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Taylor Wessing has launched a new division offering automated data mining, due diligence and contract management services to its clients, as an alternative to outsourcing.
The City firm has teamed up with client Swiss Post Solutions (SPS) to develop the technology for its New Street Solutions (NSS) arm.
The technology has been in development over the last year, with the firm offering it to clients for the first time earlier this month. The initiative is being led by Taylor Wessing’s financial institutions and markets head Tim Stocks, working alongside NSS chief executive Philip Learmont.
Although the technology is initially being offered to Taylor Wessing clients as part of the firm’s suite of services, it is envisaged that NSS could become a stand-alone entity to be used by other law firms.
Learmont commented: “The hope is that this will change the way that this type of work is done. If it does change the market then where NSS might go is open to speculation.”
The system offers the ongoing ability for clients to digitise its paper documentation, as well as to use the due diligence software on individual transactions.
Taylor Wessing has hired staff to man the operation and does not envisage any redundancies among lawyers previously engaged in the type of work covered by the technology.
Stocks added: “We see this as allowing our solicitors to focus on higher value work.”