Tips For Evaluating Machine Learning For Contracts Review

By Ned Gannon (May 12, 2022, 2:54 PM EDT) — Advances in machine learning and natural language processing technology are increasingly applied in ways that augment knowledge workers across a wide array of professions.

The practice of law is no exception and, in fact, is more conducive to reaping the benefits of related tools than other areas. Many law firms, audit and consulting firms, corporate legal departments, and alternative legal service providers utilize artificial intelligence, or AI, across myriad applications within their organizations ranging from legal research to e-discovery to contract analysis.

With respect to contracts specifically, use cases include conducting due diligence, regulatory and compliance review, lease abstraction, Libor remediation,…