Dentons said it has struck a deal with Intanify, a venture-capital backed artificial intelligence startup, which will help the law firm offer its clients due diligence and risk assessments on their intellectual property issues. The software will be able to perform comprehensive risk checks that would be overly expensive for clients if they were done manually, the law firm said.
The AI technology will "be able to spot risks before they materialize," the law firm said Tuesday. This means it will also be quicker than other parties or investors to flag risks, the firm added.
Justin Hill, a partner and the co-chair of intellectual property at Dentons, said the deal is part of the law firm's bid to "pioneer the use of technology in legal service delivery."
"Intanify's AI-based expert system can deliver opportunities, identify certain risks and assess value of IP assets where previously it would have been cost prohibitive to do so," Hill said.
The partnership will involve a pilot, the law firm said, in which clients will be able to use Intanify for services such as access to finance and risk assessments. But the software will also be able to "leverage its deep understanding of clients' context to recommend when advice from a lawyer should be a priority," the firm said.
This means the deal will allow Dentons to combine tech and legal services, it said.
This combination "empowers innovative companies and their advisors to better understand, optimize and leverage intangible assets to achieve all manner of business objectives," the firm said.
Dylan Dryden, the chief executive and co-founder of Intanify, said the startup is "thrilled to join forces with Dentons, a global leader in IP and legal services, to drive innovation in the field."
The impact of AI on the provision of legal services has been front of mind for many top law firms in 2024. Herbert Smith Freehills' head of corporate M&A in Paris, Frédéric Bouvet, told Law360 earlier in July that the rise of artificial intelligence is going to have a very significant impact on HSF as a firm, as well as its clients, and the legal business needs to be at the forefront of this area.
Onitt Technology Labs Inc., a contract management platform that does business as Legitt AI, announced a plugin partnership with Microsoft on Friday.
The plugin integrates with the Microsoft Word toolbar, allowing users to draft, review and analyze contracts by using artificial intelligence in Word documents.
"This partnership with Microsoft is a major step forward in our mission to redefine contract management," Ravi Baranwal, chief technology officer and co-founder of Legitt AI, said in a statement. "By integrating our AI capabilities directly into Microsoft Word, we offer a solution that surpasses anything currently available in the market."
--Additional reporting by Ashish Sareen and Steven Lerner. Editing by Alyssa Miller.
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