Contracts govern nearly every aspect of day-to-day life in ways one may not even realize. From accepting the Terms and Conditions of an app on our smartphones to haggling over prices at a neighborhood yard sale, contracts are a fundamental part of modern life.
Non-disclosure agreements (NDAs) are confidentiality contracts that allow businesses to entrust confidential information to others. They’ve been in the news lately as a way to cover up sexual harassment issues and whistleblower claims.
Parties to a contract strive to get all the essential details in writing the first time, but life happens. Parties must amend contracts when they obtain new information or discover gaps in the agreement, or if unanticipated situations arise.
No matter your industry, contracts are an integral part of day-to-day operations. Business lawyers and in-house counsel review, negotiate, and manage hundreds if not thousands of contracts per year.
Legal research lies at the heart of the legal profession. Any legal advice attorneys provide has to stay in line with constitutional, statutory (as created by legislators), and case law (as created by judges).
Artificial intelligence (AI) is increasingly marching into the legal industry, and many attorneys are nervous about its potential impact. We should not fear the evolution of AI in the legal profession; we should welcome it.
Many companies across industries devote a large portion of their spending to contracts. The global management consulting firm McKinsey & Company found that in the utilities, aerospace, defense, and food manufacturing industries, companies lock up at least 90 percent of their annual revenues in contracts.
While the upfront costs of artificial intelligence (AI) and the idea of robot attorneys may be off-putting to some, both legal service providers and their clients can benefit from significant cost savings over time when investing in legal AI.