How Companies Make the Best Use of Legal Artificial Intelligence
Legal artificial intelligence (AI) platforms can handle much of the repetitive, day-to-day work of corporate lawyers, including contract revisions and negotiations. By “in-sourcing” this routine and time-consuming work to the AI, legal professionals can focus on more strategic and demanding tasks. As a result, legal artificial intelligence can enable the tech-forward corporate legal departments to better serve their clients while taking on additional work and increasing profitability.
What Is Legal Artificial Intelligence?
“Legal A.I.,” as it’s often shortened, refers to software solutions capable of employing analytics and machine-based learning to replicate best practices and apply inferred rules to new situations. The AI’s ability to automate routine processes and expedite legal work provides a competitive advantage to early adopters of this emerging technology.
How Companies Best Apply Legal Artificial Intelligence
Different platforms focus on unique sectors in the legal field, but one of the most exciting innovations is the ability to streamline the contract review and negotiation process. Legal AI automates lower-level tasks, frees up an attorney’s time to address higher-value matters, and shortens the time it takes to close deals.
Clarity and consistency are crucial attributes of any corporate contract—from non-disclosures and service agreements to software licenses and property leases. Additionally, the best legal AI tools dig deep into flagged issues using machine-learning expertise and a vast repertoire of approved contracts and data.
Legal artificial intelligence tools:
- Ensure compliance to playbook guidelines and preprogrammed industry standards.
- Outline alterations and deal-specific clauses from the template as points of negotiation.
- Deliver attorney-quality redlining and guidance.
- Flag problematic words and phrases that are a cause for concern.
- Provide guidance and best practice fallback responses to aid in revision work.
- Tracks markups and revisions throughout the contract’s lifecycle
Artificial intelligence has attracted the most interest and attention from legal teams for its capability to model multiple negotiation scenarios. Negotiation can consume a tremendous amount of resources due to the cost of offshoring arrangements and continuous training of new in-house reviewers on corporate standards and practices, not to mention the hours it takes to complete the higher-level work.
Legal artificial intelligence:
- Reads and highlights a contract in minutes to significantly reduce negotiating timelines.
- Compiles data from prior contracts to internalize successful agreement characteristics.
- Discovers new areas of leverage and points negotiators in strategic directions.
- Suggests boilerplate fallback language.
- Validates clause insertions and deletions with contextual analysis.
- Automates and codifies common changes into Digital Playbook standards.
- Creates a positive feedback cycle that trains the legal team to work more efficiently.
- Automates escalation resolution from Playbook preferred positions.
Discover Legal Artificial Intelligence
LexCheck automates and accelerates the contract review and negotiation process for corporate legal teams. By leveraging data from previously uploaded agreements, our AI-powered contract negotiation platform guides legal teams according to the successful characteristics of past agreements. As a result, legal artificial intelligence minimizes rote contract management challenges and enables attorneys to concentrate on higher value, strategic objectives.
LexCheck’s leading-edge contract review and negotiation platform allows legal departments to close deals faster by leveraging legal artificial intelligence. Request a demo to explore our AI-powered platform, or reach out to firstname.lastname@example.org to learn more.
Gary Sangha | Founder & CEO
Gary Sangha is the Founder and CEO LexCheck. He's a serial entrepreneur and an academic. Gary previously founded Intelligize, a legal technology company that was acquired by LexisNexis. He's affiliated with the University of Pennsylvania and Stanford University and started his career as an attorney at Shearman & Sterling and White & Case.