Latham and Harvey Collaborate to Develop New AI Tool for Investment Fund Documentation
Latham & Watkins has announced a partnership with legal AI company Harvey to create a new AI tool designed to streamline the documentation process associated with setting up investment funds.
Lawyers from Latham's investment funds practice are collaborating closely with Harvey's product and engineering teams. The focus of this initiative is on automating document heavy tasks, including the preparation of limited partnership agreements, side letters, subscription documents, and comment memos.
The primary objective of this collaboration is to expedite the more repetitive aspects of fund formation, thereby allowing lawyers to dedicate more time to addressing the commercial and strategic concerns of their clients and investors.
Matthew Chase, global chair of Latham's investment funds practice, commented on the partnership, noting that fund formation requires lawyers to manage a significant amount of detail while remaining focused on the commercial priorities of sponsors and investors. He expressed enthusiasm about merging Harvey's engineering expertise with Latham's extensive practitioner perspective to develop AI enabled tools that better serve their clients.
This collaboration with Harvey is part of Latham's broader strategy to enhance its investment in artificial intelligence. Recently, the firm disclosed its acquisition of Nvidia powered servers to develop and customise AI models internally, rather than relying solely on external providers.
Winston Weinberg, co founder and chief executive of Harvey, stated that the partnership would provide valuable insights into how Latham lawyers approach complex fund work. This understanding will help in designing tools that reflect the realities of legal practice.
This initiative is part of a larger trend among major law firms to integrate AI into their operations. Other firms, such as Freshfields and Kirkland & Ellis, have also formed partnerships with AI companies to develop their own legal technology solutions.
In terms of recruitment, Latham typically brings on approximately 32 trainees each year through its vacation schemes. Trainee solicitors earn £70,000 in their first year and £75,000 in their second year, with salaries increasing to £173,077 upon qualification.