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Four ways to leverage generative AI for legal contracts
Diane Homolak |
March 14, 2024 |

 16,102 total views

Eight ways to improve legal and compliance risk management

Unless you have been living under a rock, you know that Generative AI has made significant inroads into the legal industry, dramatically changing certain functions and processes. Corporate legal departments and law firms are targeting Generative AI technologies to streamline processes, reduce manual workloads, and improve overall efficiency.

How is generative AI being used in commercial contracting?

For legal professionals, embracing Generative AI has demonstrated the potential to significantly enhance efficiency, accuracy, and productivity. Therefore, the question is not if or even when but rather where to start implementing this transformational technology.

Here are four legal department workloads that can benefit from a generative-AI-enabled solution:

1. Contract Analysis and Management

Contract analysis tools powered by Generative AI can automatically review and extract critical information and key terms and compare them against standards to speed up and streamline contract reviews and assure greater compliance with established risk parameters.

 

2. Data Abstraction and Analysis

Lawyers and other legal professionals can leverage Generative AI in conducting 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 and fulfillment.

3. Legal Document and Playbook Generation

Generative AI can automate the creation of various legal documents like templates and routine correspondence, saving time and reducing the risk of errors.  It can also synthesize clause meanings, options, and risk positions to speed up the creation of playbooks, fallback positions, and risk guidance.

4. Due Diligence

During mergers and acquisitions or other business transactions, generative AI can help perform due diligence by analyzing and synthesizing relevant data and identifying potential risks or issues.

Author: Diane Homolak

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