Allens has won the International Legal Technology Association's (ILTA) Innovative Project of the Year award for its Real Estate Due Diligence App (REDDA).
The result of a collaboration between real estate lawyers, technologists, project managers and analysts at Allens and artificial intelligence provider Neota Logic, REDDA streamlines complex real estate lease due diligence by integrating the logic of a lease review into an intelligent app and creating real-time reporting through a collaboration site.
The system harnesses the power of three leading artificial intelligence and collaboration technologies to remove much of the manual burden from lawyers, leaving them free to focus on expert legal analysis.
'REDDA addresses a pain point identified by our clients - too much professional time spent on reviewing large volumes of data,' said partner Victoria Holthouse.
'It takes a lawyer an average five to six hours to thoroughly review one lease to identify material considerations that require further investigation. On a complex real estate transaction, there can be 200 or more leases for review. Traditionally, this work is done by junior lawyers and is a time-consuming process.
'We brought together a multidisciplinary team to work with Neota Logic to find a way to embed more than 20 years of legal knowledge into a tool that analyses leases and flags material issues that require further review.
'For our clients, the REDDA app provides real-time access to flagged issues, faster turnaround and greater efficiency in a large matter. Our lawyers focus on the flagged issues that require time and expertise,' Victoria said.
Beth Patterson, Chief Legal & Technology Services Officer at Allens, said the REDDA solution was a great internal collaboration.
'Our approach to innovation is to develop solutions that address clients' needs and make internal processes more efficient. REDDA is the perfect fusion between complex legal knowledge and decision making and artificial intelligence.'
The award was announced today at ILTACON in Las Vegas.
Notes for editors.
Allens is a commercial law firm working throughout Australia and Asia. Through its integrated alliance with Linklaters it provides clients access to 40 offices in 28 countries around the world.