4th August 2020
4th August 2020
By Anurag Malik, Chief Technology Officer at ContractPodAi
Advanced technologies and artificial intelligence (AI) have certainly changed the way businesses operate. And those in the legal industry are no exception.
Thanks to machine learning and natural language processing (NLP), AI chatbots - or virtual legal assistants (VLAs) - have become more and more popular among general counsels (GCs) and legal teams. That is because their use can add significant value to legal departments: they help with high-effort, low-impact tasks and allow lawyers to focus on more important ones. The global chatbot market, as a result, is expected to see a compound annual growth rate (CAGR) of 24 percent between 2018 and 2022.
Now, let's look at the key features of these AI chatbots and their real value to legal departments.
First of all, AI chatbots work efficiently and effectively on legal’s behalf. With these VLAs, legal professionals can automate their current manual processes and improve organizational efficiency. AI chatbots compile legal documents and create reports on relevant contractual information. These can then be download with relative ease, further saving legal professionals the time, the effort - and all that frustration.
Given lawyers' hectic schedules, answering phone calls and questions is not always easy to do either. But a VLA with full conversational functionality performs these particular tasks for them, too.
Just remember that adapting to brand-new technologies, such as AI chatbots, is not about replacing lawyers, but removing their tedious tasks - and the burden from their shoulders. In this way, the more important legal work can finally get done!
Let's face it, manually reviewing contracts can take up hours of legal's valuable time. However, a good end-to-end contract lifecycle management (CLM) system will come with the very latest in AI chatbot technology. Chatbots help users with their day-to-day contract management. They incorporate NLP and respond to all contract-related queries. And they make full use of machine learning, repeatedly improving and updating themselves over time.
In other words, legal teams and law firms do not have to pay manual contract review any more mind with the assistance of VLAs. What's more, they do not have to worry about missing all of those key clauses and dates.
AI chatbots could very well become the norm in the coming years. So, it is important for legal teams to adapt to such new technologies and stay well ahead of the game. Those that do will have a competitive advantage over those that do not.
Consider adopting and implementing a CLM system - complete with an AI chatbot - then. You can reap all of the benefits of artificial intelligence while taking a significant step in your legal digital transformation.
For more information on ContractPodAi's own virtual legal assistant, check out one of our newest datasheets. It shows you all of the features of a helpful AI chatbot - and how these legal assistants can aid your everyday contractual work.
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