It happened recently as I was looking at demonstrations of two very interesting new technology-based companies that help automate due diligence processes.
eBrevia and Diligence Engine use machine-leaning technology to help lawyers review large sets of contracts in M&A situations, looking for risks and pitfalls.
They are both classic examples of the type of technological innovation that’s happening at lightning speed in the legal industry today. They are addressing an enormous pain point in the industry: the mind-numbing burden of manually reviewing thousands of contracts as part of a due diligence mandate. It’s the kind of work that has provided a good living for generations of young law firm associates, but it is not efficient and, being human-based, not always very accurate.
