Legal departments face increasing challenges in maximising efficiency and reducing costs while keeping up with the demands of a rapidly evolving legal landscape.
The recent Tech and the Law 2023 report reveals that 31% of in-house counsel say freeing up time spent on providing strategic business advice is their most valued way to work.
Artificial intelligence (AI) technology has the potential to transform legal departments by streamlining processes and boosting productivity.
Practical Law’s Using AI Technology in Legal Departments Practice Note is an essential guide for legal departments looking to leverage AI to transform their workflows.
The Practice Note outlines five common uses of AI in legal departments.
- E-discovery: AI technology helps streamline the process of sorting, reviewing, and analyzing vast amounts of digital data, saving significant time and resources.
- Contract review and due diligence: AI can simplify the review and analysis of contracts, ensuring compliance and reducing the risk of oversight during due diligence processes.
- Analysis of key performance indicators (KPIs) and metrics: AI-powered tools can provide valuable insights by analysing data and identifying patterns, enabling legal departments to make informed decisions based on accurate metrics.
- Company compliance obligations: AI enables legal departments to efficiently monitor and manage company compliance obligations, ensuring adherence to regulations and mitigating risks.
- Legal research and litigation analysis and strategy: By leveraging AI, legal professionals can enhance their research capabilities, retrieve relevant case law, and develop effective litigation strategies.
By harnessing AI tools effectively, legal professionals can streamline processes, achieve better outcomes, and enhance their overall performance.
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