Page 151 - Leaders in Legal Business - PDF - Final 2018
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technologies in a variety of ways, from supporting a quality control process to leveraging
artificial intelligence to perform predictive coding.
Likewise, many ALSPs have created platforms to apply natural language processing,
machine learning, and artificial intelligence to the task of legal research. Entrants such as
Casetext and Ravel Law offer AI-backed research capabilities and other features. Ravel Law’s
Judge Analytics, to cite one example, allows litigants to view a judge’s entire history of
decisions in different types of cases. Meanwhile, Allegory, a recent Integreon acquisition, uses
what it calls “augmented intelligence” to automate litigation management. Allegory makes it
much easier for trial lawyers to access relevant information and makes formerly cumbersome
litigation tasks like creating evidence binders a painless process.
Contract Management and Review
In corporate departments, AI has led to impressive developments in the areas of due
diligence, contract extraction, and contract data analytics. As with litigation, ALSPs have been at
the forefront of these developments. Often triggered by the implementation of a CLM platform,
an acquisition, or an audit, corporations can be faced with the need to locate, review, and extract
information from thousands of contracts. ALSPs offer technological tools available that can
support such an engagement. Integreon, for example, uses Kira’s machine-learning-based
technology to assist clients with contract extraction, due diligence, contract analysis, and lease
abstraction.
Automated metadata extraction, categorization, and related technologies greatly reduce
the cost of a contract-by-contract review performed by lawyers. Even when performing those
tasks, however, ALSPs frequently support their technological tools with a review by legally
trained personnel; it is this combination of human- and technology-driven analysis that provides
the most effective end-to-end solution.
Legal Spend Analytics
Legal spend analytics is another area in which technology is being used to achieve more
cost-effective legal services. By analyzing data from legal invoices, corporate legal departments
can benchmark historical charges from outside counsel and vendors for a variety of legal
services. ALSPs in this area use technology to produce reports that not only track outside counsel
spending (broken down by firm, practice areas, timekeeper), but also include savings
opportunities, progress against budgets, and other key metrics.
Knowledge is power, and these technology-driven legal-spend analytics tools allow
corporate legal departments to revisit their entire relationship with outside counsel — from how
they select firms, to how they manage them, to when they cut ties with them — from the position
of power. The end game is one in which resource allocation is optimized, using the right legal
professionals and technology for the jobs to which they are best suited.
The Impact of AI
The takeaway from the above should not be that ALSPs, and the artificial intelligence
they sometimes employ, is encroaching meaningfully on the territory of law firms. Instead, in
each area, the theme is the same: While technology solutions are automating certain tasks and
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artificial intelligence to perform predictive coding.
Likewise, many ALSPs have created platforms to apply natural language processing,
machine learning, and artificial intelligence to the task of legal research. Entrants such as
Casetext and Ravel Law offer AI-backed research capabilities and other features. Ravel Law’s
Judge Analytics, to cite one example, allows litigants to view a judge’s entire history of
decisions in different types of cases. Meanwhile, Allegory, a recent Integreon acquisition, uses
what it calls “augmented intelligence” to automate litigation management. Allegory makes it
much easier for trial lawyers to access relevant information and makes formerly cumbersome
litigation tasks like creating evidence binders a painless process.
Contract Management and Review
In corporate departments, AI has led to impressive developments in the areas of due
diligence, contract extraction, and contract data analytics. As with litigation, ALSPs have been at
the forefront of these developments. Often triggered by the implementation of a CLM platform,
an acquisition, or an audit, corporations can be faced with the need to locate, review, and extract
information from thousands of contracts. ALSPs offer technological tools available that can
support such an engagement. Integreon, for example, uses Kira’s machine-learning-based
technology to assist clients with contract extraction, due diligence, contract analysis, and lease
abstraction.
Automated metadata extraction, categorization, and related technologies greatly reduce
the cost of a contract-by-contract review performed by lawyers. Even when performing those
tasks, however, ALSPs frequently support their technological tools with a review by legally
trained personnel; it is this combination of human- and technology-driven analysis that provides
the most effective end-to-end solution.
Legal Spend Analytics
Legal spend analytics is another area in which technology is being used to achieve more
cost-effective legal services. By analyzing data from legal invoices, corporate legal departments
can benchmark historical charges from outside counsel and vendors for a variety of legal
services. ALSPs in this area use technology to produce reports that not only track outside counsel
spending (broken down by firm, practice areas, timekeeper), but also include savings
opportunities, progress against budgets, and other key metrics.
Knowledge is power, and these technology-driven legal-spend analytics tools allow
corporate legal departments to revisit their entire relationship with outside counsel — from how
they select firms, to how they manage them, to when they cut ties with them — from the position
of power. The end game is one in which resource allocation is optimized, using the right legal
professionals and technology for the jobs to which they are best suited.
The Impact of AI
The takeaway from the above should not be that ALSPs, and the artificial intelligence
they sometimes employ, is encroaching meaningfully on the territory of law firms. Instead, in
each area, the theme is the same: While technology solutions are automating certain tasks and
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