Efficiency is the goal of contract management today. To achieve this goal, in-house leaders must think about the technologies and skills available to them that support corporate objectives and enhance productivity. Enterprises investing in applied AI will achieve substantial increases in profitability and gain a competitive benefit over slow-moving competitors. Legal leaders and in-house professionals who will succeed in the new standards will increase their use of technology and efficient artificial intelligence for contract management provides this advantage.
Efficient AI doesn’t replace lawyers. It automates repetitive tasks so they can focus on high-value activities and it provides intelligent recommendations so they can deliver their expertise with full knowledge of all available, relevant information. Efficient AI, organized effectively, becomes the driver of both corporate and career improvement for in-house legal and legal operations departments.
When most due diligence and even contract drafting is done using efficient AI software, the resources required to produce a large volume of contracts, both simple and complex, will change. This doesn’t necessarily mean companies will need fewer lawyers, but rather their roles may transform. For example, lawyers will spend more time in assessing risk and providing counsel, rather than in document review. Instead of having a large team of associates conduct due diligence before a deal, companies will have a smaller, more agile team review the documents that the software flags and then offer advice.
Efficient AI helps companies review contracts more quickly, establish and trace large amounts of contract data more easily, decrease the possibility for contract disputes and handle rising volumes of contracts it is able to negotiate and execute. The use of efficient AI contracting software has the capability to improve how all firms contract – and it does so in critical ways: by altering the tools firms use to contract, persuading the content of contracts, and affecting the methods by which firms do contract.
SpotDraft allows you to automate the process of creating, reviewing and managing employment agreements. You can explore SpotDraft here.