Posts about Legal Operations

AI-Powered Business Operations Contract Negotiation

June 17, 2021

When conducting business operations contract negotiations, legal departments build on past successes. Contract negotiation powered by artificial intelligence (AI) automates this process and ensures contract terms strictly follow a company’s negotiation guidelines. As a company’s contract guidelines, or AI Digital Playbook, are updated, negotiations become more fine-tuned. Likewise, because AI “understands” where boilerplate language will not suffice, it can offer suggestions when clauses need to be revised or adapted to unique partnerships.

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Comply With Data Residency Requirements Using Local National Cloud Services

May 20, 2021

Data residency compliance requirements present a significant issue for legal departments and other organizations, especially in a globalized economy. Today, businesses span international borders, and corporate legal departments must collect data to manage their relationships and the contracts they enter. However, data residency requirements complicate data collection because they change based on the locale of corporate branches and headquarters.

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How Artificial Intelligence Is Changing the Legal Profession

May 13, 2021

Artificial intelligence (AI) describes a computer-based technology that collects and analyzes data, draws conclusions, and completes tasks typically performed by humans. This innovative frontier extends technological capabilities to regions beyond software’s traditional mapped and predetermined possibilities. Attorneys and legal departments are just beginning to discover how artificial intelligence is changing the legal profession. In this article, we’ll examine several ways AI is transforming the process of contract review and negotiation.

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How Companies Make the Best Use of Legal Artificial Intelligence

May 11, 2021

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.

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Alternative Legal Service Providers: Considerations for Outsourcing Legal Services

January 28, 2021

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. 

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Overcoming Challenges in Contract Drafting and Negotiation Using AI

January 26, 2021

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.

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Simplify Contract Lifecycle Management With Legal AI

January 21, 2021

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.

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How Legal Tech Innovation Is Empowering Modern Corporate Legal Departments

January 19, 2021

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.

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Why AI Contract Analysis Is the Answer to Negotiating Sound Business Agreements

January 14, 2021

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.

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