11 May 2018
TLT recently partnered with LegalSifter in order to provide the best solutions to its clients. Clients are now able to review contracts quickly and securely using TLT's new solution, which combines LegalSifter's Artificial Intelligence technology with TLT's legal expertise.
What is Artificial Intelligence?
Artificial Intelligence (AI) is the theory and development of computer systems able to perform tasks normally requiring human intelligence.
In the last few years, Artificial Intelligence has dominated and transformed all business areas. The legal sector is no exception; AI systems are already used to assist with various legal tasks.
The main difference between AI and other computer programmes is that it involves machine learning. Rather than simply applying rules to reach an outcome, an AI powered system has the ability to learn from previous instructions and interactions with data.
Use of AI in Legal Services
AI is used in various areas of law, such as legal research, compliance, contract analysis, case prediction, and document automation. Some examples are:
- Lexis and Westlaw: apply natural language processing techniques to assist in legal research.
- RAVN: is used to record and compile data in mass sets of documents and it is then able to categorise and identify the data in them.
- Kira Systems: were developed in order to assist with due diligence work.
How AI Systems can benefit your Business
- Speed: Intelligent software assists in speeding up processes such as document review, creation of simple documents, legal research, and answering routine questions.
- Cost Reduction: It is much cheaper to use an AI programme, which usually requires a monthly transcription fee than instructing solicitors for routine work.
- Availability: AI programmes are easily accessible and always available to use. With LegalSifter, for example, businesses are able to review contracts at any time.
- Safety: AI solutions are able to increase consistency and reduce risk.
LegalSifter - How it Works
Users start by uploading draft contracts into LegalSifter. The contract review is completed within minutes. Sifters - specifically trained software, combined with in context advice from TLT's experienced lawyers help users to identify missing terms and conditions and provide legal advice. The advice can then be exported to a Word document.
The software can also be customised specifically to each client, enabling consistency across the business.
Clients are able to access legal advice within minutes. The combination of using LegalSifter to review contracts and the assurance that further advice can be provided by TLT's lawyers where needed offers businesses a new way of reducing risk and costs and promoting efficiency in business operations.
For more information about LegalSifter, please contact Neil Meakin e: email@example.com or Natalia Banakou e: firstname.lastname@example.org at TLT LLP.