AI is seeing more real world applications, take Artificial intelligence for the lawyer AI or the legal profession, Monish Darda of Icertis takes up the tale.
But using technology to optimise previously complex, time consuming processes is not a new concept. However, employing artificial intelligence (AI) for the analysis and management of traditionally unstructured information, has the potential to not just unlock more value for users but also provide insights that have not been possible before. That is why artificial intelligence for the lawyer or for legal workers is beginning to gain traction. Indeed, the future of legal profession may well be AI and the impact of technology on legal profession will be significant indeed.
Artificial intelligence for the lawyer will help change contract management, with the potential to deliver such a significant transformation to this area because contracts are the foundation of a company’s commercial relationships. Signed agreements govern every pound in and out of an organisation, and for the first time in history, they are being digitised. Prior to this digitisation, it was difficult to use contracts strategically, they were long and full of dense legal text that had to be manually tracked, reviewed and managed. Computer science and artificial intelligence can not only be applied to speed up digitisation of legacy contracts but also analyse contract language in order to fully re-imagine contract management and realise additional value.
Artificial intelligence in the legal industry: Adoption and strategy – Part 1
In most organisations, managing risk and reducing compliance costs is a key part of the remit of legal departments or a general counsel. For years technology transformation barely impacted legal teams and legal documents were reviewed and processed in the same ways they had been for centuries – by high-priced lawyers charged with reading even the simplest agreement. In fact, artificial intelligence for the lawyer was a little like the phrase cheap lawyer, non-existent. Assessing the impact of regulatory changes, conducting audits and even tracking expiry dates were time intensive activities. Legal departments weren’t able to reap the speed, knowledge and other benefits that technology was delivering to almost every other professional discipline.
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Source: Information Age