Digital White Papers

PMmini20

publication of the International Legal Technology Association

Issue link: http://epubs.iltanet.org/i/1236723

Contents of this Issue

Navigation

Page 2 of 15

I L T A W H I T E P A P E R | P R A C T I C E M A N A G E M E N T 3 T he time-consuming, inefficient process of pre-execution contract review is one area that is ripe for artificial intelligence. In fact, AI-assisted contract markup is already disrupting the status quo by routinely automating as much as 70% of human review time for organizations that use it. Through ROI-proven tactics and strategies, your legal department can implement this technolo to reduce costs, improve efficiency and save on the bottom line. Legal operations and technolo experts understand the pain and cost of traditional contract review approaches. Global 2000 and Fortune 1000 companies spend $35 billion annually on high- volume contract review. Of that amount, $26 billion is spent on reviewing and marking up contract language that is semantically similar enough that it can be automated. Furthermore, an estimated $7 billion is spent on redundant work during the pre-execution contract negotiation stage—work that's already been done on similar contracts. This is not just inefficient; it's bad business. How AI is disrupting legal contract review – and why ROI matters by Dan Broderick

Articles in this issue

Archives of this issue

view archives of Digital White Papers - PMmini20