Peer to Peer Magazine

Fall 2016

The quarterly publication of the International Legal Technology Association

Issue link: http://epubs.iltanet.org/i/733659

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54 PEER TO PEER: THE QUARTERLY MAGAZINE OF ILTA | FALL 2016 then automatically extract personal data from unstructured documents to aid legal departments in their review process. If legal teams were to carry out this process manually, it would take a considerable amount of time and effort and increase the risk of human error. A similar process can be applied to managing data following all changes in legislation, including those that might apply post-Brexit. Analyzing Contracts Legal departments dealing with a great magnitude of contracts must correctly manage and administer them to ensure sound governance and mitigate risk. This could be problematic as contracts are oen stored in disparate locations. Locating and reviewing these contracts can be time-consuming, over budget and carry an unacceptable level of error. AI solutions can help by locating and then categorizing documents before automatically reading them, highlighting risks and extracting requested data points (e.g., the parties, jurisdiction, expiration of contract, price). AI solutions can further enhance contract review with analytics, identifying higher value contracts or insightful trends. Reaping the Rewards In-house legal teams should embrace artificial intelligence in its many forms and see it as a tool to aid in their role, speeding up the decision- making process as cost-effectively as possible. The legal department will be revamped, where mundane work can be given to a robot, leaving the professional worker to focus on more rewarding, higher-value legal work. P2P Staff in legal departments come across a high volume of manual review in their day-to-day work, which can be remarkably inefficient and costly. This method also runs the risk of human error or misinterpretation. Legal department managers must explore new innovations to become more productive and cost-effective. Businesses, including law firms, are seeing how significantly artificial intelligence (AI) can transform their operations. AI exists in many forms today, but how can it be used to aid in-house legal departments? Locating Expertise One way to apply AI is to mine the expanding volumes of data in the business. AI platforms can filter a variety of sources within organizations, including LinkedIn profiles, intranets and document management systems, allowing you to si through information to identify the right expert. This technology has the ability to locate experts and show how experts, information and knowledge are interlinked. In a world where legal departments now need to work more closely with the business, this can be extremely helpful and an efficient way of finding the right individual. Managing Risk and Legislation Compliance Artificial intelligence can be a great tool in overcoming some of the challenges legal teams encounter with today's continuous changes in best business practices, legislation and regulations. Ignoring some of these can result in high penalties, so reviewing contracts and ensuring they comply is paramount. Some AI platforms are able to automatically read through thousands of documents and unstructured data to highlight risk exposure and extract key points of interest into a desired output. This allows legal teams to review the output and take appropriate action. A relevant example of where AI could benefit businesses in this manner is with the General Data Protection Regulations (GDPR). The GDPR are coming into force on May 25, 2018 and will apply across all 28 EU member states. This is likely to include a post-Brexit Britain as the UK are unlikely to leave the Union before May 2018 and will want to harmonize their data protection laws with the EU trading block aer leaving. The GDPR won't just affect the EU; this new legislation will affect every business across the world working with an organization in the EU. As the GDPR contain some onerous obligations on data controllers and processes, much greater fines, and enhanced rights for individuals, in-house legal departments will need to be ready to advise their business and ensure their own internal data protection policies and procedures are in order. AI can be used as an effective tool to audit and manage data that fall within the boundaries of the GDPR. Legal departments that implement this technology to assist with GDPR compliance might also constitute evidence that the business complies with the new accountability principle in Article 5(2). Some AI solutions have the power to automatically identify, classify and flag any data in any business system that are subject to GDPR. AI can by Bekki Tear of RAVN Systems Artificial Intelligence for the GDPR and Legal Ops EXTRAS Artificial Intelligence for the GDPR and Legal Ops

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