A survey of 30 professionals from predominantly Fortune 1,000 companies by legal AI company Seal Software found that about a third of them are using legal AI technology and several of them are now using it for a growing number of use cases.
Some of the key areas where legal AI tech was used, as found in the survey that was conducted by Ari Kaplan, were:
– 45% NDAs and vendor contracts
– 36% leasing and M&A transactions
– 27% Brexit
– 18% derivatives and trading
– 9% commercial lending
Meanwhile, out of the 30 interviewed around half also said ‘it is likely or highly likely their organisation will implement AI in the coming year’. Companies included in the survey were: Nokia, Novartis and Atos SE
Of course, this is an ‘indicative’ sample rather than a statistically broad sample. Thirty companies is at best a snap shot, a Vox populi street poll, as it were. But, the results are still encouraging given that these are big companies and shows that corporates can do it for themselves when it comes to doc review.
It also shows that when they do start to explore how AI review can be of help, then they start to look at multiple use cases, which is great to see. After all, if you can get value from M&A reviews, then why can’t you apply it to any doc stack where there is potentially useful legal data insights hiding in those contracts…?
Here are some of the key results below in any case:
Ulf Zetterberg, CEO and co-founder at Seal Software, commented on the results: ‘These statistics point to expanding investment by corporate legal departments in contract analysis and extraction solutions.’
‘Many companies are achieving impressive results using contract AI across common use cases, from data extraction and procurement to applications in financial services and regulatory compliance, and there are even more dramatic changes ahead,’ he added.
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