5 AI Solutions for General Counsel to Maximize Savings and Safeguard Companies in 2023
Navigating the Future of Law
Introduction
The adoption of artificial intelligence (AI) in the legal sector offers immense potential for cost savings, efficiency gains, and enhanced protection. As General Counsels (GCs) look to navigate the rapidly evolving legal landscape, embracing AI technology is crucial. In this article, we outline five key strategies for GCs to adopt AI in 2023, ensuring cost savings and better protection for their organizations, drawing on expert insights and real-world examples.
Automate Document Review and Analysis
One of the most time-consuming tasks for legal teams is reviewing and analyzing documents. By implementing AI-powered document review platforms like Kira Systems or Luminance, GCs can significantly speed up this process (1). These tools use machine learning algorithms to sift through vast amounts of data, identifying relevant information, flagging inconsistencies, and reducing the risk of human error (2). This translates to substantial cost savings and improved protection against legal disputes arising from overlooked or misinterpreted documents.
Streamline Legal Research
Legal research can be a labor-intensive and time-consuming process. By leveraging AI-driven research tools like ROSS Intelligence or Casetext, GCs can optimize their legal research efforts (3). These tools use natural language processing to quickly and accurately search through databases of legislation, case law, and legal commentary. By streamlining legal research, GCs can reduce the time and costs associated with this task while ensuring that they have a comprehensive understanding of the legal landscape, helping them better protect their organizations.
Enhance Contract Drafting and Review
Contracts are the backbone of any business, and their proper drafting and review are critical to minimize legal risk. AI-powered contract drafting and review tools, such as LawGeex or Contract Express, can assist GCs in creating watertight agreements (4). These platforms use AI algorithms to suggest standard clauses, identify potential pitfalls, and highlight areas that may require further attention. By adopting these tools, GCs can save costs and ensure that their organizations are better protected against contractual disputes.
Optimize E-Discovery
E-discovery is an essential aspect of the litigation process, requiring legal teams to sift through large volumes of electronic data to identify relevant evidence. AI-driven e-discovery tools like Relativity or Logikcull can help GCs streamline this process, reducing the time and costs associated with manual review (5). These platforms use machine learning algorithms to quickly and accurately find relevant documents, emails, and other electronic data, ensuring that legal teams can build stronger cases and better protect their organizations.
Implement AI-Powered Risk Assessment and Compliance Monitoring
Managing risk and ensuring compliance with regulatory requirements are critical tasks for GCs. By using AI-powered risk assessment and compliance monitoring tools, GCs can proactively identify potential issues and take corrective action before problems escalate. Platforms like Ascent RegTech or Dathena use AI algorithms to monitor and analyze regulatory changes, assess potential risks, and ensure that organizations remain compliant (6). By adopting these tools, GCs can save costs associated with non-compliance and better protect their companies from regulatory penalties and reputational damage.
Conclusion
As we move into 2023, the adoption of AI technology in the legal sector will only continue to grow. By embracing AI-powered tools and strategies, General Counsels can save costs, enhance efficiency, and better protect their organizations from legal risks. The future of the legal profession lies in the intelligent combination of human expertise and AI-driven innovation, resulting in a more effective and agile legal function.
Sources:
Kira Systems. (n.d.). Kira for General Counsel. Retrieved from: https://kirasystems.com/solutions/general-counsel/
Luminance. (n.d.). Luminance for Legal. Retrieved from: https://www.luminance.com/products/legal.html
ROSS Intelligence. (n.d.). Legal Research Powered by AI. Retrieved from: https://rossintelligence.com/
Casetext. (n.d.). Legal Research with CARA A.I. Retrieved from: https://casetext.com/legal-research/
LawGeex. (n.d.). AI-Powered Contract Review. Retrieved from: https://www.lawgeex.com/
Contract Express. (n.d.). Contract Automation Software. Retrieved from: https://www.contractexpress.com/
Relativity. (n.d.). E-Discovery Software. Retrieved from: https://www.relativity.com/
Logikcull. (n.d.). Instant Discovery Software. Retrieved from: https://www.logikcull.com/
Ascent RegTech. (n.d.). Compliance Automation Platform. Retrieved from: https://www.ascentregtech.com/
Dathena. (n.d.). AI-Driven Data Protection and Compliance. Retrieved from: https://www.dathena.io/
https://www.dathena.io/