Posts about Legal Tech

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How AI in Law and Legal Practice is Helping Businesses Work Smarter, Not Harder

January 26, 2023

The last few years have been difficult for legal departments and corporate law firms. The average lawyer clocks 50+ hours a week, with 75% of lawyers working outside normal business hours to gain traction. A third of law firms say they’ve lost business to inefficiency. More than half of lawyers (54%) are exhausted by their workloads. And according to Ernst & Young, 25% of general counsels expect increased workloads over the next three years, yet 88% anticipate budget cuts. Consequently, lawyers must find innovative ways to work smarter, not harder. 

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The Types of NDAs and Their Use Cases

January 24, 2023

When you want to share confidential information with another party, a non-disclosure agreement (NDA) allows you to protect trade secrets, competitive intelligence, and your roster of customers or clients. Whether you’re bringing on a new hire, licensing your technology, courting prospective investors, or receiving services from another company, the NDA acknowledges that sensitive material may be disclosed that cannot be shared outside the specific interaction

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NDA Automation and Its Potential Impact on Legal Departments

December 22, 2022

Non-Disclosure Agreement (NDA) automation can be as basic as using drafting templates, clause libraries, and drag-and-drop editing tools to make manual processes easier. But more complex NDA automation can employ the latest in Artificial Intelligence (AI) to run a draft through a system that delivers lawyer-quality markup. These same systems can also intelligently create and leverage Digital Playbooks to guide the review process. Automation may involve risk analysis and contract-forwarding to appropriate parties based on the results. 

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How Can Businesses Leverage AI in Law to Extract True Contract Value?

December 15, 2022

Regardless of industry, there’s no arguing that business has become more competitive over the years. While the barrier to entry for startups has decreased, rising inflation and shifting technology have made it harder for companies to succeed. Earning year-over-year profits is always the goal, yet achieving it requires trimming expenses wherever possible while concurrently pursuing new deals.

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Striking the Perfect Balance Between Law and Technology

December 8, 2022

Technology is redefining every profession, especially the legal field. Artificial Intelligence (AI) and machine learning have become the common lexicon. As cloud databases replace filing cabinets, digital signatures supersede ink, and modern solutions handle the workflows of junior-level attorneys, lawyers are often left wondering how much technology is appropriate and how to strike the proper balance between law and technology. 

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The Art of Redlining Legal Documents (the Smart Way)

November 29, 2022

Redlining legal documents is an artform that takes time and skill to master. But with top legal talent in short supply these days, it can be a challenge to ensure every contract receives the eagle eye review and attention it deserves. Training staff members on what to look for when redlining a legal document is a start, but applying automation technology to the process can be an entirely transformative initiative that yields markedly improved results.

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Why Contract Automation is the Future of Legal

November 17, 2022

American educator Steven Covey said, “The key is not to prioritize what’s on your schedule, but to schedule your priorities.” Few understand this concept better than in-house legal counsel who seemingly never have enough hours in the day to accomplish time-sensitive tasks. That’s especially true when it comes to thousands of pages of documents that require manual review and extreme attention to detail.

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