Assistive AI: Modernizing the Legal Industry
The Role of AI in Modern Legal Departments
Generative AI is setting a new standard of efficiency and quality. In today’s world, efficiency and responsiveness are key to business success. Legal departments, in particular, face the challenge of managing an increasing workload.
The solution? A digital legal assistant that provides instant legal support for internal stakeholders via chat. Imagine a personalized assistant that replies instantly and knows everything about your company. This means it speaks your language because it is built upon your company’s information.
Today, we’ll explore how much of this is a reality that legal departments can already take advantage of. An AI-driven legal assistant simplifies the way legal departments operate, reduces workload, and increases capacity for more complex tasks. In the legal industry, the integration of AI translates to enhanced quality, cost reduction, and time-saving benefits for clients. Conversely, industry leaders who resist this technological shift will suffer losses. Their services may become pricier, less efficient, and with diminished attention to cultivating relationships with their clientele. In short, AI is creating new leaders and will challenge and disrupt existing ones.
Legal departments are often bombarded with requests from internal stakeholders. One to four hours is a common amount of time legal employees spend tackling these tasks. That’s 50% spent on repetitive, internal tasks instead of focusing on high-level legal issues that truly harness their expertise and professional capabilities. It is not hard to see how this drives up expenses and destroys revenue.
The Limitations of Current Solutions: CLM Systems & Generic Tools
One possible solution to these issues is Contract Lifecycle Management or CLM systems. They offer automation, standardization, and analytics. These systems can and will save you a lot of time, however, they do not offer the highest degree of automation. While they can make dealing with internal requests less of a hassle, they still require active employees to run and use them. What’s missing in CLM systems is the ability to truly automate the handling of contracts without human supervision.
But what if you take the best parts of CLM to the next level? A system that’s flexible enough to accommodate unique contract management needs, easily integrated into a pre-existing workflow. With AI integration, you can completely tailor a CLM to your needs and take a lot of work out of your hands.
The internet has been buzzing with how generative AI, such as OpenAI’s ChatGPT, can revolutionize your business. Maybe you or your colleagues have even tried it. You may or may not have been amazed by the quality of conversation that these tools can have. But as with any tool, understanding its usage is key.
You might have already discovered that the accuracy, reliability, and outright lack of specificity are big limitations. What you need is a solution that completely understands your business and your language. What you need is getting reliable answers. A bespoke dynamic AI, like those built by AI Heroes, has this ability. We create tailor-made solutions in which you don’t just rely on AI as an automated system but as another member of the department. Just one that can do a lot of things much faster.
By training an AI and preparing it with knowledge about how your department works, your procedures, and documentation, it becomes the ultimate boost for your department. The outcome is an AI that gives accurate and reliable answers, highly specific to whatever problems you deal with on a daily basis, not a general reply that might not even be useful.
The Future of Legal Contract Management: AI- Powered Digital Legal Assistants
The proof is in the pudding. For one of our clients, our AI assistant has been able to handle 70% of all incoming questions. For a company with hundreds of incoming messages, and a limited number of staff, you can imagine the enormous impact that makes on their operations and profitability. The best part? This is the worst the AI will ever be. AI is self-learning, its success rate will only go up.
To truly have a system in place that’s better than a CLM, a custom solution is ideal. If you consider the recent advances of generative AI, merged with quality training, and architecture from AI experts, a unique opportunity presents itself to the legal industry.
A digital legal assistant works like no other, with the secret ingredient of a comprehensive knowledge base. A knowledge base that gives the AI information and context to all necessary legal proceedings, and very crucially, information from your own department’s procedures and documentation. This allows the digital assistant to provide solutions that aren’t just general but are primed to your management style and your department’s needs.
Just imagine a system that is able to answer most requests in a few seconds. An effective system that can review contracts, analyze them, and identify red flags. A system that knows your internal policies and can easily check compliance. A system that you can also interact with and talk to retrieve information.
Imagine the savings that a well-designed system can give you. If your team spends up to 50% of their time on tasks that can be automated, how much could you save by using a smart system?
Every business is unique. So are their challenges, goals, and workflows. Software can really help you manage and organize the workflow. But AI, and only AI, can directly reduce the workflow. We invite you to reach out to our team at AI Heroes to learn more about how a digital legal assistant can revolutionize your department’s operations.