As machine learning and artificial intelligence find traction within legal tech, they’ve found a fairly natural home in contract management work.
In many ways, contracts provide perfect fodder for innovation and expansion of artificial intelligence (AI) into the legal world. Contracts are often mechanical, highly organized and filled with boilerplate language. They can also be exceedingly long and unwieldy, taking huge amounts of time and resources for attorneys to parse the content of a contract and assess its merits or needs.
“The neat thing about contracts is that they’re kind of neatly organized,” says Bennett Borden, chief data scientist for Biddle & Reath. “The algorithm breaks those documents up into a bunch of constituent features.”
More and more, attorneys at big law firms and legal departments are recognizing the need to adopt technology to help automate parts of their contract management systems, but what role will AI and predictive insight play in the contract management landscape?
