A 5% improvement in performance would be considered a gain in productivity. But a 20% or 30% increase? That's a disruption.
Imagine receiving a 30-page contract at your company, and pulling key terms in six seconds. Evisort is disrupting contract management by doing just that. The artificial-intelligence (AI) platform helps executives and lawyers to review terms like price, termination, contract length, payment, and other important data -- in the same time it takes to sip coffee.
A big legal file sitting in your inbox can be intimidating, but procrastinating isn't the answer, either. AI can reduce the need to process irrelevant content. It frees up time for managers and counsel to dive right in (to what's truly essential).
Here's how your legal department can use artificial intelligence to drastically increase productivity, cut billable hours, and delegate non-critical review to junior staff.
AI document tools can give you an edge.
There's enough scale to justify optimizing.
AI document platforms are enabling attorneys to pull key info from data sets, sometimes near-instantly. Secondly, such platforms are adding context and intelligence to lawyer interaction with specific documents. For example, AI tools can classify why a legal professional is interacting with certain files (drafting, researching, reviewing?), and merge those files accordingly.
"Considerable manpower goes into drafting, executing, improving, and updating contracts," says Jerry Ting, CEO of Evisort, which has offices in Silicon Valley and Boston, Mass. "The aggregate data within an organization's repositories is a gold mine of insights. But if it isn't actionable, you're going to fall behind."
Automate document workflows, where possible.
The median wage for lawyers was $120,910 in 2018, according to Bureau of Labor Statistics (BLS). That's $58.13 per hour.
Streamlining cuts billable hours. Automation also optimizes how well-paid professionals spend their time: Attorneys can focus on critical legal work rather than searching for, and getting lost in a labyrinth of files in SharePoint.
"AI solutions activate important information across an enterprise," says Ting. "Most organizations deal with a fragmented and large number of documents. AI makes large contract data sets useful and beneficial."
Jerry Ting and co-founder Jacob Sussman were at Harvard Law School in 2016 when they created a prototype with co-founder Amine Anoun at M.I.T. Evisort can extract data to clarify content or indicate a pattern. The AI platform, the founders say, can reduce the risk of a potential dispute by spotlighting essential obligations.
Resist the resistance. AI is a "force multiplier."
In military science, a force multiplier refers to factors that greatly increase soldiers' effectiveness, such as surprise attack or new weapon that demoralizes the enemy.
Artificial intelligence is a force multiplier when it comes to data. Computers are much faster and more accurate than humans when extracting, classifying, and spotlighting important data.
"AI is the tool that can intuitively find data within your contracts, no matter what document contains it or what repository it's housed in. And AI can do it more efficiently than a human," says Jerry Ting, CEO of Evisort. "That's the killer application of AI in contract management."
A recent Vice News documentary , "The Future of Work," showed the scale of financial loss when a human lawyer misses key clauses in legal papers. The adversary of the human lawyer in their case study was an AI program. Who won? The AI did, emphatically, in both the time spent analyzing the document, and the accuracy of extracting data for legal review.
There might be pockets of resistance within law firms or legal departments -- from staff who are fixed in their ways. AI may be new innovation in contract management, but it's a disruption that's here to stay.
Clients of all shapes and sizes can become more productive and efficient, and reduce cost by leveraging AI platforms.