“While AI and big data make processes such as document review more efficient, it is at its most effective when combined with human expertise. “The system may identify and classify a clause that pertains to transfer rights, but the model will be unable to confidently assess whether the particular clause actually prohibits or permits the transfer of rights and obligations between parties,” says Conetta. “A lawyer would need to read the clause and make that determination, while AI ensures that the lawyer can find the clause quickly and only needs to assess the provision once, across all the documents it may be found in.”” (…)
Smart contracts
Such automation will change what lawyers do, particularly as smart contracts are introduced that can carry out transactions as well as codify them. “What starts to become important is the intention of the parties, negotiating on intentions rather than necessarily the words on the page,” says Stafford. “The role of the lawyer will change to become much more of a legal business adviser to their clients, assisting them in what they can and can’t do, what they should and shouldn’t do, rather than just working out that there needs to be a comma at this point in this clause.”
The wording of documents will become more standardised, and automation and AI will focus on helping corporate lawyers in their roles as business analysts, he says.”
Read full article at: ComputerWeekly.com http://ow.ly/MNYv30cC9zR
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