Digital White Papers

I L T A W H I T E P A P E R | C O R P O R A T E L E G A L D E P A R T M E N T S 18 C L O S I N G T H E S K I L L S G A P : A I , A N A L Y T I C S A N D T H E L E G A L P R O F E S S I O N The modern arsenal of today's lawyer is made up of a number of AI-powered solutions that require no technical training to use. From specialized products to platforms with AI capabilities, you are likely already employing AI in your daily legal practice. A I P O I N T T O O L S Many lawyers are already using targeted AI solutions to increase their efficiency and streamline their workflows. One prime example is contract analysis tools. These programs interrogate contract data and provide insights into things like positive and negative clauses or potential loopholes. These tools can automate review and analysis of contracts, finding critical clauses, areas of risk and inconsistencies in contract data. Contract analysis tools also provide the ability to assemble contracts in a more intelligent and trustworthy fashion, saving time and increasing accuracy in the process. Documents have long been the lifeblood of legal practice, so it should come as no surprise that many of today's AI tools center around documents. AI is being deployed daily to organize, locate and search documents in order to create more efficient workflows. AI tools can contextualize key concepts and group items related to case execution, which give legal departments quick insight into actionable data. Another popular area for AI-powered tools is legal due diligence. By harnessing the power of machine learning, these tools offer the ability to review and rationalize matter histories with a speed and depth that was not previously possible, gleaning new insights for existing matter outcomes that might be applicable to future matters. AI tools can also analyze key data and predict the behavior of case participants, enabling legal departments to better understand potential outcomes based on behavioral strategies. AI is also present in legal research tools, providing unprecedented efficiency and access to more case data than ever before. These tools go beyond simple search and can find highly specific case-related facts, motions and histories that can affect future outcomes. Having AI tools is essentially like having a virtual researcher to quickly uncover vital intelligence for making strategic decisions based on potential matter outcomes. A I - P O W E R E D P L A T F O R M S AI is not only limited to specific point tools. AI is now being embedded in platforms that capitalize on today's advanced cloud technologies. There are several sophisticated platform-as-a-service offerings available today, and each offers many useful AI capabilities. If yours is like many legal departments, you are probably already utilizing one of the top cloud-based platforms in one way or another, which means you already have AI capabilities embedded into your daily workflows. You do not have to be a data scientist to take advantage of these capabilities. What you do need, however, is the right kind of data in the right context in order to glean the types of insights that will improve your practice. The Importance of Data Just because you have AI-powered tools or AI capabilities embedded in your platforms, that does not necessarily mean you will be able to use them to get answers that provide meaningful insight. The key to successfully applying AI is the right data. The amount of data you need will ultimately depend on the tools you use, but it is safe to say that more data is better. Volume is not the only important factor, though. Your data also needs to be in context. Most legal departments have vast amounts of data at their disposal, often dating back several decades. However, the data you have from 30 years ago may not be in the same context as the data you have from 10 years ago, which can make it impossible to reconcile and analyze. In order to have the proper context for your data, you need to have it in databases where field integrity has been maintained – meaning that the same types of data have been stored in the same fields. Your data model also needs to have been complete enough to analyze and describe the entire scenario at any given point in time. Context can also change significantly in legal practice, as laws are constantly changing. Case outcomes from 15 years ago may be substantially different than what those outcomes would be today due to changes in the legal system or the laws themselves. If you find that you do not have enough data or that your data lacks the necessary context, it is still possible to take advantage of AI. You can create valid context by getting all your data into a single,

• Cover