Legal departments generate large amounts of data from and in the form of various documents, like contracts, powers of attorney, declarations, orders, applications, requests, decisions, letters, notices, receipts, notications, etc. Though each of these has an abstract structure, they are still time-consuming to create, review, and validate.
AI methods can be used to process the documents, understanding their structure, and help analyse them in a way that saves time.
Contract drafting can be a costly and labor-intensive process.
AI tools can help attorneys by organizing and revising existing data more efficiently, thus mitigating the risk of future contract disputes. The software can scan previous documents - identifying important terms and analyzing changes - and can draft a pertinent legal contract template.
Traditional contract review is a slow, costly process that is prone to human error.
Natural Language Processing tools can perform textual analysis of proposed contract terms based on a set of objectives. Additionally, these AI tools can serve as a check that allows for a more efficient review and identification of potential errors before contracts are finalized.
By automating repetitive back office tasks, your department can auto-generate regular reports that are required to inform managers and ensure everyone in the company is aligned. Easily auto-generate reports, analyze their content, and email them to relevant stakeholders.
Legal information management is about making legal information usable and findable.
Gather data from multiple sources to one location, remove manual data collection processes, standardize data using preset functions to ensure data integrity, uncover and explore connections in data, leverage existing taxonomies, and create tailored insights. This eliminates the need for multiple systems and allows the your organization to enhance the decision-making process.
To comply with the EU’s General Data Protection Regulation, organizations should apply data anonymization techniques to their data.
Automatic data anonymization tools can keep data private while maintaining the utility of the protected document. Personally identifiable information like name, social security number, or email address can be redacted or replaced in a semantically meaningful way.
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