Generative AI in Legal: What Are the Opportunities?

Note: originally published on the CLOC.org blog. 

The rapid growth of generative Artificial Intelligence (AI) promises to fuel seismic changes throughout every aspect of the business world. A quick glance at recent headlines gives a good sense of just how the expanding power of AI-spawned text, images, and media is reverberating:

The legal industry will be in the middle of the Generative AI revolution. But what will that transformation look like for the legal world — and how can the industry best take advantage of its promises and potential?

Three areas of transformation

These three legal areas will see meaningful opportunities for value from generative AI:

Additionally, generative AI can assist with vendor management — particularly tough conversations around rate, value and performance. When backed by detailed, insightful data, it is easier to have productive, emotion-free, and surprise-free conversations.

EXAMPLE: Invoice summarization. Onit integration with ChatGPT provides a quick, insightful summary of a contract’s tasks to analyze overall value – allowing users to glimpse into the hours spent per task, the work done by specific timekeepers, and much more.

What about post-signature? In an era of constant mergers and acquisitions, regulation and compliance demands, companies often find themselves with questions about the contracts in their repository. AI-driven analysis gives a valuable look into these contracts and their clause libraries, allowing the new company to quickly identify risks and remediate them.

EXAMPLE: Contract analysis. Onit’s AI Co-Pilot sits alongside you as you review your contract. You can ask it to spot issues, suggest redlining, compare against your template language and flag deviations from your standards.

EXAMPLE: Creating a legal request. Onit’s AI integration can read an email chain and automatically generate a legal request.

This is what our audience at CLOC 2023 said when we asked them about the impact of Generative AI. Do you agree with their thoughts?

Next steps for Legal: Three things to remember

As Legal takes its next steps into the AI world, it’s a good idea to have these general principles in mind:

Learn more about how Onit’s AI-enabled products digitally transform the contract lifecycle.