tech
In-house legal teams get creative with AI tools
Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.
TL;DR
- Legal teams are experimenting with AI to improve efficiency and minimize risk.
- Companies are finding creative, 'off-label' uses for AI tools, sometimes in ways developers did not envision.
- Nanyang Technological University reduced case closure time from 55 to 38.5 days using a contract platform.
- Endava has seen a 40-50% reduction in screening time for third parties by using customized AI tools.
- AI adoption rates for in-house lawyers have more than doubled in a year.
- Budgets for legal departments are not keeping pace with AI adoption expectations.
- Legal teams face concerns over AI inaccuracy and must distinguish hype from reality.
- Companies are not waiting for AI products to hit the market and are actively exploring new applications.