Contract review and drafting can take up to 70% of an in-house legal department’s time. The process is often painfully tedious and repetitive – especially if it is paper-based or spread across multiple systems like emails and private drives. Without a more effective digital enablement, the process to review and draft contracts is slow and inconsistent, requires enormous attention to detail and continues to be prone to costly errors. These challenges directly impact a company’s ability to reach favorable contract outcomes and achieve business objectives.

With ever-increasing pressure on legal teams to do more with less, enhancing contract efficiency through automation and the latest technologies represent a significant opportunity to improve business performance.

Artificial intelligence has the power to deliver significant productivity gains and allow lawyers to utilize their skills, experience and talent on higher-value business objectives. Onit undertook a study of its AI for the pre-signature contract phase, ReviewAI, to determine just how much it can help and found commendable results (you can read more about them here.)

Key takeaways from the study include:

  • Testers found that ReviewAI accelerated contract reviews and approvals by up to 70% and increased user productivity by more than 50%.
  • New users were immediately 34% more efficient with their time and 51.5% more productive. The average midsize company employs 28 lawyers who review 4,850 contracts annually. Unlocking more capacity – up to 51.5% – means those same lawyers can now process 2,498 more contracts annually. It’s like adding nine lawyers to your team.
  • The team leader, a senior lawyer, was able to reallocate 15% of his time from contract work and team management to higher-value activities.
  • The efficiency and productivity gains from using ReviewAI increased over time, allowing corporate legal departments to optimize team performance, reallocate resources to engage the business better and reduce the amount of contract work handled by external counsel.

To learn more about artificial intelligence and contract review and drafting, read about the study’s results.

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Onit ReviewAI – Contract AI Review that Increases Velocity & Reduces Risk

Onit’s ReviewAI software uses artificial intelligence (AI) to quickly and accurately review, redline, and edit all types of contracts in minutes. Non-legal business users can now automatically receive a reviewed, redlined, and approved contract via email or self-service portal in less than two minutes. For more hands-on functionality, the ReviewAI Word Add-in designed for lawyers and contract professionals automatically drafts, reviews, redlines, and edits contracts against corporate standards. Precedent learns as you work, and comes with a wide range of pre-trained skillsets so you can quickly configure the AI for use on a wide range of use cases, including NDAs, MSAs, SOWs, purchase agreements, lease agreements, employment agreements, construction and sub-contracting agreements and many more. When paired with a contract lifecycle management system like Onit’s, organizations obtain an AI-driven workflow that automates the entire contract lifecycle from creation to execution.

With ReviewAI, corporate legal professionals can:

– Approve contracts 60-70% faster 
– Review and redline a contract in 2 minutes or less
– Increase user productivity by up to 51.5%
Learn more here 0r schedule a demonstration here.
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TAR Solutions for a New Decade

These days, it seems impossible to talk about eDiscovery or document review without mention of Technology Assisted Review (TAR). In its broadest use as a technical term, TAR can refer to virtually any manner of technical assistance – from password cracking to threading to duplicate and near-duplicate detection. In its narrower use, TAR refers to techniques that involve the use of technology to predict (or to replicate) the decision a human expert would make about the classification or category of a document. In this narrower sense, TAR often comes with a version number – TAR 1.0, TAR 2.0, and more recently, TAR 3.0. While some are inclined to advocate for the superiority of a single approach, each version has its merits and place, and understanding the underlying process and technology is crucial to selecting the right approach for a specific discovery need.

We recently authored a white paper to offer a discussion of the variables to consider when choosing the right TAR workflow for a specific matter, as well as the main principles behind different TAR solutions. By doing so, we make the claim that true preparedness lies in understanding the range of core technology within the TAR landscape, and further knowing how and where to access the right combination of people, process, and technology to meet any discovery need.  If you or your team have had mixed results with TAR, or want some guidance on deciding your approach with TAR in your next matter, you may find this paper helpful.

TAR Solutions for a New Decade

/by Brian Meegan

Expanding data volumes are having a significant impact on ediscovery, but what are the specific challenges being faced? Lighthouse’s Nick Schreiner outlines six challenges when working with large data sets and offers up insights into how to address these challenges with data re-use, AI, and big data analytics in a recent blog: https://lnkd.in/dYjcY6W

/by Nick Schreiner

eDiscovery itself is a big data challenge, but recent advances in AI and machine learning can help mitigate risks by breaking down the silos of individual cases and leveraging prior case data. Lighthouse’s Karl Sobylak discusses the benefits of bringing technology to bear to understand large data sets at scale in a recent blog: http://ow.ly/QbzZ50COKK8

/by Karl Sobylak

As data volumes continue to grow so does the need for AI and machine learning. In fact, adopting AI can be a catalyst for revitalizing your organization’s ediscovery model. Lighthouse’s Rob Hellewell makes the case for AI including cost reduction, lower risk, and improved win rates in a recent blog: http://ow.ly/MoNs50CMwws

/by Rob Hellewell

Artificial intelligence, advanced analytics, and machine learning are no longer new to the ediscovery field. While the legal industry admittedly trends towards caution in its embrace of new technology, the ever-growing surge of data is forcing most legal professionals to accept that basic machine learning and AI are becoming necessary ediscovery tools.

However, the constant evolution and improvement of legal tech bestow an excellent opportunity to the forward-thinking ediscovery legal professional who seeks to triumph over the growing inefficiencies and ballooning costs of older technology and workflow models. In this article, we provide you with arguments on how leveraging the most advanced AI and analytics solutions can give your organization or law firm a competitive and financial advantage, while also reducing risk.

/by Rob Hellewell

LOS ANGELES, Calif. – January 27, 2021 – ProSearch, a leading provider of comprehensive discovery and compliance solutions to corporate legal departments and law firms, will offer two legal technology sessions as part of the Legalweek(year) 2021. Legalweek(year) will bring together thousands of legal professionals for a series of innovative virtual legal events that provide actionable insights to help legal leaders restructure, rebuild and reinvigorate today’s law firms and legal departments.

The one-hour panel discussion “TAR Solutions for a New Decade: A Data Science Approach” will be presented virtually on February 3, 2021, at 3 p.m. EST.

“Ever-growing data collections demand faster, more accurate ways to identify responsive material for discovery review,” says Gina Taranto, Ph.D., director of applied sciences and accelerated learning solutions at ProSearch. Taranto will moderate a panel discussion to explore the landscape of technology-assisted review options and reveal how data scientists are advancing sampling techniques and statistical methods to create the future of TAR. The panel of eDiscovery and litigation experts will include:

  • Jennifer Hope Bernstein, Vice President and Assistant General Counsel, JPMorgan Chase & Co.
  • Staci Kaliner, Managing Director, Redgrave LLP
  • David Li, Ph.D., Manager of Linguistics, Analytics and Data Science at ProSearch

ProSearch data privacy expert Ryan Costello will host a facilitated discussion on data privacy and cybersecurity, on February 3 at 10:15 a.m. EST. The virtual session “Like Juggling Sand – Mitigating data privacy risk in Discovery” will explore how data privacy regulations have increased complexity in eDiscovery and solutions for mitigating data privacy risk.

Event agendas, registration and CLE information are available on the Legalweek(year) website.

 

About ProSearch

ProSearch enables corporations and law firms to meet eDiscovery, fraud investigation, compliance and IG requirements at scale with precision and ease. The ProSearch team of consultants, data scientists, linguists, project managers, attorneys and discovery specialists collaborates with clients to execute their matter strategies and ensure on-target, on-budget, on-time delivery. Because discovery is a business process that can be measured, managed and improved, ProSearch offers an Enterprise solution tailored to align with an organization’s business goals by providing operational excellence that transforms its discovery processes. To learn more visit ProSearch.com.

/by Brian Meegan

iManage, the company dedicated to transforming how professionals work, today announced that Bennett Jones LLP – a top Canadian law firm with more than 500 lawyers and 6 offices across Canada and the United States – has extended its deployment of iManage Work by adopting iManage Knowledge Unlocked, an AI-based enterprise search solution which enables firms to gain more from knowledge management. Having deployed the solution to its legal professionals in June of 2020, the firm has established the foundation to leverage the transformative power of knowledge management across the firm, for the benefit of all their clients.

 

Bennett Jones selected Knowledge Unlocked as a replacement for its previous enterprise search solution, which wasn’t keeping pace with innovation. The firm was particularly drawn to the innovative and collaborative approach of the iManage team and the powerful indexing capabilities of the solution. The Knowledge Unlocked index powers the iManage knowledge graph, which enhances critical connections and builds relationships across its data to securely deliver search results with increased relevancy, contextual accuracy, and speed.

 

The Knowledge Unlocked solution has been branded internally by the firm as ‘Insight Search’. The solution enables Bennett Jones to surface key information from the firm’s most valuable systems like their iManage document management system (DMS), knowledge bank, collection of closing books, and intranet, creating a more streamlined and effective user experience.

 

“At Bennett Jones, we’re thinking long term,” said Kate Simpson, National Director of Knowledge & Practice Innovation at Bennett Jones. “We’re asking: How do we create a tech stack that that allows Bennett Jones to be the best it can be, and to know what it knows? The iManage platform plays a prominent role in providing that foundation and Knowledge Unlocked only strengthens and expands what we’re able to do. Knowledge Unlocked is the first step in an ongoing journey of how we connect and unlock insights across the organization; the opportunities are multifold.”

 

Since launching Insight Search to its legal professionals, Bennett Jones has continued to pilot new functionality from iManage that the firm will be able to take advantage of in coming quarters to deepen its ability to leverage organizational knowledge.

 

“Bennett Jones’ usage of Knowledge Unlocked is fully keeping in spirit with its longstanding investment in knowledge management and technology infrastructure to promote collaboration, increase productivity, and drive efficiencies for its clients,” said Alex Smith, Global Product Management Lead, iManage RAVN. “With Knowledge Unlocked, Bennett Jones can easily surface precedents, insights, and best practices that give clients access to the full depth of knowledge and expertise of the firm – delivering value to clients in new and efficient ways.”

/by iManage

As the proponents of policy and creators of contracts, it’s well understood that the legal department’s job is, first and foremost, to manage risk. This involves identifying potential legal and regulatory issues as soon as possible, developing a profile of potential legal risks, avoiding those risks with compliance programs, and dealing with the ones that slip through the cracks.

What is perhaps less well understood is how dramatically the concept of “risk” has evolved in recent years. Between digital transformation and technological innovations, new data privacy laws, cyber vulnerabilities, and an increasing spotlight on corporate culture, values and diversity practices — risk management today is not your grandmother’s limitation of liability clause. For today’s legal departments, risk management goes hand-in-hand with data stewardship. What type of information is retained or destroyed is becoming just as important as how information is organized and leveraged. Yet, data disparity is on the rise.

/by Onna