Think AI Contract Review is Easy? It All Depends on the Training
When the legal department at Baxter needed to quickly review a large batch of contracts, it turned to AI. But the technology was far from ready out of the box.
June 07, 2017 at 11:10 AM
5 minute read
Of the many challenges facing in-house attorneys in M&A or a company restructuring, reviewing and organizing company contracts is perhaps the most labor-intensive task. With advancements in artificial intelligence (AI), however, many legal teams been able to reduce the amount of time and effort such review can entail. But AI is far from a silver bullet.
Almost all AI contract deployments in legal relies on machine learning, which allows a program to be taught how to understand a dataset with an almost human level of comprehension. This training, though, is far from automatic or simple.
Just ask who were tasked with deploying an AI contract review project for the legal department at Baxter Healthcare Corp. Key stakeholders in this project discussed their experience firsthand at the “Meaningful Law Department Metrics: Contract Analytics and AI in Today's Law Departments” session at the Association of Corporate Counsel's (ACC) Legal Operations Conference.
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