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Note: This article is just one of 60+ sections from our full report titled: The 2024 Legal AI Retrospective - Key Lessons from the Past Year. Please download the full report to check any citations.

AI-Enhanced Contract Drafting, Review, and Analysis

AI-powered contract drafting and review tools are significantly enhancing efficiency and accuracy in contract management. These tools leverage advanced algorithms and vast databases of legal templates and clauses to assist users in creating, negotiating, and reviewing contracts without the need for extensive legal expertise.

"AI has already proven useful in automating certain tasks. Document automation, predictive analytics to improve ediscovery, and legal informatics to develop highly realistic valuations of contingent litigation have become mainstream. At the same time, however, chatbots that offer advice raise significant ethical and professional responsibility concerns as well as operational questions. AI cannot yet differentiate a majority opinion from a dissenting one or understand that a statement in one paragraph of a decision may be rendered unquotable because of the statements that follow it in that same opinion. LLMs are simply not trained in the law."

Jon Garon, Professor of Law, Nova Southeastern University; Director, Goodwin Program for Society, Technology, and the Law, USA

Key benefits include:

• Reduced review time: AI can halve NDA review times for multinational companies, speeding up deal flow and boosting response times.

• Improved accuracy: 38% of lawyers are excited about AI's ability to reduce inaccuracies due to human error.

• Increased accessibility: Non-lawyers can confidently engage with legal documents using AI-assisted platforms.