While AI technologies have transformed numerous industries in the last years, Legal still remains rather analogue. Lawyers use word processing and email, maybe a filing system for their documents. But the core legal work – drafting, reviewing, analyzing and advising on legal documents – is done manually by legal professionals. Latest developments in Machine Learning (ML) and Natural Language Processing (NLP) facilitate the possibility to understand what’s in contracts. These systems not only identify and extract relevant information but also anomalies like unusual or missing clauses. This will transform the way legal professionals deliver legal services, bill their clients and add value to their organizations.
