As our course wraps up, I have been reflecting on the past semester and the ways we have been challenged to think differently about the law and our professions. My former employer, an alternative legal services provider, has been building a business in leveraging Artificial Intelligence to help large financial institutions manage their large contract portfolios in the wake of Brexit. In the article below, one of my former colleagues explains how Artificial Intelligence can be leveraged in a transactional setting to organize and manage a large volume of documents or to visualize contract terms, including those that need to be renegotiated or updated, as well as finding similar contract terms across a portfolio of contracts.
Per the article, here is one way the AI can be applied: “A single document for a bank is usually a series of inter-related documents including amendments, schedules, and appendices. AI can search, read and understand how those documents are created, cutting out thousands of manual hours.”
Also: “AI can also understand what is in contracts, which clauses need to be updated and what sort of update is required.”
The article also points out that “traditional law firms were increasingly using AI, [but] they tended to overlay it onto ‘legacy ways of handling legal work’, which could produce an ‘uncomfortable combination.'”
See the article here: https://www.legalfutures.co.uk/latest-news/axiom-launches-brexit-ai-product-to-help-companies-update-7-5m-contracts