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Pensieve: Enabling Data-Driven Decisions
Artificial intelligence (AI) is emerging as the driving force for growth across several sectors including legal technology. Legal research and contract review is a crucial, but time-consuming process for any lawyer, law student, and corporate, affecting efficiency and productivity as a whole. However, AI-powered solutions are providing legal analytics, ushering in an era of the data-driven lawyer. A Mumbai-based startup, Pensieve offers solutions aimed at decreasing the productivity gap and allowing legal professionals to handle important tasks such as drafting and reviewing contracts, negotiating deals, and legal research. Pensieve’s solution solves the problems of data discovery and automates the search for information regarding legal precedents and laws specific to the needs of a lawyer. Leveraging machine learning (ML), natural language processing (NLP), and AI capabilities, Pensieve is helping clients derive intelligent insights from legal data. “Our solution is geared to benefit the legal fraternity with ML models tailored to legal documents,” states Gaurav Srivastava, founder and CEO of Pensieve.
Manually reviewing documents that are relevant to a particular case is both time-consuming and repetitive. Pensieve’s flagship product, Mitra is an AI-powered advanced technology platform that is designed to improve the productivity of lawyers. Mitra is equipped with ML models that run on thousands of documents to provide legal professionals the most relevant results as compared to a conventional search engine. Furthermore, the platform’s NLP functionality makes it effortless for users to perform searches. Mitra is designed to intuitively understand the context and relevance of a search query and provide the case researcher with apt results. The platform’s intelligent search engine goes beyond searching for keywords to populate results by ML-based algorithms that perform deep analytics.
Our solution is geared to benefit the legal fraternity with ML models tailored to legal documents
Mitra differentiates itself from other legal technology solution providers by serving as a one-stop solution for legal research. Its user interface has features such as document editing tools, project management capabilities, and is equipped with a user-friendly dashboard that allows users to complete legal research without going outside of the platform environment. A large portion of the tasks performed by law firms involves reviewing contracts to identify obligations and liabilities that might impact their clients. Smriti, Pensieve’s AI-powered contract lifecycle management tool, helps provide a head start in the legal contract drafting process through automation and helps improve efficiency. The solution leverages NLP and ML technologies to reduce the time and effort required for drafting contracts while also identifying entities and helping clients easily modify them. Smriti is equipped with several ML algorithms for clause prediction and suggestion based on historical learning. “Smriti also features inbuilt project management tools to help collaborate with your peers and third-parties during the drafting and review process across your firm,” adds Srivastava.
Pensieve’s products possess cross-geographical relevance and the company is refining its offering according to the different legal ecosystems of various countries. Moving forward, Pensieve has plans to expand to the U.S market and is already in talks with several law firms. Concerning new solutions, Pensieve is envisaging to build a next-generation virtual assistant such as a chatbot for legal research. Pensieve is leveling the playing field when it comes to conducting legal research, enabling smaller legal firms that lack resources to compete with the big players in the market. “We help increase productivity and make justice more affordable,” concludes Srivastava.