Using AI Contract Review Software
Artificial Intelligence (AI) in contract analysis software has the potential to disrupt all kinds of industries; Automotive, Electrical Manufacturing, Oil & Gas, and of course Legal. The disruption of the industries would make our lives easier by taking over the repetitive, remedial tasks and freeing people up to focus their time and energy on tasks that require more thoughtful analysis.
How Artificial Intelligence impacts Industries and the Contract Review Process
However, AI is not going to be the be-all-end-all of every industry. In fact, some sectors should be particularly cautious about using AI.
For instance, in the legal field, there are a lot of ways that using AI can lead lawyers and law firms to do more work. Plus, there are many ethical implications of using AI in the courtroom and during the document review process. When it comes to contract management software, the risks are substantially different, but when using AI for contract analysis, the business stakes are just as high.
Let’s look at the history of AI and consider the ethical implications it poses for legal professionals, especially when it comes to ai contract review software and where the contract data fits into the overall theme.
The History of Artificial Intelligence in the Legal Profession
Once Upon a Time — AI Capabilities?
In many ways, the legal profession hasn’t changed all that much in the past 200 years. Back in the 19th century, lawyers did their work through manual processes that included legal work, contract review, and document analysis. They relied on their knowledge of the law to do their work.
Today, many law firms still operate in the same way. First, they need to get a law degree and pass the bar exam before they can even start practicing law. Then, they choose their area of specialty, where they focus their energy and attention to make sure they are always up-to-date on the latest regulations and laws.
Looking Ahead to Advanced Software
In short, lawyers and legal teams need to fully understand the law and its many nuances if they want to get anything done. Law firms as a whole need to be proactive about contract analysis software practices.
Things didn’t really start to change until about the 1980s, when computers became more prominent and accessible to lawyers. However, at that time, humans were smarter than computers. They told computers what to do—not the other way around.
AI in Today's World
How Artificial Intelligence Works on Legal Documents
Today, computers have become way more intelligent than humans in a lot of ways. Through AI and machine learning (ML), computers can analyze massive amounts of data in a fraction of a second. As a result, tons of companies use AI’s data-driven predictions to make business decisions.
The word “predictions” is critical here. AI can give us predictions based on the data it analyzes. However, it does not necessarily give us accurate information.
Challenges of Using AI Contract Review With Contract Management
When producing work product, Lawyers also have a certain amount of subjectivity when it comes to contract and document review. Although they rely on playbooks for reviewing contracts, they may need to make amendments or exceptions based on the particular contract and the other parties involved.
At the end of the day, a lawyer or legal team is responsible for their clients, even if it's just a bit of contract review and contract management via Microsoft Word. Therefore, they need to ensure that everything they do is in their clients’ best interests.
AI, on the other hand, has no such responsibility. They simply don't advocate, negotiate, or contextualize.
Best Way to Use AI in Contract Review and Contract Management
We understand the unique challenges of complex contract negotiations. That’s why we designed our AI contract review software to help procurement, legal, and sales teams streamline contract negotiations with all types of industries, including the more complex sectors of energy, logistics, and construction.
Decreases negotiation time
DocJuris’ platform aligns contracts with a company's unique policy or playbook, recommending focused changes via an intuitive checklist with a human-in-the-loop. This innovative strategy drastically curtails the hours spent on meticulous contract reviews and paves the way for businesses to expedite deals.
Analyze any contract
Next, DocJuris' AI solution is uniquely geared towards personalizing and streamlining the contract negotiation process for businesses. It enables legal and business teams to ensure compliance, empower self-service, and mitigate risks more efficiently by aligning policies and practices to their contract review process.
Laser focused value generation
In an age of escalating complexity and increased cycle times, DocJuris offers a sophisticated, laser-focused solution. The software synchronizes existing policies with the negotiation process, intending to eliminate misunderstandings, expedite the review process, and dramatically shorten the journey to completion.
DocJuris’ proprietary AI respects privacy and data integrity while delivering unparalleled value to customers. It refrains from using contract data to train general models and ensures that contracts and playbooks are private and secure using enterprise-grade encryption. Further, DocJuris is independently SOC2 Type I/II certified and complies with privacy laws, including GDPR and CCPA.