NexumStp and its Nexum Legal branch have signed an agreement with eBrevia, to train a contract analysis software that uses Artificial Intelligence to analyse and extract legal and financial concepts – regardless of terminology or how well-hidden the terms are in the text – in the field of M&A, corporate and real estate transactions. This represents a further step towards innovation, as it will allow advisors to automate their work processes and concentrate more on strategic activities.
eBrevia is a platform used all over the world to analyse documents with unprecedented speed and accuracy. It is part of the Donnelley Financial Solutions (DFIN) Group, which operates in Italy through Servif, its exclusive partner for Italy. Using Artificial Intelligence, the software can analyse and extract legal and financial concepts from documents, regardless of the vocabulary used and how hidden they are in the text. How does it work? By combining natural language processing technology with machine learning: a type of AI that focuses on the study of algorithms.
Using these techniques, this IT solution slashes time expenditure by 30% to 90%, while increasing accuracy from anywhere between 10% to 60% compared to manual contract analysis.
NexumStp will “train” the machine in Italian, teaching the software all the notions and terminology of the Italian legal system using a dedicated team of lawyers and employment consultants. The system will make a great contribution towards improving efficiency, by offering a solution that will significantly enhance the way consultants work.
Martina Tognolo, the lawyer in charge of Nexum Legal’s commercial, corporate and M&A departments, commented: “We are proud of this collaboration because of the high level of innovation. AI will revitalise a market that is often very traditional. In Italy, we are the first in our industry to work on a project like this, which brings great added value in terms of efficiency and cost reduction for Italian SMEs, and professional growth for our consultants.”
“We are excited to partner with Nexum and Servif so that our Italian clients and marketplace can benefit from the latest in legal tech with unparalleled local support,” added Ned Gannon, president of eBrevia by DFIN.
Angelo Moretti, Sole Director of Servif added: “We are extremely pleased with the partnership with Nexum. Law firms, businesses and consultants will be able to use the eBrevia platform – which has been used on international markets for years – translated into Italian and supported by a team of project managers in Italy.”