Overview
CHICAGO – MARCH 24, 2023 – International law firm McDermott Will & Emery has been named Tech-Enabled Corp Department of the Year for its proprietary AI search system Form Finder by Legalweek’s Leaders in Tech Law Awards 2023.
Developed in-house by the Knowledge Management Department working with Information Technology and eDiscovery, Form Finder can analyze a draft purchase agreement or credit agreement sent from opposing counsel, instantly compare it to every purchase agreement or credit agreement that has been done and based on a similarity score, determine whether lawyers have ever prepared comments or fully negotiated this same form of purchase agreement or credit agreement before.
“The tool combines expertise with AI to allow our transactional lawyers to locate precedent in a way that no iManage search or “pardon the interruption” email could achieve,” said Chief Knowledge Officer Hunter Jackson. “Launched in the Fall of 2021, Form Finder now contains a data set of 2 million Purchase Agreements and Credit Agreements with our team having handled nearly 200 requests from partners and associates.”
One McDermott partner noted, “I have used Form Finder to benefit clients in (i) being able to lower the cost of a first-round mark-up (including in bidding situations), (ii) being more efficient throughout the deal by going back to language that “worked” in a prior deal, and (iii) providing intelligence on where certain terms may ultimately end up opposite the same counter-party.”
Legalweek’s Leaders in Tech Law Awards recognizes the achievements of law firms, legal departments and vendors leading the legal profession into the future through technology and innovation. You can view the full list of honorees here.
About McDermott
McDermott Will & Emery partners with leaders around the world to fuel missions, knock down barriers and shape markets. Our team works seamlessly across practices and industries to deliver highly effective solutions that propel success. More than 1,400 lawyers strong, we bring our personal passion and legal prowess to bear in every matter for our clients and the people they serve.
