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How Smart Contracts are Changing Legal Contracts

LawTechnologyToday

While a world free of lawyers will most likely never come to fruition (to many parties’ chagrin), new technology in the form of smart contracts is changing how legal matters are drafted. This data then informs the automated terms of a contract by posting results and accompanying proof to the blocks.

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AI Contract Drafting Startup Henchman Unveils Microsoft Copilot Integration, Calling It First of Its Kind

LawSites

“Leveraging advanced algorithms and metadata, this synergy facilitates more accurate answers and boosts drafting efficiency, all while tapping into a legal team’s wealth of collective knowledge,” the company says. The integration is available free of charge to all Henchman customers.

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Despite All the Hype Over CLM Software, Most Companies Don’t Use It to Manage their Contracts, Survey Finds

LawSites

One of the most talked-about legal technologies of the last few years is contract lifecycle management software. But a survey released today finds that the majority of companies do not use CLM software at all, and of those that do have a dedicated CLM system, most use it only on a limited basis. CLM adoption lags.

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Zuva and Litera Jointly Develop Classification Taxonomy for Legal Documents and Make It Open Source through the SALI Alliance

LawSites

In addition, the document classifier they developed, which includes 225 document classifications, is available immediately through Zuva’s API offering. Zuva is the company that was spun out from the pioneering AI contract analysis company Kira when Litera, a global legal technology company, acquired Kira in 2021.

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Five Challenges Shaping the New Legal Paradigm

LawSites

In a process-driven profession, lawyers can find themselves bogged down with time-consuming procedures, repetitive processes and document-heavy caseloads. Recent data show that 75% of legal professionals spend more than 20 hours each week on non-client-facing billable work other than meeting or representing clients in court.

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Why Do Lawyers Need to Keep Up with Legal Technology?

LawTechnologyToday

Change is afoot in a legal sector known for its traditional working practices. The latest in legal technology may seem overstated to some. However, it is abundantly obvious that many legal technology solutions are already significantly improving the lives of attorneys. This can lead to increased client satisfaction and loyalty.

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What Is the Biggest Challenge Facing Law Firms Today?

CARET Legal

The relentless pursuit of billable hours in the legal profession often leads to overwork and burnout, undermining lawyers’ well-being and job satisfaction. Billable Hours Recap report in CARET Legal Exhausting Case Work Consider, for instance, a lawyer handling a complex litigation case.