How to make Legal Documents review Less Expensive
10 Efficient Ways to Make Legal Document Review and Data Extraction Less Expensive | Article
Reduce costs, not accuracy; streamline reviews, not thoroughness
Legal document review and data extraction are often time-consuming and costly for organizations. However, leveraging AI for these tasks offers a much more efficient and accurate method, allowing legal professionals to offload their busy schedules and focus on higher-value work. AI can swiftly compare and review documents, extracting intricate details that human reviewers might miss.
Moreover, AI identifies these critical details and interprets and explains potential risks within the documents. Legal teams can significantly reduce costs, optimise workflows, and enhance accuracy by integrating automation and advanced technologies such as Machine Learning (ML) and Artificial Intelligence (AI). This article will explore 10 strategies for reducing costs and increasing efficiency in legal document review and data extraction.
‘Save time in document review, save money in legal review, achieve excellence in every review’
Efficiency begins with precise document review and ends with cost-saving efficiency
Law Firms and Corporate legal teams often outsource to external providers to extract contract data from their contract portfolios to gain actionable insights. Now, is it possible to increase efficiency, save costs, and improve bottom-line outcomes during this process in-house?
We have identified and tested ten ways to make your contract review and data extraction projects less expensive while maintaining accuracy. From creating a review process to the benefits of utilising Artificial Intelligence (AI) and Natural Language Understanding (NLU), this provides plenty of significant methods for increasing contract review efficiency.
What do we have in mind when we talk about Efficiency? On average, you will gain a day every week per employee when using innovative AI technologies.
Please review the 10 Core paragraphs and choose the best options that would apply to your organisation to increase revenue and processes and optimise the current working environment:
- Utilising Automation and Technology: One of the most effective ways to make legal document review and data extraction less expensive is by utilising automation and technology. This can include using machine learning and artificial intelligence to automate repetitive tasks, such as document classification and data extraction. These technologies can also identify patterns and anomalies in large data sets, saving time and reducing costs.
— - Outsourcing to Specialised Firms: Another efficient way to reduce the cost of legal document review and data extraction is to outsource to specialised firms. These firms have the expertise and resources to handle large volumes of documents and data, and they can often complete the work more quickly and at a lower cost than in-house teams. Additionally, outsourcing can free up internal resources to focus on other important tasks.
— - Workflow Optimisation is another effective strategy for reducing costs and increasing the efficiency of legal document review and data extraction. This can include streamlining processes, eliminating unnecessary steps, and automating repetitive tasks. By optimising workflow, organisations can improve productivity and reduce costs.
— - Process Improvement: Implementing process improvement is another efficient way to reduce the cost of legal document review and data extraction. This can include identifying bottlenecks, reducing errors, and standardising procedures. Organisations can reduce costs, improve accuracy and efficiency, and increase overall productivity by improving processes.
— - Contract and Document Management Systems: Contract and document management systems can also help make legal document review and data extraction less expensive. These systems can automate the process of tracking, storing, and retrieving documents, reducing the time and effort required to access the information. Additionally, these systems can help to ensure that documents are accurate, up-to-date, and compliant with regulations.
— - Data Management: Effective data management is also essential for reducing costs and increasing efficiency in legal document review and data extraction. This includes implementing data governance policies, establishing quality controls, and automating data validation. By effectively managing data, organisations can reduce errors, improve data quality, and increase efficiency.
— - Using cloud-based technologies: Utilising cloud-based technologies can also help to make legal document review and data extraction less expensive. Cloud-based technologies allow easy access to documents, data and collaboration from any location and offer scalability and cost savings. This especially benefits organisations with many remote workers or frequently working with external parties.
— - Implementing e-discovery tools: Using e-discovery tools can also help make legal document review and data extraction less expensive. These tools automate the process of identifying, collecting, and analysing electronically stored information (ESI) and can reduce the time and cost associated with manual document review. E-discovery tools can also help reduce the risk of errors, improve data quality, and increase efficiency.
— - Leveraging Text Analytics: Text analytics can also be a powerful tool for making legal document review and data extraction less expensive. Text analytics tools can automatically extract key information from unstructured data, such as contracts, emails, and other documents. This can reduce the time and cost associated with manual data extraction and can also help to improve data quality and accuracy.
— - Collaborating with Legaltech companies: Collaborating with legal-tech companies can also be an effective way to make legal document review and data extraction less expensive. Legaltech companies often have access to advanced technologies and expertise that organisations can leverage to improve legal document review and data extraction efficiency and cost-effectiveness. Organisations can access the latest technologies, best practices, and industry insights by working with these companies to improve their processes.
Can AI Outpace Lawyers in Document Review? Discover How Technology Slashes Time and Boosts Efficiency
Using AI to review 10 documents, each 100 pages long, and extract vital information by answering 70 specific questions can save significant time compared to a lawyer doing the same task manually.
Typically, AI can complete this task in just a few hours. In contrast, a lawyer might spend several days, averaging 8-10 hours per day, meticulously going through each document and answering the questions. AI tools are designed to swiftly scan, interpret, and extract relevant data, dramatically reducing review time. While AI offers speed and efficiency, ensuring accuracy depends on the quality of the AI model and the complexity of the documents.
Lawyers provide nuanced understanding and context that AI might miss, but with well-trained AI systems, the difference in accuracy can be minimal. Thus, integrating AI into document review processes accelerates the workflow and maintains high precision.
Interesting fact
The global Artificial Intelligence (AI) market size was $93.5 billion in 2021. According to Grand View Research, Inc., it is projected to expand at an exponential rate (CAGR) of 38.1% from 2022 to 2030. To put this in perspective is, more than half of the film industry valued at $42 billion.
The numbers explain how big value Artificial Intelligence is to organisations and businesses worldwide despite being just a few years old.
Use our Free AI (ROI) Calculator to find out how many documents you can process with AI and what benefits you can gain
Simple input Instructions:
Enter some information about your current document processing needs; you don’t need to be precise – you can check different scenarios as often as you like. Adjust the automation factor to estimate how much document processing you expect to automate without human intervention.
ROI Calculator
Efficiency | Accuracy | Automation | Innovation | Productivity | Competitive Edge | Cost-Effectiveness | Scalability | Personalisation | Deployment-Ready AI | Training and Support | Legal Document Review | Data Extraction | Efficient | Less Expensive | Cost Savings | Technology | Machine Learning | Artificial Intelligence | Outsourcing | Workflow Optimisation | Process Improvement | Contract Management | Document Management | Data Management
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