Made to measure
At most organisations, the contract negotiation process is highly manual, inconsistent and reliant on the institutional knowledge of the attorneys involved. Companies lack well-documented clause-level risk standards to advise on contract issues, and have no clear and consistent process for entering into agreements. The implications are unnecessary risk, inefficiency, cost and delays.
Taking a data and process-driven approach to enhancing the contract negotiation process can unlock hidden value that leads to a simplified contracting process, less risk, improved insights, higher productivity and a better bottom line. Continue reading “Enhance your contract negotiation process with a data and process-driven approach”
So ubiquitous have two companies become in legal tech circles that they are rarely discussed directly, just accepted as facts of life, like gravity or air. Those two are, of course, LexisNexis and the legal division of Thomson Reuters, which have over the last 30 years positioned themselves as the dominant providers of the informational ‘plumbing’ law firms require to ply their trade.
For LexisNexis that key moment came in the 1970s when an arm of the Ohio State Bar Association commissioned a project to deliver an information service exclusively aimed at legal research, named Lexis. During the same decade West Publishing was Lexis’ main competitor, using a computer-assisted legal research project that would later be branded Westlaw. Continue reading “Can law tech’s big beasts Lexis and Thomson stay on top in a changing industry?”
For years Slaughters epitomised City conservativism but, reports Thomas Alan, marquee clients and a clear structure mean its new law tech incubator is being closely watched
The value of legal tech incubators is much debated in the industry. The jaded in the tech community often decry such initiatives as marketing opportunities and even many start-ups themselves are sceptical, comparing some law firm incubators to ‘fish bowls’. Continue reading “Prestige meets hustle – Slaughters sends jolt through start-up community with launch of tech incubator”
Luminance’s Emily Foges on the advance of legal tech
In 2019, relationships between different legal service providers are a driving force for the adoption of legal technology. Following the emergence of true artificial intelligence (AI) within the market, the rate of adoption is gathering speed in firms and organisations as technology has increasingly become a competitive necessity. True AI harnesses the latest advances in machine learning solutions to empower lawyers to return to the first principles of law; fulfilling the time-honoured role of trusted adviser. This ground-breaking technology also serves to eliminate some of the historic barriers to adoption. Flexible, ‘learning’ algorithms are able to adapt to any document set and law firm, regardless of language, jurisdiction or specialism. This delivers value from day one, eliminating the need for resource and time-sapping configuration periods needed by extraction and rules-based systems. The real difference this time is that lawyers no longer need to adapt their professional processes to accommodate new solutions. Continue reading “Legal technology sponsored briefing: The Network Effect – How the AI-powered legal profession is gathering pace”