The results are often phenomenal. JPMorgan now saves 36,000 hours per year analyzing commercial-loan agreements, thanks to an application called COIN (for Contract Intelligence) developed by their internal team.
But there are risks. For example, AI can’t analyze what it can’t read, and what it reads is text. On average, 20% to 30% of the documents in a firm – in folders and buried in email – are images. Image-based files such as faxes and scanned documents can only be interpreted as pictures by AI and document management systems. Like a self-driving car that can’t see the color red, AI can make decisions based on incomplete information – potentially to disastrous results.
In addition to negative client outcomes, firms can incur penalties for breaches in professional conduct. Comment 8 on The ABA’s Rule 1.1 requires that the competence of a lawyer extends to the benefits and risks associated with relevant technology. At least 27 states have adopted some form of this Model Rule. While AI software can increase the speed with which decisions can be made, failure to employ the technology effectively could lead to the grounds for a malpractice claim or suspension by the bar.
- What AI technology is available?
- What functions & processes can be enhanced by AI?
- What are clear AI business cases to present to tech committees & boards?
Join us for practical, real world examples that demonstrate how firms can gain more insights from legal data and documents TODAY, while setting the stage for digital transformation.
You should attend this Webinar if:
- Your firm competes to win and wants to leverage AI as a strategic advantage
- Want to understand how to make the most of your existing technology investment while planning for the future
- Have gaps in your existing data and document-related systems and processes that can be solved through automation
Key takeaways will include:
- Tips on how firms can set a solid foundation for innovation TODAY by ensuring that they have control over their documents and data
- Hidden compliance risks that firms can resolve while setting the stage for AI
- Real world examples of how firms can embrace AI to set themselves apart from competitors
Allan is a 30-year veteran of the legal technology world, a partner at LawTech Partners and founder of Mackenzie Consulting. As a consultant and a former Wall Street IT Director with a specialty in litigation technology, Allan has overseen and implemented conversions of document management, accounting, email, and telephony platforms. Allan has helped firms avoid operational pitfalls through effective and comprehensive legal technology management, during multiple-year litigation cases with discovery volumes measured in terabytes.
Will is a software industry professional with over 20 years of experience, including nearly a decade with document management solutions. During his career, Will has helped firms of all sizes understand the technology solutions that improve operations, cut costs, increase revenues, and boost management visibility into critical functions.