In an announcement that saw it trend on Twitter during its annual user conference yesterday (9 June), HighQ has entered into a strategic partnership with Neota Logic, following on from a similar tie-up with RAVN Systems in February.
The tripartite integration will mean that when populating HighQ Collaborate’s iSheets with structured data, rather than hiring contract lawyers to work through the data, RAVN’s and Neota’s solutions will almost instantly extract the information and complete the required cells as well as providing and automatically inserting more in depth analysis.
Giving a demonstration at HighQ’s Forum yesterday were RAVN’s COO Sjoerd Smeets, Neota’s international managing director Greg Wildisen and HighQ’s business transformation and innovation architect Ryan McClead, who said: “Imagine we’re a law firm approached by large client who has a number of shopping mall leases and they want to hire us to go through and evaluate the leases and identify any risk.
“Rather than doing it the way most firms would by putting contract lawyers in room or working with the client to identify subsets to work through manually, we think there is a third way.”
In the demonstration, McClead configured the iSheet with columns such as the property address, landlord’s name and the rent charged.
Information extracted from the data using RAVN’s Applied Cognitive Engine solution was then moved directly into the relevant iSheet columns, where Neota’s technology came into play, calculating rental values and assessing the risk profile of the property using a ‘red amber and green’ system, with that information automatically included in the iSheet.
Wildisen said: “In a second we can see that £12m in rent is still due and risk is identified against each lease, allowing you to assign the right level of legal input. It will save your client a tremendous amount of time. This is just a simple example of the kind of tools you can use in that HighQ environment.”
Tweeting from the conference, Andrew Neill, @legalBA said: “Seeing some great innovative ideas at #HighQForum today. @HighQ @ravnsearch & @neotalogic demo is the #future.”
Kerry Westland, senior manager of Addleshaw Goddard’s transaction services team tweeted: “Now that’s witchcraft.”