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Unrelenting pressure from the coronavirus pandemic has changed how many legal departments operate. With flattened staffing budgets and increased workloads, legal teams have turned to technology to solve these challenges with efficiency. Implementing the right legal tech stack aligned with company strategies and business goals has never been so important. Here are three of the major legal tech trends 2022 has spotlighted so far.
Continue Reading →Software Licensing Agreements (SLAs) are necessary to protect the interests of software creators and software users. These contracts explain a customer’s usage rights, including installation location and frequency, as well as software duplication, modification, and redistribution rules. Likewise, software price, licensing fees, usage term duration, and performance guarantees are often detailed in the agreement.
Continue Reading →Avoiding pitfalls while writing End-User License Agreements (EULA) is similar to preventing issues with most other types of contracts. The contract needs to avoid ambiguous or illegal clauses, cover regulatory necessities, and consider its audience. As the EULA covers consumers without legal knowledge, keeping these contracts short and concise is ideal.
Continue Reading →Non-Disclosure Agreements (NDAs) establish protections for confidential or proprietary information that must be shared. For years, corporate legal teams have used contract templates to expedite the process of drawing up NDAs. However, these generic documents may not provide comprehensive coverage for your specific needs—whether the NDA covers transactions involving employment, RFP bidding, vendors, investors, or a new partnership. Recent innovations in legal tech have enabled legal departments to leverage artificial intelligence (AI) to establish next-generation guidelines on how to write a Non-Disclosure Agreement.
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.
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