Professionals in all industries are constantly on the lookout for technological advances that could be used to their advantage. The legal field is no exception. Gone are the days of doing everything manually; technology is here to save us all!
Artificial intelligence and contract analysis software in particular came to save the day a few years ago. AI has been able to streamline the contract review process. In addition to that, using documents after they’ve been reviewed and archived has become significantly easier. You get all the perks of an organized archive with none of the difficulties of keeping it organized.
And that’s not all. Here are some of the ways you can improve efficiency through contract analysis software.
From contract review software to AI
Contract review software is nothing new. In the past, it’s been able to help us keep our documents organized. However, with the rise of AI came new features and capabilities. AI can act like a human in some ways and recognize patterns that regular software can’t. For instance, it can separate contracts by contract types by identifying the different patterns commonly found in those contract types.
That on its own makes the search process much easier. If you can determine some clear criteria for a document, the program will find the document(s) in a matter of seconds. AI is able to scan through thousands of documents before you can say “AI”. That is an invaluable skill that humans simply don’t possess. What does that mean for us?
Is AI taking over our jobs?
In a way, AI is taking over the profession of a lawyer, but only some parts of it. While AI can’t effectively communicate with clients and provide personalized counsel, it can focus on the more monotonous and administrative tasks. Take, for instance, contract analysis and document management.
AI can do “regular” things like identify errors in contracts and suggest appropriate changes. It can also do some of the more “intelligent” things, like identifying particularly risky clauses and assessing the level of risk in contracts in general.
Editing a contract or identifying all the contracts of a certain type out of thousands will take human lawyer hours or days. Not to mention, going to law school, acquiring tens of thousands of dollars in student loans, and passing the Bar Exam just to spend half of your career sitting at a desk and browsing through tons of paperwork is a shame, to say the least.
Effective contract analysis software can save lawyers lots of time at the very least and improve efficiency in a life-changing way at best.
Consistency across the board
With contract analysis software, consistency is applied every step of the way. Let’s start with the obvious one, document management. Most document management programs enable you to store documents in a way that makes them easy to find in the future. You can determine the organization criteria you want to use, but ultimately, all the documents will be stored in one place, where they can be accessed by you and your colleagues from anywhere. Most people then use tags to make finding documents easier in the future.
AI takes it one step further and enables users to extract specific pieces of data on demand. Thus, you can keep track of all active contracts and their end dates without having to sort through all the documents and open them one by one.
The most difficult part about change is adapting to it. While many people are open to technology and recognize its potential in the legal field, others are afraid. At the end of the day, that’s the case with most instances of change. Digital marketing for law firms was once scary and unusual. Now, we can’t imagine life without social media and smartphones.
It is our job as leaders to implement change and make the transition smooth for our colleagues. Soon enough, contract analysis software and AI will face the transition from being new and scary to being comfortable and widely used.