AI-Based Contract Analytics Aids Lawyers Through Rising Litigation
It’s common for a surge in lawsuits to follow in the wake of a crisis. Most recently, the global pandemic created the perfect storm for increased employee-related and commercial litigation. The challenge for legal teams today is to find an efficient way to manage the enormous influx of data needed to discover and compile evidence.
Gallagher’s Business Litigation Index found that almost 60% of UK-based businesses took legal action or threatened to do so against another business last year.1
Digging through large volumes of documents and contracts has historically been a primarily manual process. Employing additional manual labor to sort through the increasing number of agreements is an expensive and imperfect option. Legacy Legal Document Review Software also has limitations as it can only search for and surface specific search terms.
The alternative is to combine people and technology through the use of artificial intelligence (AI). AI enables legal teams to discover, ingest, classify, and extract key terms from within large amounts of unstructured data to help lawyers build compelling cases and evidence to support their clients. Read on to learn how AI will empower your legal team to maintain control through COVID’s litigation boom and beyond.
The first step toward tackling vast volumes of documents is understanding what makes the task difficult for so many. Identifying the challenges is half the battle.
Data can be hidden within many different formats, stored in disparate systems across a legal organization, and very difficult to find. If attorneys and their teams cannot reliably access all relevant data, they may jeopardize their client’s claim.
Assembling teams of subject matter experts and paralegals to comb through copious amounts of data is time-consuming, expensive, and prone to human error. Manual processing makes analyzing content and assessing risk laborious and incomplete.
If in-house teams are bogged down with locating and reviewing content, they have fewer resources to meet deadlines. They also have less time to do higher-value tasks like constructing arguments and preparing for litigation.
Increasing complexity and volume of content as it relates to the pandemic can result in greater corporate risk. If legal organizations don’t get ahead of the wave of agreements, they leave themselves and their clients open to risk.
Electronic discovery programs are commonly used during legal investigations. However, most of these solutions use pre-programmed rules and keyword search, which cannot interpret nuance and context and reveal incomplete data.
Bridge to Success
Legal Contract AI Software has the potential to transform the arduous manual data collection and contract review process. AI Contract Review will enable legal organizations to:
- Discover documents, locate duplications, and eliminate trivial content to reveal hidden contracts.
- Enrich content through trainable AI models that classify contracts and extract key clauses, terms, and obligations to surface risk and identify opportunities.
- Automate the review process to expose contract insight and prioritize data to facilitate decision-making.
- Deliver intelligent contract data to people, processes, and technology to drive change.
Automation and AI for the Long-Term Win
Adlib’s AI-Based Contract Analytics provides legal teams with intelligent data to identify opportunities, highlight and mitigate risk while decreasing the time and cost of manual contract review. The result is a more consistent, cost-effective, and thorough analysis of all contracts. Through Adlib’s AI Contract Review, legal organizations will:
- Increase visibility by extracting key contract elements from a variety of contract types, as well as contract terms and obligations.
- Accelerate the review process by analyzing large volumes of contracts quickly and accurately to isolate the documents that meet your business review rules.
- Simply compliance by identifying contracts, reviewing relevant clauses, and determining where revisions need to be made.
- Mitigate risk by finding clauses and non-standard language to expose contract risk and assign a risk rating to pinpoint areas for change.
Since Adlib’s AI models are trainable and scalable, the platform will enable legal teams to navigate the pandemic-related economic downturn and other unexpected crises that disrupt the status quo down the road.
The Final Verdict
As businesses and individuals seek financial compensation for lost revenue and wages stemming from the pandemic, lawyers need to brace themselves for an onslaught of lawsuits and a flood of data. Legacy manual review processes no longer make sense, mainly when robust AI Contract Review solutions are available to dramatically reduce the time and investment needed to scour agreements and documents for relevant data. Ultimately, Adlib’s AI Contract Analytics platform enables legal firms to reach conclusions faster on behalf of their clients.