The delivery tool kit: Neota Logic’s partnership with Clifford Chance
Neota Logic at the start of November won Clifford Chance as a client, with its sophisticated decision tree software currently being used to help advise clients on forthcoming regulatory changes but likely to be applied more widely going forward.
In common with many major law firms, Clifford Chance is trying to find ways to help its financial institutions clients tackle the vast work needed to be done to comply with new margin variation rules in the Over the Counter derivatives sector.
The deal with Neota arose after Clifford Chance’s chief information officer Paul Greenwood approached co-founder and chief strategy officer Michael Mills at the start of the summer.
Greenwood told Legal IT Insider: “A client of ours needs us to look at a lot of contracts in the derivatives space and what we want to try to do is capture the thought process of the leading partner in his field and codify that into software, which will be a tremendous tool for us.”
The leading partner is Jeremy Walter, who is working with Neota, which is fast establishing a reputation for the unusual depth of its solution.
Greenwood says: “There is plenty of decision tree software out there but it usually relies on a ‘yes or no’ answer, when a lawyer normally says ‘it depends’. What we like about Neota is that their software allows you get into that grey area and can adapt as you go along; its flexible like that.”
He adds: “If you have a complicated piece of advice or judgment but you want to do it over again and you want to make it scalable, Neota is a tool that potentially allows us to do that.”
Clifford Chance is hoping that Walter’s expertise combined with Neota Logic’s tool will give it a market-leading edge.
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