IBM Says New Watson Tool Could Dramatically Reduce Outside Counsel Spend
A new tool from IBM, called "Outside Counsel Insights," uses the power of Watson to reveal billing insights to legal departments.
May 16, 2017 at 07:54 PM
4 minute read
A new tool using International Business Machines Corp.'s Watson, notorious for defeating its human competitors on “Jeopardy” in 2011, is hard at work for in-house legal departments with the goal of significantly reducing outside counsel spend.
So far, use of “Outside Counsel Insights,” or OCI, has been limited to legal departments in the financial services industry, according to Brian Kuhn, co-founder and leader of IBM Watson Legal. But with the potential to save as much as 30 percent on annual outside counsel spend, it's no surprise that the tool has piqued the interest of some of the largest companies in that field.
The service relies on cloud-based cognitive computing system Watson to reveal billing insights to in-house legal departments, Kuhn said. The development of OCI, which became an official offering late last quarter, stemmed from the perceived desire of legal departments to get their arms around this line item on the budget, he added.
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