Currently, there are artificial intelligence (AI) tools on the market that aid with contract review and negotiation. AI-technology is gaining popularity amongst legal professionals who have high-volume contract business because AI can significantly streamline the contracts process and provide superior results.
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Even lawyers that are not currently using artificial intelligence (AI) in their document review practice undoubtedly know what it is and are familiar with the benefits that technology assisted review (TAR) solutions offer. TAR programs use predictive coding algorithms to sort through large data sets and weed out irrelevant documents. After users train the program on what is relevant, it can identify data patterns and relevant concepts in future reviews. Currently, litigation uses data that is digital, repetitive, and voluminous. Compared to the time-consuming aspect of manual review, using TAR software makes document review more manageable, accurate, and consistent. However, even with all these known benefits, many lawyers retain steep reservations and are hesitant to rely on this technology.
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