Artificial intelligence can strengthen your in-house legal team. Technological advances have become a race, with the winners almost inevitably being the first to embrace emerging trends in technology. Things that were once trends, like legal software, are now established tools in every practice.
Five tools your in-house counsel should be using:
- Artificial Intelligence—Artificial intelligence is in most platforms used in the legal field, from legal software to contract management. Incorporating AI plays an active role in risk mitigation, time management and the distribution of workflow.
- Mobile Applications—Mobile applications already play a broad role in our personal lives, from social media to banking. Now, they are helping attorneys practice law anywhere they have a data connection. At the forefront of popular apps are time tracking apps designed for legal professionals, assisting attorneys in tracking their billable hours from anywhere.
- The Cloud—The cloud has replaced large portions of IT infrastructure and allows access from authorized users anywhere. The office is no longer the only place to do business.
- Analytics—Analytics go hand in hand with artificial intelligence, allowing legal teams to do predictive analysis on a wide array of potential legal matters. Analytics also help companies determine what is working and what isn’t from their own data parameters.
- Security—It seems that no one is safe from hackers and data breaches, but legal teams must use top-notch security measures to keep information secured.
Leveraging artificial intelligence in the legal arena is the fundamental principle that the “one with the biggest gun wins.” Artificial intelligence is the wave of the future, and bringing in-house legal counsel up to speed on the latest trends in artificial intelligence means they will have the capacity never to be out-gunned.
Contract and document management software with artificial technology can now read and assign context to legal language. Contracts can be automatically uploaded en mass, automatic compliance alerts set, and a multitude of other features that make contracts quick and efficient to manage.
AI-driven contract management software can also play a vital role in risk mitigation, contract creation, and allow your company to mine data and metadata from your own contracts. Weak clauses can be identified and stronger suggestions made during the production of contracts, enabling a better success rate with each contract.
Artificial intelligence should be leveraged in legal firms because of its capacity to improve outcomes, efficiency, productivity and savings. The field of artificial intelligence is growing across multiple industries, and the legal field is no exception.
Innovation shows no signs of slowing, and professionals in many industries can view technology as a threat to their livelihoods. Instead of being a threat to the jobs of your in-house legal team, artificial intelligence is just another tool to put your organization ahead of the game.
- Improved efficiency and productivity. Artificial intelligence can take care of much of the mundane and time-consuming work, freeing legal professionals to invest in more creative legal work.
- Improved analytics from artificial intelligence removes much of the guesswork out of predicting likely outcomes. Knowing the likely result of any legal maneuver can help your team make smarter decisions about how to proceed.
- Contract management platforms allow lawyers and paralegals to track workflow, reducing redundancy, and streamlining the process. The entire process moves much faster, and searching for information is a matter of a few keystrokes.
- Improving the volume of work produced without increasing working hours is another distinct advantage of leveraging artificial intelligence.
- Artificial intelligence is also involved in search engine analytics. Companies and legal teams that produce content that properly utilizes search engine optimization (SEO) rank higher and receive more clients or customers.
- AI reduces the number of human errors that arise when legal teams must sort, tag, and review large volumes of documents. The reduction in human error also plays a significant role in risk mitigation from mistakes.
- AI saves time, thereby saving money. The savings can then be passed on to customers, making your organization more competitive in a global marketplace.
- Performance measurements are easier to track with artificial intelligence, and this has applications across your entire business. The more you know about what and who is performing well, the better those people and tools can be supported.
- The use of platforms that utilize artificial intelligence reduces stress from monotony and free up time to work on more meaningful projects. An energized and focused in-house legal team is more likely to report job satisfaction and reduce the rate of turnover.