Fried Frank Launches Proprietary AI Platform for Asset Management Practice

Fried Frank has developed and launched FundAssist, a proprietary AI-powered platform that enhances document search and drafting capabilities across private fund formation, ongoing fund operations and related transactions.

FundAssist, exclusively developed by Fried Frank, is currently accessible to the firm's asset management, regulatory and tax lawyers. The platform provides a secure environment to firm clients, and allows users to tailor the client-specific precedent library to return the most useful, relevant and recent information. Users can ask questions across fund documents to quickly obtain on-point responses and client-preferred language. FundAssist also integrates with the firm's document management system and is in beta with a multi-agent drafting tool designed to generate first drafts of long-form fund documents, with plans to make the system directly accessible to firm clients.

"We are excited to launch FundAssist, which reflects our ongoing commitment to investing in and evolving with new technology," said Kenneth I. Rosh, Fried Frank chairman and co-head of the firm's Asset Management and Private Equity Funds Groups. "Our platform is tailored to what our fund clients want and need, and is resulting in greater efficiencies and significant cost savings, while still securely maintaining our standard of excellence."

"The development and implementation of FundAssist demonstrates our ability to constantly enhance our efficiencies while providing unmatched value to our clients," said Becky Zelenka, partner and co-head of the Private Equity Funds Group. "We are laser-focused on technologies that are tailored to our practice and provide immediate benefits to clients."

Fried Frank's Asset Management Practice serves the needs of the global asset management industry by providing a full range of legal services to a diverse group of clients, including US, European and international financial institutions, hedge fund managers, private equity firms, investment advisers, family offices and institutional investors.

Fried Frank is committed to adopting technology that is both transformative and deeply aligned with its core mission of delivering business-oriented outcomes for its clients. Last year, the firm adopted Intelligent Legal Solutions' ProVision platform, a technology that efficiently delivers complex side letter services to its fund formation clients. The firm also launched its strategic partnership with Centari, the platform for Deal Intelligence. In addition to practice group-specific technologies, Fried Frank has adopted various technologies, globally across the firm, such as Legora for review, drafting and analysis, as well as the contract drafting tool, Draftwise.

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