Smart Business Dealmakers: Managing Through The Uncertainty of COVID-19

Smart Business Podcast, Episode 22
Chris Farmakis, Chairman of Babst Calland, May 18. 2020

The COVID-19 crisis has revealed legal issues that entrepreneurs and business leaders have not had to face before. In his recent podcast, Chris Farmakis, chairman of law firm Babst Calland, explains what c-suite executives should be thinking about, including giving a new level of scrutiny to contracts.

Click here to listen to the 22-minute Smart Business Podcast.

Business Continuity During the COVID-19 Pandemic: Leveraging AI/Machine Learning Contract Review

Babst Calland and Solvaire Client Advisory, March 2020
By Christian Farmakis

With the Coronavirus pandemic having a widespread effect on business continuity, supply chains and revenues, Babst Calland and its alternative legal service provider, Solvaire, are currently advising C-suite executives and managers as they seek to quickly assess their contract provisions, evaluate their exposure and make effective operational and financial risk-based decisions. Of particular concern, key suppliers may desire to invoke “force majeure”, delay or termination provisions during this time of uncertainty. Similarly, our clients may desire to invoke these same provisions to delay or terminate unessential projects.

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Babst Calland & Solvaire: An AI Contract Review Use Case

In today’s business climate, clients demand greater efficiency when it comes to contract review for many complex deals and transactions. We have found that the combination of deep legal expertise, coupled with embracing carefully researched and vetted technology, is the most effective means of delivering high quality and timely review in an increasingly competitive marketplace.

Click here to read complete Legaltech News article.

 

The Expected and Unexpected of Working with Artificial Intelligence

Stories of how AI will change the legal ecosystem forever are endless, yet ‘rubber meets the road’ proof that this is actually happening are few and far between.  Here’s what one firm learned about knowing what AI can do and what they didn’t know it could do.

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Artificial Intelligence is Changing the Way Lawyers Practice

Artificial intelligence (AI) is adding efficiencies and transforming businesses everywhere, and legal practices are no exception. “General counsels and executives that are hiring lawyers need to understand that this technology is available now, so they can make sure their lawyers leverage the latest technology tools,” says Christian A. Farmakis, shareholder and chairman of the board at Babst Calland. “AI can increase speed, increase efficiency and lower costs for clients — if the law firm has the right tools, but more importantly knows how to use those tools.”

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Firms Take DIY Approach to Tech, But With Limits

And it’s not just large firms getting creative with technology. Babst Calland has been in the game for more than 15 years, through its sister company Solvaire. It started as a due diligence management project, and grew as developers created systems for various Babst Calland clients. “The software is legal-related, but business-focused,” said Chris Farmakis, Babst Calland partner and Solvaire president.

Click here for the complete Legal Intelligencer article.