Using software offers simple solutions to problems that come up during the intake and deal management process. Here are some things the software can do, leading to significant returns on investment for companies that employ this evolving technology.
AI-driven legal technology is versatile. It can quickly create well-researched legal documents, streamline the sales process by saving corporate attorneys hours of work while improving quality and consistency. It can automatically update changes in laws and standards and incorporate the latest legal rulings. This creates more accurate documents earlier in the contracting lifecycle, saving everyone time and money while moving the business process forward. But convincing the decision-makers and getting their approval can be a roadblock.
Want to be ahead of the curve? How is this for a statistic? LEGAL AI (artificial intelligence) = MORE THAN 7 ATTORNEYSThrow in redundancy of tasks, searching for the closest template, manual drafting, legal research, docketing key dates, and the limits of scale, and it doesn’t require much imagination to comprehend where the figure of 7 is derived.
This month, through my Women in Modern Law roundtable series, I convened a group of women from around the country who work in corporate legal departments. My goal is to build a community – a space where we, as female in-house legal professionals, can share experiences, ideas, solutions and challenges. Sometimes we get so caught up in our own work that we can really benefit from hearing from others doing the same thing in a different place.
Most companies know they should implement a Contract Lifecycle Management (CLM) system to keep track of the lifecycles of their business contracts and agreements. And those that have started the process understand how overwhelming it can quickly become.
How can we possibly speed up our processes and free our employees to focus on strategy instead of redundant mundane tasks? Evolve with the times. Use legal AI.
Internal legal processes for drafting, analyzing, and managing simple legal documents are still manual and tedious. What is stopping legal departments from automating away the pain?
Can lawyers, law firms and large corporate legal departments actually benefit from AI? If so, what should those in the legal profession know about this technology before employing it in their work?
One of the easiest ways for companies to stay on top of the sanctions regulations – among other things - is to employ technology that routinely searches the content of the contracts they have and notifies the company of important updates.
With globalization and increasing costs of legal services disrupting corporate legal departments, there is an unprecedented pressure for in-house counsel to be more efficient than ever before.
The disruptive technology of artificial intelligence has made massive strides in the past decade, playing a prominent role in the growth of businesses and companies.
Increased workload due to shrinking budgets and personnel are causing additional pressure on in-house legal departments to function more like other corporate business divisions.
In-house legal departments are frustrated with law firms for not providing digitized data to their organizations for better analytics and decision Making.
COVID-19 has been one of the key drivers in accelerating the adoption of technology and digital transformation across industries, including the legal sector.
Modern AI based solutions make it so much easier for in-house legal departments to get their work done much faster and cost effectively.
Technology, especially AI and ML has evolved significantly that it is now being incorporated as an integral part of the solutions across industries, including the legal sector.
According to a recent Ernst & Young’s report, there is a disconnect among the C-level despite the common goal of increasing efficiencies while reducing costs.
This could be a landmark case that would have a long lasting impact on technology innovations
In the rapidly changing landscape of legal technology today, it is crucial for law firms to adapt to the new tools available in order to stay competitive
New York Gov. Andrew Cuomo’s executive budget proposal includes plans for a comprehensive data privacy law that echoes many of the provisions already put forth in the California Consumer Privacy Act (CCPA).
For whatever reason, the legal industry has been a straggler in adopting technology.
Dismissal of legal departments does not mean the dismissal or reduction of legal needs of an organization.
According to the American Bar Association's Model Rules of Professional Conduct, lawyers must maintain competence and keep up with new technology.
There is a gradual but consistent shift to in-house legal departments.
With a service such as Advocat, hours spent on tedious tasks can be shortened significantly, leading to increased focus on analytical and more satisfying tasks.