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Artificial intelligence being deployed pre-Brexit to help update financial services contracts

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In what has been described as one of the largest contract update and re-drafting exercises in history, legal services provider Axiom is now able to provide an AI (artificial intelligence) based process designed specifically to help companies update over 7.5 million financial services agreements and contracts in the run-up to Brexit.

Axiom, an alternative provider of legal services employing over 2,000 people globally, claim to be ‘uniquely placed’ to deal with the looming legal challenges that Brexit will bring, as they already handle over 1 million contracts each year covering areas such as trading and derivatives and other complex financial instruments.

It is imperative that financial services businesses are certain that the contracts and agreements covering their activities will be legally binding across all territories they are active in. Axiom claim that advances in AI mean that thousands of disparate contracts and agreements, often created at different times and stored in multiple locations within a business, can now be quickly and accurately read, analysed and categorised automatically, greatly reducing the amount of direct human involvement and thus saving time and money.

In highlighting Axioms advantages over more traditional firms, executive vice president of global solutions Chris DeConti says that:

Brexit requirements cut across such a wide range of contracts and cover so many lines of business that legacy models for handling this work are untenable. “The scale of the Brexit challenge cries out for a different kind of solution, which is exactly what we aimed for in designing BrexitBridge.”

DeConti added:

The magic circle firms are focussed on legal advisory work and Brexit requires enormous amounts of that. They have plenty to do…because we handle more contracts each year than any law firm, we have the volume of contracts needed to train AI systems and machine learning. It’s very hard for law firms to replicate that.”

If you are in a commercial contract dispute because you don't agree with the meaning of the contract terms, someone has breached the contract by failing to fulfil their part of the agreement or you were induced to enter into a contract on a false premise, our specialist team can help you find an affordable and expert commercial contract lawyer.

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