Currently, a substantial amount of expensive human resources is spent on tedious information processing tasks. At the same time, there is a lot of potential for prediction and analytics technologies that can assist lawyers in case preparations. Artificial Intelligence solutions enable lawyers to perform their jobs more efficiently and cost-effectively.
In-house legal departments can spend up to 50% of their time reviewing contracts as basic as a Non-Disclosure Agreement, creating unnecessary bottlenecks and slowing down business and deals. For a multinational law firm, we were asked to automate processing of legal contracts and identify potential risks in these contracts.
Differences in language, jurisdiction, legal domain and complexity in legal interpretations (e.g. in litigation) can be a hindrance to training and generalising models.
Our solution is an analytics system based on Natural Language Processing. The system screens through high number of contracts, identifies and classifies critical clauses in the due diligence process and determines which risks are associated to these clauses. This significantly reduced the time lawyers