Hogan Lovells launches digital Covid-19 solution and interactive map for financial institutions
London, 23 April 2020 – Hogan Lovells has launched its advanced digital Covid-19 solution, a new artificial intelligence-based tool to help financial institutions tackle immediate implications and risks posed by the current global uncertainties.
Entitled Hogan Lovells: Engage Covid-19 Solutions, the firm’s latest advanced delivery toolkit, modelled on our previous LIBOR solution launched in 2019, provides legal expertise to assist with high volume documents and to identify issues and document arrangements, such as notices, waivers, payment holidays, extensions and other amendments.
Immediate implications faced by businesses across industries include understanding the potential use of force majeure clauses, as well as MAC provisions, repayment terms, termination provisions and financial covenants.
The solution has been created in partnership with FTI Consulting, lower cost delivery outsourcing firms Cognia and Elevate, as well as the firm’s Birmingham-based Legal Delivery Center.
The innovation is led by the firm’s Global Head of Financial Institutions and Insurance Sector group Sharon Lewis, partners Marc Gottridge, Emily Reid, Paul Mullen, Andrew McGinty, Samantha Campbell and Michel Quere, Head of Innovation and Digital Stephen Allen, and Head of Alternative Delivery Solutions Rachel Dabydoyal.
The firm has additionally launched an interactive digital global map looking at comparative cross border issues. Clients can access the map which highlights materials relating to a particular country and filter by topic. The aim being that they can keep track of all central bank, governmental and regulatory initiatives that are being introduced to address the financial issues caused by the pandemic.
Commenting on the firm’s latest digital solution, Sharon Lewis said: "As the pandemic continues to create new pressures on companies, people and operations, and with businesses subsequently confronted with the economic and financial fallout, the firm has developed a 'one-stop-shop' solution for financial institutions to support clients."
Stephen Allen said: "The machine learning software has been trained to process outsourcing agreements and identify any terms that need to be updated in order to be compliant with the new guidelines: increasing efficiency and reducing costs in a project-managed environment. By supplementing our machine learning software with human review quality control, we maintain high levels of accuracy to ensure only relevant legal issues are sent to our teams for varying or re-drafting."
Rachel Dabydoyal added: "It essentially saves our clients time and money; reduces compliance uncertainty. Our deep industry sector knowledge, combined with our legal and regulatory insights is designed to respond to both the immediate and longer term business risk stemming from the rapid, global spread of Covid-19."