{"id":9977,"date":"2023-09-18T18:05:05","date_gmt":"2023-09-18T07:05:05","guid":{"rendered":"https:\/\/insight.thomsonreuters.com.au\/legal\/?post_type=insight_resource&#038;p=9977"},"modified":"2023-09-18T18:05:06","modified_gmt":"2023-09-18T07:05:06","slug":"5-ways-legal-departments-can-use-ai-technology","status":"publish","type":"insight_resource","link":"https:\/\/insight.thomsonreuters.com.au\/legal\/resources\/resource\/5-ways-legal-departments-can-use-ai-technology","title":{"rendered":"5 ways legal departments can use AI technology"},"content":{"rendered":"\n<h4 class=\"wp-block-heading\">Legal departments face increasing challenges in maximising efficiency and reducing costs while keeping up with the demands of a rapidly evolving legal landscape.<\/h4>\n\n\n\n<p>The recent <a href=\"https:\/\/insight.thomsonreuters.com.au\/legal\/resources\/resource\/tech-and-the-law-2023\">Tech and the Law 2023<\/a> 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.<\/p>\n\n\n\n<p>Artificial intelligence (AI) technology has the potential to transform legal departments by streamlining processes and boosting productivity.<\/p>\n\n\n\n<p>Practical Law&#8217;s <em>Using AI Technology in Legal Departments<\/em> Practice Note is an essential guide for legal departments looking to leverage AI to transform their workflows.<\/p>\n\n\n\n<p>The Practice Note outlines five common uses of AI in legal departments.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>E-discovery: <\/strong>AI technology helps streamline the process of sorting, reviewing, and analyzing vast amounts of digital data, saving significant time and resources.<\/li>\n\n\n\n<li><strong>Contract review and due diligence:<\/strong> AI can simplify the review and analysis of contracts, ensuring compliance and reducing the risk of oversight during due diligence processes.<\/li>\n\n\n\n<li><strong>Analysis of key performance indicators (KPIs) and metrics:<\/strong> AI-powered tools can provide valuable insights by analysing data and identifying patterns, enabling legal departments to make informed decisions based on accurate metrics.<\/li>\n\n\n\n<li><strong>Company compliance obligations:<\/strong> AI enables legal departments to efficiently monitor and manage company compliance obligations, ensuring adherence to regulations and mitigating risks.<\/li>\n\n\n\n<li><strong>Legal research and litigation analysis and strategy: <\/strong>By leveraging AI, legal professionals can enhance their research capabilities, retrieve relevant case law, and develop effective litigation strategies.<\/li>\n<\/ul>\n\n\n\n<p>By harnessing AI tools effectively, legal professionals can streamline processes, achieve better outcomes, and enhance their overall performance.<\/p>\n\n\n\n<p><strong>Download you copy of Using AI Technology in Legal Departments via the form on this page.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Legal departments face increasing challenges in maximising efficiency and reducing costs while keeping up with the demands of a rapidly evolving legal landscape.<\/p>\n","protected":false},"author":46,"featured_media":9984,"template":"","categories":[602,609],"tags":[1575,44,1920,1347,356],"resource_type":[1715],"insight_job_role":[],"insight_practice_area":[],"class_list":["entry","author-practicallawwritingteam","has-excerpt","post-9977","insight_resource","type-insight_resource","status-publish","has-post-thumbnail","category-innovation-and-technology","category-legal-technology","tag-ai","tag-artificial-intelligence","tag-corporate-legal-departments","tag-legal-departments","tag-legal-technology","resource_type-practice-note","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - 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