Firm’s real estate app wins international accolade
A due diligence app developed by the Australian offices of an international law firm has been recognised at an innovation event in Las Vegas.
The International Legal Technology Association (ILTA) recently announced Allens as the winner of its Innovative Project of the Year award.
Allens won the award for its Real Estate Due Diligence App, REDDA. The app was developed by a multidisciplinary Allens team in Sydney and Melbourne, in collaboration with artificial intelligence provider Neota Logic, contract review technology company Kira and cloud-based software provider HighQ.
REDDA streamlines the due diligence process for real estate leases using artificial intelligence and collaboration technologies. It integrates the logic of a lease review into an intelligent app and creates real-time reporting through a collaboration site, according to a statement from Allens.
Allens partner Victoria Holthouse, who specialises in real estate, said the app is a boon for lawyers and clients.
“REDDA addresses a pain point identified by our clients: too much professional time spent on reviewing large volumes of data,” Ms Holthouse said.
“It takes a lawyer an average five to six hours to thoroughly review one lease to identify material considerations that require further investigation. On a complex real estate transaction, there can be 200 or more leases for review. Traditionally, this work is done by junior lawyers and is a time-consuming process.
“We brought together a multidisciplinary team to work with Neota Logic to find a way to embed more than 20 years of legal knowledge into a tool that analyses leases and flags material issues that require further review.”
“For our clients, the REDDA app provides real-time access to flagged issues, faster turnaround and greater efficiency in a large matter. Our lawyers focus on the flagged issues that require time and expertise.”
Beth Patterson, chief legal and technology services officer at Allens, said REDDA successfully integrated legal knowledge and AI technology.
“Our approach to innovation is to develop solutions that address clients’ needs and make internal processes more efficient,” she said.
“REDDA is the perfect fusion between complex legal knowledge and decision-making and artificial intelligence.”
The award was presented at ILTACON in Las Vegas last week.
Pictured top to bottom: Allens partner Victoria Holthouse and chief legal and technology services officer Beth Patterson