Ropes & Gray develops AI tool for transactional diligence
OpenAI: How Ropes & Gray is developing AI for transactional diligence
Ropes & Gray is developing AI for transactional diligence with OpenAI. Lawyers review grouped documents, summaries, and reports before advising clients.
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A law firm has developed an AI tool in partnership with OpenAI to help lawyers complete transactional diligence, which involves reviewing large volumes of documents to uncover risks and liabilities during acquisitions. The tool automatically reads through thousands of pages of commercial contracts, groups related documents by themes and issues, produces summaries, and generates a report in the firm's standard format, functioning as a first pass that lawyers then review and refine before delivering to clients. This matters because it allows lawyers to spend less time on initial document review and more time making professional judgments based on the contract analysis, potentially reducing the time needed for a detailed diligence report from weeks to hours. The tool was developed through testing where lawyers compared AI-generated outputs against human-authored reports from past deals and refined the system based on what it got right and wrong.
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