FTI Consulting enhances AI for legal document review

WASHINGTON - FTI Consulting, Inc. (NYSE: FCN), a global consulting firm with a market capitalization of $5.7 billion and annual revenues of $3.7 billion, has unveiled new artificial intelligence capabilities within its IQ.AI technology suite, aimed at improving the efficiency of legal document review processes. According to InvestingPro data, the company maintains strong financial health with robust cash flows and minimal debt exposure. The announcement made today introduces IQ.AI for Review, designed to save costs and speed up timelines in the document review lifecycle, which includes first pass review, quality control, and privilege checks.

The company has already implemented IQ.AI for Review in various projects globally, such as cross-border litigation, investigations, and data breach responses. According to FTI Technology, this solution offers more efficient first-level review workflows, especially for complex document types, multilingual content, and multimedia files that typically require manual review. Despite recent market challenges that have led to a 29% decline in stock price over the past six months, InvestingPro analysis indicates the company maintains strong fundamentals with a healthy current ratio of 1.95.

The updated features of IQ.AI for Review include optimizing privilege classification, drafting privilege logs, conducting quality checks, identifying sensitive data, and summarizing key documents to provide context. These enhancements are intended to reduce the time and expense associated with legal reviews, while also providing deeper insights that may be missed by traditional methods.

Originally launched in 2024, IQ.AI combines workflows, services, and expertise with custom-developed tools, leveraging large language models, natural language processing, and computer vision technologies. It integrates with platforms such as Microsoft Azure and AWS Bedrock, allowing FTI Technology’s experts to select the most effective large language model for each task.

Further updates to the IQ.AI suite include capabilities for processing emerging data sources like chat threads and audio clips, and for enriching data through AI-powered summarization and metadata analysis. Additionally, IQ.AI for Contracts offers AI-driven methodologies for contract review and analysis to uncover risks or opportunities within large volumes of agreements.

Sophie Ross, Global Chief Executive Officer of FTI Technology, stated that the expansion of IQ.AI to cover the entire document review process reflects the company’s commitment to providing clients with practical AI applications that reduce the workload associated with managing large document sets.

FTI Consulting’s investment in AI technology and its team of experts enable customization for specific data types and client needs, aiming to save clients the effort and time of developing and experimenting with AI themselves.

In conjunction with the launch, FTI Technology will host an IQ.AI Experience Zone during Legalweek New York on March 25 and March 26, where clients can test the new AI solutions and consult with the company’s data science and innovation teams.

This announcement is based on a press release statement from FTI Consulting, Inc., a global expert firm that reported $3.69 billion in revenues in the fiscal year 2024 and employs over 8,300 people in 34 countries and territories. The company’s financial profile shows promising metrics, with a P/E ratio of 20.18 and strong cash flow generation. Investors seeking deeper insights into FTI Consulting’s financial health and growth prospects can access comprehensive analysis through InvestingPro, which offers exclusive access to over 10 additional ProTips and detailed financial metrics.

In other recent news, FTI Consulting reported its financial results for the fourth quarter and the full year ending December 31, 2024. Despite the challenges faced in its Economic Consulting segment, the company provided financial guidance for the year ending December 31, 2025. Truist Securities adjusted its price target for FTI Consulting to $225 from $275, maintaining a Buy rating despite the company’s weaker-than-expected results and a less optimistic outlook for 2025. The company experienced a setback due to key senior staff departures in its U.S. competition practice, but Truist remains confident in FTI Consulting’s ability to attract new talent.

In a strategic move, FTI Consulting appointed Dr. Mary T. Coleman as the Head of the U.S. Antitrust practice at its Compass Lexecon subsidiary, enhancing its antitrust activities. Additionally, the company bolstered its Forensic and Litigation Consulting segment in Asia and Latin America with the appointment of three senior managing directors, bringing decades of collective experience. These appointments underline FTI Consulting’s commitment to maintaining its position as a leading economic consulting firm globally. The company reported revenues of $3.69 billion for the fiscal year 2024, employing over 8,300 staff in 34 countries and territories.

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