.svg)
How Tech is Redefining the Practice of Contract Law
It has never been more important for legal teams to embrace technology. Ernst & Young found that while 70% of organizations have a formal contracting technology strategy, 99% don’t have the data or the technology needed to improve their contracting processes. Further, only 31% of contracts follow a corporate legal playbook and 71% are not monitored for deviations from standard terms.
Continue Reading →In an era of rapid digitization, choosing specific software for your business needs can be overwhelming. The legal technology software market is especially difficult to navigate as there is no single platform to date that provides true end-to-end contracting efficiency. More confounding still, each company’s services and capabilities are different, making it nearly impossible to compare apples to apples.
Continue Reading →Two impactful market forces converged between 2000 to 2017 that opened the possibility of incorporating artificial intelligence (AI) into corporate legal department workflows. First, data storage prices dipped from $12.40 per GB to $0.004 per GB. And then data volume grew from 2 to 26 zettabytes. With this upswing of data came huge advances in machine learning and natural language processing (NLP) that brought AI to the forefront of technology today.
Continue Reading →Many corporate legal departments use AI for research, litigation strategy, dispute resolution modeling, and offering basic help online. Any legal team can benefit from the use of AI in legal services, especially for contract review and negotiation processes. With large corporations handling, on average, 350 contracts each week, there is an increasingly urgent need to improve resource efficiency through digital transformation.
Continue Reading →Advances in how computers analyze and apply data have trickled down from Silicon Valley laboratories and into corporate legal departments worldwide, denoting a sprint toward the future rather than a slow crawl. One of its most practical and exciting use cases involves legal document machine learning and contract analysis. While there are plenty of reasons to use this technology right now, it is also imperative that companies understand where current limitations exist to avoid blind spots and maximize workflow efficiency.
Continue Reading →The members of corporate legal departments work optimally when they are engaged in valuable and meaningful work. Employees want to feel appreciated, recognized, and presented with opportunities for personal growth. In other words, they want to spend more time assessing risk, shaping strategies, and solving complex legal conundrums and less time buried in mundane, repetitive, and simplistic legal work. If they don’t, they’ll leave. By way of example, law firms lost nearly a quarter of their associates last year, and studies show that salaries are not the main culprits anymore.
Continue Reading →Even the most artful contract drafts require careful attention to ensure the grammar is polished, formatting is consistent, and company standards are met. If you’re a legal proofreader, understanding how proofreading mistakes happen and which errors to look for will develop your competencies, but coupling your skills with artificial intelligence (AI)-powered legal contract review technology can improve the quality and consistency of your work even further.
Continue Reading →Proofreading other attorneys’ work is easier than proofreading our own; we unwittingly infer intended meanings to our own compositions even if they are not clearly stated. Even so, without the right strategies and tools in place, proofreading legal agreements and drafts can be an uphill battle, especially when high-volume workloads, fatigue, and office distractions are factored into the equation.
Continue Reading →Although contracts comprise the foundation for many important B2B and B2C relationships, millions of hours are wasted each year reviewing them manually.
Continue Reading →Well-written employment contracts include mutually agreeable terms for both the employer and the employee. Whether you have five employees or five thousand, employment contracts outline rights and responsibilities — keeping employees happy by avoiding disputes and ensuring the business is running smoothly in the process.
Continue Reading →