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NDAs are commonplace not only in business transactions but also in the political and entertainment world. With the ever growing need to protect information it becomes more crucial to know which type of NDA would be more useful, the scope of confidential information, and the stipulations to bear in mind while drafting an ironclad agreement.
In this day and age, it would not be incorrect to say that Artificial Intelligence (AI) and Humans are joined at the hip.
Processing a single tree to create 17 reams of paper emits over 100 pounds of CO2 into the atmosphere.
You’ve probably come across artificial intelligence (AI) tools and software already, with AI-powered legal technology gaining popularity for its myriad benefits. AI in all its forms impacts the world around us, including the legal industry.
Contract management involves reviews, analysis, and other measures adopted to keep track of contracts throughout their life cycle. This process affects both pre-contractual and drafting related matters. While contract drafting is considered to require unique human skills, multinational companies have favored contract management via technology in order to handle a large number of contracts on a daily basis. Though the concept of using technology in contract drafting was introduced in the 1990s, total automation remains a far-fetched concept.
The legal system is undergoing a technological revolution and Artificial Intelligence (AI) is the new buzz word. AI can serve as a substitute for lawyers for performing routine, non-billable and structured tasks such as basic documentation and contract drafting. AI-enabled personal assistantprograms can efficiently handle administrative operations in law firms such as payroll and resource management, scheduling meetings, and client billing. Similar AI programs are available in the market for hiring paralegals and associates, and helping them complete document reviews and formatting in specialized practice areas like patent applications. AI can also help law firms monitor their time and activities, and generate electronic billing.
The London Interbank Offered Rate (LIBOR) has been the most widely used unsecured wholesale...
Legal Process Outsourcing (LPO) is an emerging trend for corporate counsel, on account of increasing pressure to cut costs. Law firms and corporate legal departments across America are outsourcing more legal tasks by the minute, leading to a boom in legal process outsourcing companies around the world. These companies, which are largely offshore, provide many services to corporate clients such as bookkeeping and billing, contract management and review, data analysis and management, document drafting and production, due diligence, general litigation support services, e-Discovery, Intellectual Property (IP) services, and legal research and transcription.
Artificial Intelligence (AI): Machines simulating human intelligence processes by accumulating information and the rules for using such information to arrive at accurate conclusions. With the enormous and ever-growing need for data in any legal transaction, Artificial Intelligence (AI) is taking the legal world by storm. Of late, the legal industry relies on AI for legal research, litigation strategy, e-Discovery, and contract review, among others.[1]
What lies ahead for Contract Lifecycle Management (CLM)? Fourteen law and technology experts shared their thoughts on the next decade of CLM[1] and indicated that 2019 will be a big year for contracting: