How AI can transform your legal department to a strategic business ally

More than 70% of in-house lawyers expect transformational technologies – such as robotic process automation, Artifical Intelligence, machine learning, blockchain, big data and predictive analytics – to impact their legal department over the next three years, the Wolters Kluwer Future Ready Lawyer survey reports.

In-house lawyers are playing a more strategic advisory role in their organisation compared with the past, as they are more integrated within the wider business function to ensure growth, maintain competitive advantage, and ensure the company’s good reputation.
Thus, the strategic role of the in-house counsel is enhanced by providing legal advice that not only solves current problems, but also predicts potential risks and helps steer the business toward future growth opportunities. These growth goals are coupled with in-house counsel’s aspiration to maintain a good reputation for their company by providing ethical and transparent legal advice, and by representing their company in a positive manner within the legal community and beyond.
Therefore, doing more important things in a more innovative way should be a priority. That said, as a forward-thinking lawyer you must rely on legal technology and AI capabilities to overcome your challenges.

The future of AI technology for your legal department
Legal technology is evolving at a rapid pace and 85% of legal professionals consider the importance of fostering a greater use of technology to improve productivity as the areas which expect a major change over the next three years, according to the Wolters Kluwer Future Ready Lawyer survey 2022.
More than 70% of in-house lawyers expect transformational technologies – such as robotic process automation, AI, machine learning, blockchain, big data and predictive analytics – to affect their legal department over the next three years.
Therefore, as a future-ready legal professional you must not think about AI as a threat - rather, as a technological development designed to help boost productivity and efficiency by streamlining your daily work and reducing costs.
The future for AI and machine automation in CLM (Contract Lifecycle Management) is promising, and it is crucial to understand how to be ready to use emerging AI technologies and capabilities to make the most out of them.

The benefits of AI for your contract management lifecycle
With AI you can speed up your legal team’s review and analysis of any contract, saving time for you to focus on your value-added duties and your strategic decisions.
Your business can undoubtedly benefit from the implementation of AI-enabled CLM solutions for streamlining workflows, improving efficiency and collaboration with other departments, thus accelerating negotiations.

Read the whitepaper to learn more about the potential AI and how it can help you boost productivity and accelerate your business growth.