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How Tech is Redefining the Practice of Contract Law
The alternative legal service provider (ALSP) market is booming right now. This $10.7 billion segment could grow by an additional 25 percent over the next few years as attorneys seek better ways to manage increasing workloads with dwindling resources. Just about every corporate legal department or contracting agency has used one of these services with varying success levels.
Continue Reading →Contract drafting and negotiation are closely linked and are often the most time consuming and costly aspects of the contract lifecycle. Today, much of the negotiation process occurs in the document during the drafting phase, as parties add terms and clauses while exchanging the draft. Alternatively, negotiations can occur separately, in conversations and emails, with the expectation that the final written agreement will reflect any adjustments. In either case, juggling multiple drafts and ensuring that all agreed-upon terms are captured in the final contract is easier said than done.
Continue Reading →Contracts are rarely created "from scratch." Instead, they are cobbled together from templates and clauses in other successful agreements. By leveraging existing contracts and automating processes, contract lifecycle management (CLM) can generate cost savings by establishing a systematic method to compose a binding document.
Continue Reading →Cutting-edge technology is a catalyst for business innovation. Why should this advantage be reserved only for companies that sell products or perform logistics and management services?
Legal tech innovations apply business tools and methodologies to enhance processes, expedite delivery, and extend cloud collaboration for corporate legal departments and law firms. Increasingly, forward thinking corporate legal departments are leveraging legal analytics to conduct research and develop effective contracting strategies.
Continue Reading →An unsound business agreement is often the result of a party looking for business advantage by inserting contracting language that might seem appealing on the surface but will not be acceptable to their counterparty’s business practices or compliance requirements. This can cause seemingly endless rounds of back and forth markups by both parties seeking compromise language to positions that might have been entirely avoided. A minor oversight could be enough to force the other party to renegotiate—usually with less favorable terms. In situations like these, artificial intelligence (AI) contract analysis is invaluable.
Continue Reading →The coronavirus pandemic has accelerated the adoption of artificial intelligence (AI) in law firms and corporate legal departments. By incorporating new tools powered by AI, firms and legal departments have increased operational efficiencies by reducing workloads, decreasing human errors, streamlining recruitment processes, and accomplishing in minutes what used to take days. No longer fanciful science fiction, software programs are redefining what can be achieved in document review, research, accounting, hiring, and legal analysis.
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Legal technology is in the midst of a revolution. For years, the industry lagged in digital transformation because of limited law practice modernization opportunities. The law was far too complicated and subjective to hand over to machines. However, artificial intelligence (AI) has helped overcome the hurdle that prevented next-generation innovation. A key driver of this innovation is the use of machine learning in the legal industry.
Continue Reading →As companies look for ways to work smarter and faster, the use of artificial intelligence (AI) in complex fields like law increased by nearly a third in 2020. Such widespread adoption of new technology naturally raises questions: Just because we can turn to AI for solutions, should we? Can a robot lawyer, for instance, litigate emotional divorce proceedings in family court or understand the full impact of a car accident on a person’s life in a personal injury claim?
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