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.
Artificial intelligence (AI) has changed how we operate in almost every facet of our lives. From digital assistants that anticipate when to order paper towels to cars that can drive themselves, AI is everywhere.
The legal sector has a general reputation for being conservative when it comes to technology. Not anymore. The landscape is rapidly changing.
Contracts are an essential part of any legal office. If your law practice drafts contracts, conducts due diligence or does compliance work on behalf of your clients, you likely process hundreds, if not thousands, of contracts per year.
Artificial intelligence (AI) is quickly evolving how lawyers practice, especially corporate counsel and business lawyers. In fact, in a recent survey, more than 39 percent of in-house counsel anticipated AI will be part of their daily practice within the next decade.
Consumers routinely ignore the small print in contracts. It makes sense that we ignore fine print since we’re inundated with it when we buy software, join websites, or sign credit card agreements.