publication of the International Legal Technology Association
Issue link: https://epubs.iltanet.org/i/1236723
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 5 People within your organization might be concerned that automating contract review will take jobs from attorneys. However, this type of AI is not likely to replace humans. The legal department still needs trained attorneys to monitor results, make certain the system learns from high-quality work, and ensure results reflect the organization's current priorities and changes in legal best practices. Even if attorneys don't believe their jobs are at risk, selling them on new technolo is often a challenge. Fortunately, the value of AI during contract review can be demonstrated in real time— contract review and edits happen almost instantly. When attorneys see the results with their own eyes, buy-in is no longer a challenge. The right tool should have the flexibility to adapt to your organization's workflow, rather than forcing changes in how attorneys and clients manage the contract review process. Preserving existing workflows will help encourage adoption and make the benefits of the new technolo and processes—including new efficiencies that leverage past work and accelerated revenue capture through faster deal closure—more obvious earlier in the transition to AI. AI and the future of contract negotiation With all the different new tools competing for your attention, making the business case for your organization is critical. There are several questions you should ask providers to help build that business case. How can ROI-based technolo allow legal departments to focus on higher value work? When attorneys eliminate the need to spend hours scrutinizing every contract clause and engaging in numerous rounds of emails with the opposite party, they are freed to concentrate on matters that can provide more strategic value. How does this impact the strate of contract negotiation and review? With less emphasis on the nuts and bolts of contract review, attorneys can spend more time working with business people on the substance of the contract. They can also focus more of their time on negotiations, since they will spend less time bogged down in review. What are the business results for greater efficiency and cost savings? When contract review is faster and better, general counsel becomes the hero of contract negotiations, not the one viewed as the bottleneck. 1 2 3