How lawyers can integrate a legal business management solution and an AI-powered due diligence solution to speed up M&A reviews
The days of wondering whether you turned off the oven before you left the house or coming back to a cold home after some time away are probably behind you. Many of us have connected key appliances and functions of our homes to a smartphone so we’re always in control at all times, wherever we are.
Smart homes keep getting smarter and more innovative and our need for smart offices keeps growing, too. But when it comes to the world of work, we’re not just talking about temperature control and light dimmers. More importantly, we need to get insights from past actions. To see patterns in documents and use them to inform our approach. To do a task and have the output of that task flow to the next task. To put more science into our art.
An integrated approach for managing M&A due diligence
Lawyers focusing on mergers and acquisitions (M&A) have a new way to bring a smart approach to their due diligence work. Integrating HighQ and Document Intelligence from Thomson Reuters will drastically improve your M&A due diligence reviews.
Document Intelligence is a powerful tool on its own. Legal professionals use it to speed up the due diligence review process by loading documents to it and using its search and analytics features to better understand the company they are reviewing. As one user said, “Whenever you can get the most updated details in a matter of seconds, that’s very powerful.”
You can significantly improve time-to-value ratios in your reviews because the system uses AI models built by Practical Law editors and a century of legal data. It helps lawyers hone in on crucial information without reading every single line themselves. One user reported how their team made a crucial find worth several £millions, saying: “We hit a grand slam… We were searching for a needle in a haystack when we didn’t even know the needle was there.” There was no guarantee the firm would have found that information with a manual search through documents, and they certainly wouldn’t have found it as quickly.
That alone is game-changing technology. However, many lawyers have found that they can go even faster and be even more effective when they plug Document Intelligence into HighQ.
HighQ is a legal business management software that automates and simplifies processes from a single interface. Using HighQ’s automation capabilities, legal professionals can quickly create data visualisations, workflows, risk evaluations, and more. They can manage high volumes of documents quickly and easily, securely share and manage work with colleagues and create reports and risk evaluations based on their findings.
Legal professionals use Document Intelligence and HighQ together
One challenge of due diligence reviews is organising the key documents for easy access and analysis. Now, legal professionals have a way to simplify that effort.
First, identify and locate key documents
Document Intelligence users can search across thousands of contracts and find what they are looking for in moments.
Next, store them in one place for collaboration
Then, users can send these key documents to a spreadsheet-like database that legal professionals use to share, collaborate on, and track dynamic data.
From there, automate and streamline processes
Within the iSheet, users can analyse, share, and build reports from the data. What used to be a manual effort — involving resaving or tagging documents and copying and pasting snippets — is now an automated and effective process that gets you quickly to visualisations, workflows, risk evaluations, and more.
That is just one example of how lawyers use Document Intelligence and HighQ to smarten up their approach to due diligence reviews. You can also use the integrated tool to track your project progress and to surface red flags across a document set. You will see the number of documents currently under review and those that haven’t been reviewed or are with other reviewers. This visibility into review status can help you stay on track and ensure that other reviewers do their part without searching your email or calling for status updates.
For every lawyer who has combed through hundreds or thousands of documents, lamenting that there has to be a better way: your time has come. The integration of Document Intelligence and HighQ provides a centralised platform that lets you spend more time advising your clients and crafting strategy and less time sorting through boilerplates looking for that needle in the haystack.
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HighQ and Document Intelligence: The combination that outperforms
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