Talk of an economic downturn historically has brought the same corporate responses:
- Layoffs. This involves severance packages, low morale, and an increase in workload on those who keep their jobs.
- Reductions in departmental budgets, often by the same percentage as their counterparts throughout a company. For areas that are running smoothly to be given the same operative as areas that are not can lead to long-standing tensions between departments.
- Salary and hiring freezes. “Be glad you still have a job” is not a great motivator.
Want to be ahead of the curve? How is this for a statistic? LEGAL AI (artificial intelligence) = MORE THAN 7 ATTORNEYS
Throw 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.
Legal AI can quickly create well-researched legal documents, streamlining 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 while moving the business process forward.
For example, a sales rep at a large company who needs a contract ASAP from in-house legal – under normal circumstances – might have to wait too long for corporate lawyers to carefully construct every word in the contract. But the sales rep is concerned the delayed contract may cost her the deal. If her company employed legal AI, the technology could tailor contract templates as users provide information, fill in the correct data pulled from company databases, perform legal research to update the document, and present the legal draft to legal for approval - all within minutes. This means faster, better contracts for everyone.
Lawyers will always have final approval but using legal AI will save companies significant amounts of money. For example, a legal department that employs 1,000 lawyers can spend $9 million on legal AI to save $451.8 million per year. This translates into increasing the capacity of a legal department by seven times.
Currently, only 17% of Fortune 500 companies are using legal AI, according to a report by KPMG. If interest rates and inflation increase, consumer spending softens along with consumer confidence, and the unknown causes a paralysis by analysis, will your company use the weapons of old or will you be a bold frontrunner that quickly adopts the next advanced legal technology?