How in-house legal teams can benefit from AI technology
In-house legal teams are increasingly turning to artificial intelligence (“AI”) technology to streamline their operations and enhance efficiencies to add value to their organisations. Integrating AI into legal workflows can revolutionise how in-house legal teams operate.
Incorporating AI technology into in-house legal operations results in significant time savings. Legal professionals often spend a substantial amount of time on routine tasks such as document review, contract drafting and due diligence. AI-powered tools can automate aspects of these repetitive processes which will allow legal teams to redirect their focus towards more complex and high value tasks. Whilst a degree of human review and input is still generally required, the use of AI will boost overall productivity and also enable the in-house legal team to contribute more strategically to the organisation’s goals.
AI’s ability to analyse large datasets at unparalleled speeds is another benefit. Legal research is a time-consuming activity, however this task can be expedited through AI-driven tools that would sift through vast databases and provide concise summaries. Accordingly, the decision-making process will be accelerated and legal professionals will have access to up-to-date and accurate information which will reduce the risk of oversight or error.
Furthermore, AI technology increases the accuracy and consistency of legal work. When routine tasks are automated, there will be a reduction in human errors that can have significant legal consequences. Contract management, for example, becomes more reliable as AI tools can identify potential risks and discrepancies to ensure that all documents comply with legal standards. The organisation will be safeguarded from these types of risks and stakeholders will have greater confidence regarding the quality and precision of the legal work.
In-house legal teams may also want to use AI for proactive risk management. AI algorithms can analyse historical data to identify patterns and potential risks quickly to enable legal professionals to address issues before they escalate. This will allow legal teams to mitigate risks and safeguard their organisation against unforeseen legal challenges.
In conclusion, adopting or using AI technology presents a transformative opportunity for in-house legal teams. Herrington Carmichael solicitors have embraced the use of AI technology to enable us to enhance the legal services provided to our clients. We also understand the challenges faced by in-house legal teams managing multiple contracts. We can assist, through the use of AI powered tools, to review your commercial contracts to identify key legal and commercial risk areas.
How can we help?
For strategic legal advice on issues discussed in this article, please contact us to speak to a member of our Commercial Team.
This reflects the law and market position at the date of publication and is written as a general guide. It does not contain definitive legal advice, which should be sought in relation to a specific matter.
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Herrington Carmichael offers legal advice to UK and International businesses as well as individuals and families. Rated as a ‘Leading Firm 2024’ by the legal directory Legal 500 and listed in The Times ‘Best Law Firms 2023 & 2024’. Herrington Carmichael has offices in London, Farnborough, Reading, and Ascot.