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85 I L T A N E T . O R G Extracting Insights From Documents [eDiscovery] Law firms can leverage Gen AI to conduct comprehensive legal searches by quickly sifting through vast volumes of contracts to identify risk positions, commonly used clauses, exceptions and anomalies, obligations, milestones, and deadlines for tracking. Gen AI could help streamline the e-discovery process by automatically generating summaries of contracts, legal briefs, deposition transcripts, and other discovered items. Advanced Billing with AI-Generated Summaries The traditional, convoluted billing system in legal firms lacked standardization, relying on cumbersome hourly billing that demanded constant tracking and led to delayed payments and financial stagnation. However, with the advent of Gen AI transforming the legal industry, hourly billing is poised to become a relic of the past. Gen AI can efficiently generate case summaries and detailed invoices for advanced billing. This enhances cash flow for law firms and offers clients transparency by providing them with a precise billing estimate before availing services. AI-powered Tax Advisory and Legal Research AI-powered tax advisory and legal research substantially benefit law firms. They streamline the process of researching complex tax laws and legal precedents, significantly reducing the time and effort spent on these tasks. AI-driven insights ensure that law firms remain up- to-date with the latest regulatory changes, reducing the risk of non-compliance and legal errors. Moreover, AI- powered tools can help identify potential tax savings and legal strategies, offering a competitive edge and greater client satisfaction. AI-Powered Compliance AI-powered compliance solutions have become indispensable for law firms navigating complex regulatory landscapes. These tools leverage artificial intelligence to automate and streamline compliance processes, ensuring legal professionals stay updated with ever-evolving laws and regulations. Gen AI conducts thorough due diligence by analyzing and synthesizing relevant data, including email and document content, to identify potential risks or issues. Its hyper-accurate predictive filing simplifies email and document discovery, while intelligent identification and wrong recipient detection enhance security and productivity. Adopting Gen AI in law firms offers many benefits, including: Enhancing Creativity and Flexibility Gen AI surpasses traditional AI with its creativity and flexibility. It excels at generating fresh content from existing databases. This creative potential proves invaluable for tasks such as summarizing legal cases, drafting legal documents, and crafting new contracts, where innovation and precision are paramount. Gen AI's capabilities elevate its utility in the dynamic and complex landscape of the legal sector. Improving Efficiency, Productivity, and Accuracy Gen AI is a powerful asset for law firms that can elevate productivity by automating non-billable redundant tasks and boosting workers' efficiency. Beyond automating routine legal tasks with precision, it embraces a human- in-the-loop (HITL) approach that enables continuous enhancement of AI-generated content with human oversight, thus ensuring higher accuracy and productivity. Technology and human expertise synergy provides consistently refined outcomes, further elevating the tool's value in the legal landscape.

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