Ropes & Gray Leverages AI-Powered ProVision Platform to Transform Client Service in Asset Management Practice

Ropes & Gray's asset management practice has implemented Intelligent Legal Solutions' (ILS) ProVision platform, an AI-powered solution that is transforming how the firm delivers side letter management services to its fund formation clients. The firm played a key role in developing the technology, reflecting its position at the forefront of the asset management industry.

ProVision is used across the private funds practice to manage complex side letter portfolios for clients, often involving hundreds of investor-specific provisions. This technology enables Ropes & Gray to deliver efficiency and precision in one of fund formation's most challenging processes. "By collaborating closely with the team at ILS, we helped develop ProVision to automate the extraction and comparison of side letter terms from multiple side letters for purposes of facilitating investor elections and ongoing compliance elections," said Melissa Bender, co-lead of the private funds group. "ProVision has been a game-changer for our private funds group, fundamentally reinventing how we manage the side letter process. The tool streamlines tasks that were previously time-consuming and labor-intensive, allowing our attorneys to focus on higher-value work."

Technology Delivers Real Results

The ProVision platform automates the extraction of side letter terms and organization of investor elections, generating compendiums and redline comparisons that previously required extensive manual work. A key feature allows attorneys to easily identify and select elections that can be made available to other investors through most-favored-nation (MFN) provisions. This capability allows Ropes & Gray to deliver faster, more accurate results while maintaining the highest standards for confidentiality and data security.

The platform enables attorneys to dedicate more time to strategic counseling and complex problem-solving by streamlining side letter and MFN election management. The technology also enhances the firm's ability to easily maintain and quickly reference historical data across multiple funds for the same client, which can, in turn, improve consistency of terms across a client's entire fund family.

Leadership in Legal Innovation

Rather than waiting for solutions to emerge, Ropes & Gray took an active role in sourcing ILS as a best-in-class partner and then working with ILS to develop the ProVision tool. By automating routine tasks, the platform allows attorneys to engage more deeply with substantive legal analysis that adds the greatest value for clients. The technology also supports talent development efforts, enabling fund attorneys to ramp up and engage more quickly with complex legal work.

Ropes & Gray's adoption of ProVision reflects the firm's strategic approach to innovation—identifying and implementing technology solutions that directly enhance client service while positioning the firm as a leader in the competitive asset management space.