Automation has made its way into many areas of life and business. Take smart banking as an example. You can put your bills on autopay and never have to worry about them again, as long as your account is constantly getting an inflow of money. The same principle applies to the legal field. The newest software solutions can take over all the routine tasks of a lawyer, giving attorneys more time on more serious tasks that cannot be done by machines. All you need to do is input some valuable information into the program.
Artificial intelligence goes hand in hand with automation. Think automation but make it smart. Imagine you start sending regular payments to one account and your banking app suggests putting that transaction on autopay for you. It’s as if technology takes over not only the execution part of your job but the planning part too. All you have to do is press “Approve”.
AI Contract Automation
What’s the most boring and routine part of a lawyer’s job? That’s right, contract management! It’s basically just reading, writing, reading some more, and editing for the result. Not to mention the never-ending inflow of administrative tasks, like keeping track of deadlines and reminding your team members about said deadlines. Wouldn’t it be nice if someone could do all of that for you?
Someone (or, rather, something) is already doing that, and you’re probably aware of that. Legal writing software is taking automation to the next level by highlighting important details, suggesting edits, and finding errors. All you have to do is press “Accept” on all the changes.
Simple contract management is not the same as AI contract management. The former can help you get organized, but you still have to set up your own reminders and draft your own contracts. AI takes efficiency to the next level with data analysis, tracking, and reporting. In the process, the program learns your algorithm and works more efficiently each time.
No matter how skilled and experienced you are, you cannot compete with artificial intelligence. That is simply because what takes you hours, a computer can do in seconds. By taking the most tedious and repetitive tasks off our shoulders, AI has allowed lawyers to focus on aspects of the job that a computer can’t do, like personal relations and client communication.
How Does It Work?
AI learns the same way humans do. At first, the program is given a range of contracts that it “practices” on. Through such a large range, AI learns to recognize certain clauses, terminology, and formats. What makes a human three years of law school, takes AI only a few seconds. After that’s done, the program is ready to take on any challenge you have to offer.
The learning doesn’t stop there. The program continues to learn with every new contract and every new clause your input. This way, the program can learn about your habits, best practices, common mistakes, and so on. In the process, it can more effectively suggest changes and edits that result in the best quality of work on your part.
Even though a human can be an excellent lawyer, a human can never hold that amount of information in their head and be able to actively make use of it. Besides, we can never compete with the speed of AI contract management programs.
Why use AI?
Using AI in the legal sector has many benefits. Here are just some of them:
Save time
Regardless of how small your firm is, you are better of using contract management software to keep track of your contracts. Even if you only have a few contracts to manage, a practical automation tool can save you lots of time. Not to mention the help it will be when you grow and acquire more clients.
Eliminate the risk of human error
Humans make mistakes. Whether it’s huge life-altering mistakes or tiny typos in contracts, they are mistakes, nonetheless. While AI can’t help you with the former, it can tackle the latter and much more than that! Software like loio.com, for example, can highlight all the possible formatting mistakes and offer to fix the formatting with just one click. This feature can save you hours of going back and forth and trying to see if the formatting is consistent.
Keep up with deadlines
With an AI-powered platform, you don’t need to keep track of your deadlines manually. Instead, just let the program take care of it. After inputting all the project deadlines in the program, you can expect regular reminders and notifications alerting you when a deadline is approaching. This feature allows you to make smarter decisions when prioritizing certain projects. When the workday is over, you don’t have to pull an all-nighter to catch up on a forgotten, fast-approaching deadline.
Risk management
Law is a risky business. You are constantly juggling compliance with risk management. Artificial intelligence can help you find problematic clauses and risky contracts that need some work. Once you’ve found the clauses that need some help, you can apply changes to all of them at the same time instead of rewriting each clause one by one. That’s an excellent time-saver!
Final Words
New technology is opening doors to new opportunities in terms of streamlining operations. The legal field has never been as efficient as it is now, and it can only get better from here. Implement the newest technologies in your practice and reap the benefits!
