ReviewAI: Improving Productivity and Efficiency with AI-Assisted Contract Review and Drafting
How efficient is your contract management process? You may be surprised. Reviewing and drafting contracts take up to 70% of an in-house legal department’s time. It’s labor-intensive work when handled manually, often relying on multiple systems, document formats, and reviewers. However, the results can be drastic when artificial intelligence and automation are applied. For example:
New users are 34% more efficient with their time and 51.5% more productive
Senior lawyers may reallocate 15% of his time from contract work and team management to higher-value activities
Cost reductions of 33% related to contract processing
This white paper examines the impact of artificial intelligence (AI) and automation on the entire contract management lifecycle and how lawyers can dramatically streamline many intelligent activities typical of contract work, such as redlining, comparing clauses to corporate standards, and ensuring that fine details comply with corporate policy.