AI is generating significant buzz in the legal industry, and for good reason. Legal operations professionals now have the opportunity to streamline workflows, reduce costs, and enhance decision-making. Although adopting AI tools may come with initial challenges, these concerns can be addressed through strategic planning and collaboration with reliable technology partners.
Once legal departments have confidence in a secure and dependable AI solution, they can leverage its capabilities to boost the performance of their teams. AI is not only the future of legaltech—it is becoming a necessary asset for legal teams to remain competitive in a rapidly evolving landscape.
The growing importance of AI in the legal industry
Corporate legal departments are juggling enormous workloads, from contract reviews and compliance checks to billing oversight. Traditional methods often fall short in managing these tasks efficiently, especially as the amount of data stored by the typical company grows exponentially.
For legal professionals, AI technology introduced into the right processes in the right way can improve efficiency by automating repetitive tasks, save on spend by streamlining processes and cutting unnecessary expenses, and enhance decision-making by analyzing vast amounts of data and delivering insights that help attorneys make informed choices.
AI in legal bill review
Legal bill review is an essential but time-consuming task for legal operations teams. Traditionally, teams have manually sifted through lengthy invoices line by line, checking for inaccuracies and guideline violations. This process can be costly, is prone to human error, and is inefficient for teams with growing lists of matters.
An AI-powered tool like LegalVIEW® BillAnalyzer can automate the bill review process, identifying discrepancies and non-compliance issues with incredible speed and accuracy. By leveraging machine learning, AI can detect patterns and anomalies that might go unnoticed by human reviewers. Legal departments reap benefits such as:
- Time savings: AI can analyze thousands of invoice lines in seconds, freeing up attorneys and reviewers.
- Higher accuracy: Advanced algorithms ensure every potential violation is flagged, improving compliance by up to 20%.
- Cost reduction: AI increases savings by identifying areas where adjustments are needed, leading to up to 10% reductions in legal spending.
Assigning outside counsel with the help of AI
Selecting the right law firms for specific cases is a critical decision that impacts outcomes, collaboration quality, and costs. Relying on past relationships or manually sifting through performance metrics leaves room for subjective biases and inefficiencies.
AI transforms law firm selection into a data-driven process. By analyzing historical data on past matters and firm performance, AI tools like LegalVIEW Predictive Insights provide actionable recommendations for which firms to engage based on specific matter requirements, as well as predictive cycle time and budget data.
Moreover, when using RFPs for counsel selection, AI can help legal professionals assess a number of responses quickly to streamline the selection process. The LegalCollaborator solution does this by providing AI-generated RFP summaries that legal departments can review quickly to narrow their options down to the best candidates.
Making AI work for your legal team
Adopting AI involves more than just technology. It requires strategic implementation and commitment to change management. Legal operations teams should invest in clean, accurate data and partner with vendors who are trusted and experienced. Organizations that embrace reliable AI solutions today are positioning themselves to gain a competitive edge tomorrow.
By combining deep industry expertise with innovative technology, Wolters Kluwer is paving the way for a new era of AI-powered legal tech. To learn more about how responsible, reliable, and secure AI is transforming the legal industry, download our ebook How Wolters Kluwer is creating responsible, reliable, and secure AI for the legal industry.
