July 16, 2023
Artificial Intelligence (AI) has long been used to transform the workplace and improve traditional processes. And the legal industry has been constantly adapting to this change, as staying ahead of the curve is crucial for success. Especially with the use of generative AI and Large Language Models (LLM) including the latest breakthrough, ChatGPT in particular, holds a huge potential to redefine the legal landscape.
Organizations are now starting to employ technology in their operations. In a report, 78% of the professionals surveyed expressed the belief that generative AI tools like ChatGPT can improve the quality or effectiveness of legal and accounting work. Specifically, when it comes to legal work, the proportion of respondents who believe its potential is slightly higher at 82%. While among those who have adopted or are planning to adopt Gen AI, about 67% of corporate legal identified it as the most compelling use.
How does Generative AI transform legal departments?
Embracing generative AI tools created for corporate legal departments can significantly boost efficiency and productivity. Corporate legal departments not only deal with high-level tasks but also repetitive and time-consuming tasks like contract management, regulatory compliance, and legal research which AI tools can now handle. Imagine having an intelligent system that can help professionals import and analyze large volumes of legal data, extract key information, and create comprehensive reports within seconds.
Areas Where Your Team Can Utilize Generative AI
Drafting Legal Documents – Lawyers often spend significant time drafting documents like contracts, leases, and agreements. This process can be both time-consuming and monotonous. Generative AI could automate this process by examining past versions of similar documents and creating new versions that comply with legal standards and integrate new provisions.
Contract Review – Contract review is a labor-intensive task and demands extreme focus, which can take so much time. Generative AI can be instrumental in reviewing and analyzing contracts. It can detect issues such as outdated regulations requiring compliance upgrades. An AI tool is especially handy for examining complex contracts filled with multiple clauses and provisions, as it can spot discrepancies between clauses and ensure the contract aligns with the organization’s needs.
Data Extraction – By extracting important information from binding contracts and summarizing documents, it can be helpful for lawyers in representing their clients. By examining past diligence reports, AI can spot patterns and improve its capability to identify potential risks and liabilities. AI-assisted diligence reports can save legal professionals significant time and effort and improve the accuracy and effectiveness of due diligence.
Legal Intake – It can benefit legal departments by automating data collection, streamlining workflows, improving the client experience, facilitating triage and routing, identifying legal issues, and providing data analytics and insights.
Litigation – An AI application can expedite early case assessment by analyzing case data, allowing the legal department to achieve early case settlements. This not only saves time and money but also minimizes business disruptions associated with prolonged litigation.
Legal Research – A software that can quickly analyze and extract relevant information from legal databases, case law, statutes, and legal documents, helping legal professionals locate precedents, relevant statutes, and authoritative sources more efficiently. Also assist in generating summaries, briefs, and legal arguments based on the input provided.
Here at InfiniGlobe, we constantly leverage technology to empower law departments to solve their unique challenges. As generative AI solutions emerge, we are dedicated to constantly researching safe and effective methods to adopt this technology in our products and services. Our consultants have decades of legal technology assessments for many law departments of Fortune 500 corporations, reach out to us at firstname.lastname@example.org or at (833) LGL-TECH.