Research Indicates Smarter Contract Legal Tech Needed
Intelligent contract automation platform company, Docubee, in partnership with legal media and research company ALM shared a revealing study that found 79% of US legal professionals still rely on traditional paper or Word documents. This prevalent use of old-school methods underscores concerns about security and client experience in the legal industry.
Current contract automation trends identified in the study suggest that the legal industry is on the brink of embracing AI technology. An impressive 64% of respondents are either already leveraging AI or have shown interest in weaving it into their practices in the next two years.
“The trends in AI and document automation in the legal sector are promising,” says Docubee President Steve Wilson, “It’s becoming increasingly clear that AI is on track to become an essential part of legal operations in the near future.”
Further, the research found that 62% of legal professionals require contract automation tools capable of meeting security and compliance standards to even consider implementation. A significant reduction in day-to-day operational time is also crucial, as 41% of the legal professionals surveyed identified time-saving as the primary benefit.
50% of users reported search and automation features as the main reasons for adopting AI. Though there is still uncertainty about where AI fits into the industry, the research emphasises the importance of these tools in streamlining and enhancing the efficiency of legal operations, specifically through document generation.
Despite some resistance to change, 59% of respondents are interested in or planning to implement a contract automation tool soon. To aid in the transition, the survey revealed that 75% of respondents want a legal contract automation tool that is compatible with and resembles trusted existing tools such as Microsoft Word, and 32% noted that prominently displaying key details such as dates and action items are important for easier insight into document status. By mirroring familiar systems and offering features that increase efficiency, these tools can help teams overcome the learning curve and easily integrate new technology into their existing workflows.
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