Fasken has partnered with trailblazing legal tech startup Lexata, embracing a new era in legal research, leveraging the power of generative Artificial Intelligence (AI) and advanced Natural Language Processing (NLP) to quickly access reliable responses to complex securities law queries.
Founded by distinguished securities law expert Leslie McCallum, Lexata’s cutting-edge platform represents the confluence of law and data science. It offers an unparalleled legal rules query and search function, providing AI generated answers with identified specific sections of law from a multitude of sources, ranked by relevance in response to user queries. Transcending traditional keyword and boolean search methods, Lexata provides a seamless user experience by hyperlinking cross-referenced rules and delivering real-time definitions for legal terms.
The Firm’s Capital Markets group is contributing securities law expertise to expand the Canadian securities law topics that can be queried by Lexata’s AI Q&A function. The team provided real life use cases to Lexata for testing as well as user experience feedback. This partnership is representative of Fasken’s forward thinking approach to the adoption of generative AI technology, but also plays a crucial role in advancing Lexata’s ground-breaking product.
Leslie McCallum, CEO of Lexata, said “Working with Fasken is accelerating Lexata’s product development while turbocharging securities research for Fasken’s lawyers. Lexata aims to make compliance with Canadian and U.S. capital markets regulations faster, simpler and less expensive for our customers. Our unique question answering system using generative AI contributes to a more transparent and efficient regulatory environment for public companies, securities lawyers, investment banks and other market participants. Lexata is thrilled to collaborate with Fasken on this.”
“Historically, researching Canadian securities law has been challenging due to a fragmented regulatory framework. Lexata cuts through that and provides securities practitioners with a new way to research and interact with these laws,” said Andrea Alliston, Partner, Knowledge and Practice Innovation. “Supporting Lexata provides our lawyers with the opportunity to leverage this generative AI application. It has also given the lawyers working on the project insight into the effort required to produce an application that is reliable and transparent, which is critical when conducting legal research.”
About Fasken
Fasken is a leading international law firm with more than 800 lawyers and 10 offices on four continents. Clients rely on us for practical and innovative legal services. We provide results-driven strategies to solve the most complex business and litigation challenges. For additional information, please visit the Firm’s website at fasken.com.
About Lexata
Lexata is a legal technology start-up focussing on U.S. and Canadian capital markets regulations. Lexata’s customers can ask plain language questions about these complex rules and obtain AI-generated answers that are verifiable with sources. Lexata serves public companies and the law firms and investment dealers who advise them.
Source: Fasken
