rapidly becoming useful for M&A lawyers when reviewing large-scale contracts.
“It simply came to our notice then. It’s a great addition for our customers, ”believes Angelo Noce.
91% of respondents expect that AI tools for document review will become standard in perseverance processes, mostly due to M&A. 37% of them “firmly believe” that this is what will happen.
An overwhelming majority of lawyers (over 90%) in the survey believe that artificial intelligence will dominate their future careers and become ubiquitous within five years.
Mr Nose noted for his part that artificial intelligence was being used more and more. “The equipment is constantly improving. With due diligence, it captures everything a person will catch while reviewing a contract in a split second. A
To better manage technology and processes, some organizations have hired other professionals, as respondents note.
Pricing and budget managers and product managers were the most common types of new roles. Legal knowledge manager Legal knowledge engineer), Knowledge management professionals, data analysts and project managers are also joining the lawyers of the companies.
Blakes has a team of his kind today. “This team is an additional tool. These professionals are there to perform tasks that require specific technology. They are better trained than lawyers in more advanced technology and help us with one or two aspects of a file. A