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Did you know that 40% of corporate legal professionals spend at least half their business workday reviewing and managing contracts? Catch us in conversation with Lucy Bassli, a legal expert, where we discuss how AI can help review contracts faster and efficiently: https://t.ly/9OP2m #legal #operations #contracts #ai

Artificial intelligence is not the future anymore—it’s here, and it’s changing the way businesses and legal departments function. Our EY Law network has identified ten critical questions every Chief Legal Officer needs to address as GenAI reshapes the business landscape. Explore insights about managing this tech revolution in our latest write-up in Corporate Counsel. https://lnkd.in/ecF-MtQS #AI #EYLaw

This AI Legal Assistant Literally Gave These Exhausted Lawyers Their Lives Back. Yes...I witnessed this first hand. Recently, I had the opportunity to work with a legal law firm. The goal was to build an AI Assistant that will help accelerate contract reviews for an overwhelmed small law firm. The bottleneck was an overwhelming volume of contracts that exceeded their small team's bandwidth. Sitting down to go through pile of legal documents is a pain in the ass for this guys. They were exhausted. Reviews took days, delaying client work. Scaling was a nightmare. So we both decided to build an AI Assistant that can help to; - 📜 Summarize contracts for quick skimming. - 🧐 Analyze and flag loopholes in contracts in seconds. - 💬 The lawyers can chat with the contract to extract specific information they need easily. This AI Assistant enabled: - 80% faster review turnaround time. - Increase in workload capacity. - More time to spend on high value tasks. - Lower risk by spotting unfavorable clauses. - Improved work quality. I never imagined the results as it was my first time working with a legal business. To cut the story short, they were happy. Now they don't have to spend long hours simply reviewing contracts (repetitive mundane tasks can be annoying). While AI excels at high volume tasks, humans still excel at strategy, critical thinking and client relationships. AI is best used to free up professionals to spend time on what they do best that moves the needle forward. With the right approach, AI can empower you to eliminate serious bottlenecks. By removing bottlenecks, you can do your most satisfying high-value work & enjoy the process. ❓What is your most satisfying high value work? ❓How do you think you can enhance it with AI? Watch Demo Below Pls help answer the question above by leaving a comment. This will give me an insight into a project I'm working on. Thanks. #ai #aiautomation #artificialintelligenceforbusiness #legaltech #technology

Are you a Chief Legal Officer navigating the complex landscape of Generative AI? Here are 10 essential questions every CLO should be able to answer to guide responsible GenAI adoption and transform their legal function.

Artificial intelligence is not the future anymore—it’s here, and it’s changing the way businesses and legal departments function. Our EY Law network has identified ten critical questions every Chief Legal Officer needs to address as GenAI reshapes the business landscape. Explore insights about managing this revolution in our latest write-up in Corporate Counsel. https://lnkd.in/g_zEjecp #AI #EYLaw

Generative AI is revolutionizing the legal field, offering substantial benefits to legal departments by automating complex tasks and enhancing operational efficiency. This advanced technology can draft documents, analyze legal texts, and generate insights with unprecedented speed and accuracy, significantly reducing the time and cost associated with legal work. One of the key advantages of generative AI is its ability to streamline document creation. AI-powered tools can generate initial drafts of contracts, legal briefs, and other essential documents, allowing legal professionals to focus on more strategic and nuanced aspects of their work. This not only accelerates document turnaround but also minimizes the risk of human error. As legal departments continue to integrate generative AI into their operations, they can expect enhanced efficiency, reduced costs, and improved accuracy in their legal processes. How do you see AI impacting the field? Would love to hear your thoughts in the comments below. #GenerativeAI #LegalTech #LegalDepartments #AIinLaw #LegalInnovation #DocumentAutomation

Legal technology is changing the game in the legal industry! From AI-powered analytics platforms to predictive analytics and process optimization, legal tech is revolutionizing decision-making processes within the legal sphere. Attorneys can now make strategic decisions based on a comprehensive understanding of the legal landscape, thanks to vast datasets of case law and statutes. With sophisticated software, potential risks, inconsistencies, or areas of ambiguity are identified, allowing lawyers to focus on high-level negotiations and impactful contractual provisions. Historical data analysis enables legal tech to project success probabilities for different case scenarios, empowering informed decisions regarding case strategy, settlement negotiations, and resource allocation. By freeing up attorneys to focus on critical strategic thinking and client counseling, AI automation enhances decision-making capabilities. Legal tech provides powerful tools that significantly augment legal decision-making processes, introducing unprecedented levels of data-driven precision, process automation, and predictive power to the legal field. #LegalTech #AI #DataAnalysis #DecisionMaking #ProcessAutomation #decisionintelligence #processimprovement #legalai #growthmarketing #growthstrategy #growthstrategy #productinnovation #productmarketing #productmarketfit

✨ 5 Legal-Adjacent Gen AI Use Cases for Law Firms In the fast-evolving legal sector, forward-thinking firms are embracing generative AI to redefine operational excellence and client service. Dive into how industry leaders like Crowell & Moring, Husch Blackwell, and Orrick Herrington & Sutcliffe are pioneering with AI to set new industry standards. ⭐ Drafting Client Alerts from Public Hearings (Crowell & Moring): Transforming transcripts from congressional hearings into client alerts, enhancing efficiency in delivering timely and relevant regulatory updates without compromising client confidentiality. ⭐ Creating Biographies for Internal Use (Husch Blackwell): Using generative AI to compose over 100 biographies for summer associates, significantly reducing the manual labor hours traditionally required for such tasks. ⭐ Producing Daily Market Reports (Orrick Herrington & Sutcliffe): Employing generative AI to aggregate and synthesize public financial and legal data to generate daily market reports for the firm's lawyers, providing them with current insights and trends. ⭐ Querying the Firm’s Employee Handbook (Orrick Herrington & Sutcliffe): Allowing employees to interact with the firm's employee handbook using generative AI for quick and intuitive access to firm policies and procedures. ⭐ Streamlining Accounts Payable Workflows (Orrick Herrington & Sutcliffe): Developing generative AI tools to optimize the accounts receivable department's processes, aiming to automate standard financial operations such as invoice processing and payment tracking. These use cases demonstrate the versatile application of generative AI in law firms, extending beyond legal analysis and documentation to include various facets of business operations and internal administration. By doing so, firms not only increase efficiency but also potentially create new value propositions for their clients. 🤔 How is your law firm harnessing AI to transform operations and services? Share your experiences and insights below! #legalops #legaltech #generativeai --- Sources include various articles from AmLaw. See comments.

The #AI Revolution in #Corporate and #M&A #Law The legal landscape is on the cusp of a transformation as artificial intelligence (AI) begins to permeate the once traditional domain of corporate and #mergers and #acquisitions (M&A) law. This integration of technology is not merely a trend but a revolution that promises to redefine how legal professionals navigate #complex #transactions and #corporate #governance. #Efficiency and #Precision At the forefront, AI enhances efficiency. #Due #diligence, a cornerstone of M&A transactions, involves sifting through voluminous documents to identify potential #risks and #liabilities. AI algorithms excel at this task, processing thousands of documents at speeds no human can match, and with a precision that reduces human #error. This capability is not just about speed; it's about the strategic allocation of human resources, allowing lawyers to focus on higher-level analysis and negotiation. #Predictive #Analytics AI's predictive analytics are reshaping risk assessment. By analyzing historical data, AI can forecast outcomes, such as the likelihood of #regulatory approval or the potential for post-merger integration issues. This foresight enables #lawyers to advise clients with a #data-backed confidence that was previously unattainable, potentially altering the calculus of deal-making. #Contract #Analysis and #Management In contract analysis and management, AI tools are already demonstrating their value. They can extract and #compare terms across multiple contracts, flagging inconsistencies and deviations from standard practices. This not only streamlines contract review but also ensures consistency and compliance with corporate policies and legal regulations. #Customization and #Client #Service AI is also a boon for client service. Tailored legal solutions are becoming the norm, with AI-driven platforms capable of generating customized legal documents in minutes. This level of personalization, combined with the speed of delivery, enhances client satisfaction and allows law firms to serve a broader client base without compromising quality. #Ethical and #Regulatory Considerations However, the AI revolution is not without its #challenges. Ethical and regulatory considerations are at the forefront of discussions. The use of AI must align with professional #responsibility standards, and #lawyers must maintain their role as #gatekeepers, ensuring that AI tools are used appropriately and do not compromise client confidentiality or the integrity of the legal process. The #Future of #Legal #Practice As AI continues to evolve, its impact on corporate and M&A law will only deepen. Lawyers who embrace this #technology will find themselves at a competitive #advantage, armed with tools that not only enhance their practice but also expand their roles as strategic advisors to their clients. The future of legal practice in corporate and M&A law is one where AI and human expertise converge to deliver unprecedented value.

KPMG Looks to Beat Big Law at AI by Leveraging Size and Capital KPMG, a big player in the audit, tax, and advisory world, aims to beat the top law firms in the AI game. Its size and deep pockets help it use cutting-edge tech to make work more efficient and cheaper. KPMG is rapidly adopting AI to automate simple legal tasks, making it faster and able to handle big projects easily. This move could change how tax and legal advice is given, making it quicker, more accurate, and less expensive. As KPMG embraces AI, it's setting up a challenge for traditional law firms stuck in older ways of working. Click Below To Read Full Article.... #KPMG #ArtificialIntelligence #LegalTech #AIInnovation #TaxAdvisory #DataAnalytics #RegulatoryWork #FutureOfLaw #TechAdoption #CostEfficiency