The challenges facing legal departments today are multifaceted, with pressures such as tighter budgets, increasing workloads, and a growing need for efficiency being notably persistent. Adoption of artificial intelligence (AI) in the legal profession, though still in its early stages, is emerging as a viable solution to these challenges, particularly in the realm of contract review.
According to a recent survey conducted by LegalOn Technologies, which included responses from over 150 legal professionals, the question is no longer whether to use AI but how to implement it safely and effectively. Read the full report for in-depth insights.
Notably, nearly half of the legal teams surveyed are facing cost-cutting measures, while contract review activities consume an average of 600 hours annually. This time-intensive task is ripe for AI optimization, leading 3 in 4 in-house legal teams to express interest in incorporating AI solutions.
LegalOn Technologies’ new guide, titled “The State of Contracting in the Age of AI,” delves into several key areas:
- The significant amount of time in-house legal teams dedicate to contract review
- The deployment and effectiveness of contract review playbooks
- The current status and future outlook of AI adoption in corporate law departments
The findings reveal a clear trend towards AI adoption in legal departments, driven by the need to enhance efficiency and manage workloads more effectively. Legal professionals are increasingly looking to AI to streamline their processes and meet the demands of a rapidly evolving legal landscape.