NEW YORK, Sept. 14, 2017 /PRNewswire/ -- Wolters Kluwer Legal & Regulatory U.S. announced today the introduction of a powerful new predictive analytics package as an augmentation to its highly regarded Federal Developments Knowledge Center. The analytics are powered by artificial intelligence (AI) tools developed in collaboration with Skopos Labs Inc., a software company specializing in predictive analytics. The new features are the latest in what has been a continual stream of innovation and harnessing of analytics and AI across several Wolters Kluwer product lines.
The Federal Development Knowledge Center was designed by Wolters Kluwer to serve as a comprehensive tool that helps legal professionals stay up to date on legislation and rules that are proposed and enacted by the Trump Administration and the 115th Congress. The product will now – in a first-of-its-kind offering – enable legal practitioners to quickly assess proposed legislation and predict its likelihood of passage in the chamber of the Congress in which it presently resides, as well as its likelihood of ultimate enactment – requiring passage by both chambers and the signature of the President.
"We are continuously searching for ways to put cutting edge technology – integrated with our rich content expertise – into the hands of our customers, and our collaboration with Skopos is a great example of this," said Patricia Ginnis, Director of Product Management. "By leveraging Skopos' predictive analytics, Federal Developments Knowledge Center gives legal professionals a comprehensive source of current information and AI-driven insights to better advise their clients regarding the impact resulting from the rapid pace of new developments in Washington."
The analytics, available this fall within Federal Developments Knowledge Center, are developed via natural language processing of the legal text and computational assessment of hundreds of external positive and negative factors that affect a particular bill. The tool also provides background on a bill's relationship to similar legislation and relevant sections of the Code of Laws of the United States. With the addition of this important new feature, Federal Developments Knowledge Center provides practitioners with superior foresight regarding the legislation most important to their clients' business.
"This is a perfect example of how AI, paired with an outstanding platform like Federal Developments Knowledge Center, opens up new possibilities for legal practitioners to have more and better information at their fingertips," said Skopos co-founder Oliver Goodenough, J.D. The third Skopos co-founder, J.B. Ruhl, J.D., Ph.D., agreed, "AI is often portrayed as a threat to lawyers. We're glad to have teamed up with Wolters Kluwer to demonstrate how to steer AI in the direction of enhancing the knowledge and insight lawyers can deliver to their clients."
In addition to its predictive analytics capabilities, Federal Developments Knowledge Center's key benefits include:
- Key Developments SmartChart with alerts organized by practice area
- Near-real-time updates on executive and legislative developments
- Breaking news with rich analysis written by Wolters Kluwer's expert attorney editors
- Quick access to relevant source documents from Congress, the Executive Branch, and Federal Agencies
- Impact analysis on executive orders, presidential memoranda, proposed legislation and regulations, enacted laws and final rules
To learn more about Federal Developments Knowledge Center or to sign up for a trial, visit: WoltersKluwerLR.com/FDKC
About Skopos Labs, Inc.
Skopos Labs, Inc., based in New York City, builds Bespoke AITM software centered around predictive text analytics. The Skopos team, including PhDs and former law firm partners, is advancing the state-of-the-art for AI in law and finance. Skopos Labs has developed patent-pending machine learning technology and a platform that collects massive amounts of data to provide strategic forecasts. The company's legal analytics software suite includes predictions of policy developments and impacts, and automated regulatory document analysis.
About Wolters Kluwer Legal & Regulatory U.S.
Wolters Kluwer Legal & Regulatory U.S. is a part of Wolters Kluwer N.V. (AEX: WKL), a global leader in information services and solutions for professionals in the health, tax and accounting, risk and compliance, finance and legal sectors. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with specialized technology and services.
Wolters Kluwer reported 2016 annual revenues of €4.3 billion. The company, headquartered in Alphen aan den Rijn, the Netherlands, serves customers in over 180 countries, maintains operations in over 40 countries and employs 19,000 people worldwide.
Wolters Kluwer Legal & Regulatory U.S.
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SOURCE Wolters Kluwer Legal & Regulatory U.S.