5 Ways Contract Review AI Is Changing How Legal Teams Operate  – Do you run a legal team and want to do whatever you can to streamline your operations and make sure that every contract that goes through your office is accurate and error-free? Are you tired of wasting your team’s talent on repetitive tasks that take little skill, taking them away from high-impact tasks that make a big difference in your legal team’s success and growth? If so, you need to consider looking into AI for contract review software.

Here is more information on what contract review is, how you can use it in your legal team, and how it can transform the way you handle contracts.

What is AI for Contract Review

Contract review AI is a tool that uses artificial intelligence to interpret, analyze and get information from your legal contracts. To use this type of software, you simply upload your contract to the system. AI will then convert the data to a form it can search and analyze, then will identify any risks or unknown clauses that your team needs to review. Your team can then change, edit, confirm, or cancel any or all of the suggestions that AI makes.

How Legal Teams Can Use AI for Contract Review

Contract review AI is very beneficial for legal teams who want to make sure they best utilizing their resources and leveraging their contract data. Teams can quickly spot omissions, mistakes, or opportunities for improvements, loop in other team members to help review or change data, and identify any potential risks or inconsistencies in contracts.

Though contract review AI can be a powerful tool, it’s important that your legal team sees it as a supplement to the team and not a replacement and that training and customization of the tool are required to make sure it is the quality asset it is designed to be.

5 Ways AI for Contract Review is Changing Legal Teams

Wondering how contract review AI can change your legal team for the better? Here are five ways it can make an impact:

  • It can simplify onboarding for your legal team by eliminating a new hire’s learning curve and ensuring that there is consistency among work from different contract stakeholders.
  • It can reduce common human errors as omissions and ensure that everything is properly reviewed and that rules and regulations are followed.
  • It can help you and your team dedicate more time and focus to the high-impact tasks that will help your business grow rather than on repetitive tasks that can be automated or handled by AI.
  • It can help eliminate bottlenecks in the business process and ensure contracts move swiftly through your queue.
  • It can help you understand and leverage your data to optimize the contract process and take advantage of every opportunity.

Contract Review AI: The Right Choice

If you’re ready to streamline operations, ensure your team is focused on the right tasks, and minimize risks while spotting opportunities, you need to consider contract review AI. Make sure you talk with a reputable company about their options so you can choose a tool that fits your goals.