AI News, RAVN | Artificial Intelligence | Document Extraction for Law Firms artificial intelligence

ARTIFICIAL INTELLIGENCE: Shiny Object? Speeding Train?

Like any new tool, it is difficult to envision or understand “how” AI will impact our work as transaction lawyers.

This important question constantly lurks around discussion on AI: “what part of my legal practice will AI replace?” My answer is simple: AI will augment or entirely replace the part of my work that is boring (or that part of your billings that is based on boring work).

Like others, my answer to this question is based upon trends and numerous “indicators,” which point me to this conclusion: the failure to implement AI will have financial consequences for some law firms – and the disruption of the core business at law firms will be sudden and significant.

For example, Michigan State Law school has taken the first step in with its innovation indexes, which it uses to report on law firm innovation.22 The index tracks law firms who claim that they have implemented innovations.

(There are several other collections or lists of law firm innovation23) These are my favorite resources for keeping track of legal AI developments (using Feedly on my iPhone and saving materials into Evernote): As I've followed these sources during the past several years, more and more law firms are taking (small) steps in innovation.

Starting Today, Columbia’s Professor Daniel Guetta Uses Evisort to Teach Text Mining in New Artificial Intelligence MBA Course

NEW YORK and BOSTON--(BUSINESS WIRE)--Nov 29, 2018--Columbia Business School data scientist Professor Daniel Guetta, Director of the Business Analytics Initiative at Columbia Business School and Columbia Engineering, has published a case study about Evisort, an Artificial Intelligence (AI)-enhanced document management and data analytics solution for contracts developed by Harvard Law and MIT researchers.

He notes that, in addition to their significant usefulness for attorneys, contract analytics also have vast mainstream potential to assist a wide range of corporate professionals in finance and operations.

Extracting data from contracts is not only of paramount importance to lawyers in an organization, but it also has a much more enterprise-wide, holistic reach with infinite applications.” Guetta continues, “Extending far beyond legal tech and contracts, contract-focused business intelligence solutions can form the basis of hundred-million-dollar savings for corporations because contracts contain so much essential corporate data.

Even when human review is necessary, Evisort provides a suite of non-AI-enhanced tools to go the last mile if needed and reduce review time significantly.” Evisort CEO Jerry Ting and COO Jake Sussman were Harvard Law School students when they co-founded the company in 2016 with CTO Amine Anoun, then a graduate MIT student.

Ting explains, “You can break down a company into its entire value chain by looking at its contracts...a business intelligence platform centered around contracts can become a business intelligence platform for the whole company, from operations, to supply chain, to advertising.

Evisort ( www.evisort.com ) is a startup founded in 2016 by Harvard Law and MIT researchers to develop artificial intelligence (AI) algorithms to help companies mine contracts for data.

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