Practical Use Cases for GenAI in Contract Management
Generative artificial intelligence (genAI) is not just a tool; it’s a transformative force impacting many, if not most, industries with its advanced data generation and optimization capabilities. In contract management, where efficiency, accuracy, and compliance are paramount, genAI offers significant benefits worth exploring. This blog highlights three practical applications of genAI in contract management: Redlining, Legal Helpdesk, and Contract Data Migration. These use cases are available now to in-house legal personnel and can be a good jumping off point for leveraging genAI in provision of legal support. Redlining: Exemplifying Speed and Accuracy GenAI-enabled redlining is accelerating the contract review process by employing artificial intelligence to assess and mark contracts swiftly and accurately based on a client’s contracting standards. This approach, whether performed by the in-house team or a legal services provider, ensures rapid analysis of contract terms, facilitating quick identification of discrepancies and suggesting necessary revisions. Benefits include: Speed and Efficiency Rapid analysis of 3rd party paper Accelerated response times Accuracy and Compliance GenAI capabilities to ensure contracts meet client standards and risk profile Enhanced Capacity Enhanced productivity in reviewing a contract Increased existing internal team capacity by leveraging more cost-effective service providers for first-level review Legal Helpdesk: AI-Driven Legal Assistance A genAI-enabled legal helpdesk represents a breakthrough in providing immediate support, guidance, and information for frequently asked legal and compliance questions. Compiled relevant policies and processes allow employees to receive instant responses to commonly asked legal questions. A Helpdesk model ensures enhanced productivity by handling routine queries, allowing the in-house legal staff to concentrate on more strategic matters. Benefits include: Timely Responses Delivers instant answers to employees’ common legal inquiries Increased Productivity Automated handling of frequently asked legal questions frees up in-house team’s time to focus on core legal support 24/7 Availability Always available, making it ideal for global organizations that operate over multiple time zones Contract Data Migration: Streamlining Transitions and Integrations Historically, the transition from one contract management system to another represented months of work to port over legacy agreements. Without this legacy data, new CLM applications are less effective for users. GenAI technologies now allow legal departments to significantly speed up the timeline to complete and reduce the cost of migration to the new CLM system, with a focus on the key data that needs to be captured in the new system. This is equally true for companies that are acquisitive and inherit the legacy contracts of an acquired company. There is great benefit to port these contracts to a centralized repository for ongoing data analysis and risk management. Benefits include: Efficient Data Extraction of Key Attributes GenAI is more accurate than traditional ML technology and can quickly achieve 90%+ accuracy in automatically extracting key data fields to be ported to new CLM Cost and Time Savings Significantly reduces manual effort required for migration and thus significantly increases speed of migration Reduced costs allow corporate clients to migrate more data and remain within given budget GenAI is transforming the field of contract management by providing significant advantages in accuracy, efficiency, and productivity. All signs indicate that genAI capabilities will increasingly become integral to the effective management of contracting portfolios. For organizations looking to not delay and get started today leveraging genAI, Redlining, Contract Data Migration and the rollout of a Legal Helpdesk represent quick and effective wins. By leveraging an experienced legal services provider who has already embedded genAI into their service offerings for these use cases and others, is a great way to quickly realize the power and benefits of this new technology. Additionally, the service provider approach alleviates the worry of having to deal with change management or complex IT procurement hurdles.
Integreon Achieves Top Rankings in Chambers New Law 2024 Guide for CLM, Litigation, and ALSP Services
Chambers ranks Integreon Contract Lifecycle Management and Litigation Services in top band for fifth consecutive year and Asia-Pacific Region ALSP for the third year in a row. June 12, 2024 – (AUSTIN AND LONDON) – Today, Chambers announced the release of their NewLaw 2024 Guide, which provides rankings and other industry insights based on over 220,000 interviews and client surveys. Integreon Contract Lifecycle Management and Litigation Services garnered the top Band 1 ranking for the fifth year in a row and a Band 1 ranking for Asia-Pacific-Region ALSP for the third consecutive year. Subroto Mukerji, Integreon CEO, said, “Thank you to Chambers for the work they do to collect, analyze, and share such valuable industry information. We also thank our clients for their participation and kind words. This truly reflects our commitment to bringing right-fit, best-in-class technology-enabled solutions to our clients.” During the survey process, an Integreon contract lifecycle management client told Chambers, “Integreon gives excellent service across the board. It has solid expertise across all levels.” Gabriel Buigas, Integreon EVP of Legal and Compliance Services, responded to the quote and rankings, saying, “We are incredibly proud to continue to be recognized by Chambers and to receive such positive feedback and validation from our clients year after year.” Chambers rankings are considered a mark of excellence across the legal industry and are based on assessment criteria that include technical legal ability, professional conduct, client service, commercial astuteness, diligence, commitment, and other qualities valued and articulated by interviewed clients. Chambers NewLaw provides decision-makers and other customers with information and insights to enable informed judgment on ALSP vendors. Integreon’s EVP of Litigation Services Phil Goodin said, “Our focus is on building and maintaining the best managed document review team in the industry. Having our hard work recognized through this process year after year gives us tremendous pride in the work we do for our clients.” A litigation services client relayed to Chambers, “Integreon provides a broad range of good quality personnel. They are always responsive and provide good service levels.” For the third year, Integreon also placed in Band 1 for the Asia-Pacific Region ALSP. This reflects the quality, experience, and innovation of Integreon’s India and Philippines delivery centers. These centers of excellence apply AI and other enabling technology and process enhancements to support a range of transformative services, including contract management, document review, cyber incident response, and legal document processing. These locations also support consulting and financial services clients, providing presentation graphics, research, and marketing operations support. About Integreon Integreon is the trusted, global provider of legal, creative and business outsourced solutions to corporations and law firms seeking to expand their capabilities and transform their performance. The company’s 3,500+ professionals provide expert support across a range of managed services—from creative design, content delivery and administrative support to legal and compliance. With global delivery centers on three continents, Integreon delivers round-the-clock service in 50+ languages and is deeply committed to client success, consistently delivering innovative, tech-enabled solutions that improve agility and efficiency to drive business performance. Integreon is owned by EagleTree Capital, a leading New York-based middle-market private equity firm with over $5 billion of assets under management. For more information about Integreon’s range of services, email [email protected], visit www.integreon.com and follow Integreon at LinkedIn, Twitter, and Facebook.
LINK Live! in Atlanta 26th June
📅 Date: June 26th 📍 Location: Moxy Hotel Midtown, Atlanta Join Integreon for LINK Live! in Atlanta! We’ll be Unlocking the Future of Legal Operations. Discover generative AI trends, explore GPTs, and dive into breakout sessions on staffing, organizational design, and outside counsel management. Bring your toughest legal ops challenges to the table, and we’ll discuss ideas and solutions. When the work is done, we’ll hit the town for an upscale reception to relax and network with the brilliant minds of the LINK membership community. Registration is limited. In-house professionals should register today REGISTER HERE
LINK Live! in Chicago 18th July
📅 Date: July 18th 📍 Location: Ivy Hotel (Mag Mile), Chicago Join us for LINK Live! at the Ivy Hotel (Mag Mile) in Chicago! We’ll be Unlocking the Future of Legal Operations! This intimate, members-only event on July 18th is an exclusive opportunity to explore generative AI trends, explore GPTs, and dive into breakout sessions on staffing, organizational design, managing contracts & extracting valuable data, and optimizing legal research to minimize outside counsel spend. Learn how legal ops can lead this transformation! Registration is limited. In-house professionals should register today REGISTER HERE
ALM Consulting Magazine’s Top Consultants Award
Thursday, June 27th Chelsea Piers, New York City Join Integreon at Consulting Magazine’s Top Consultants Event! Since 2000, Consulting Magazine has identified the most influential practitioners in the consulting professions – those individuals having the biggest impact on their clients, their firms and the industry – and recognize them as a Top Consultant. Learn More About Integreon Integreon, a global leader in presentation design and production, research, and administrative support, empowers consulting firms to achieve efficiency, growth, and operational depth. With over 2,000 designers, researchers, and specialists and a 24/7 global delivery model, Integreon enables your case teams to focus on core business activities and innovation. We have been a trusted partner for some of the world’s leading companies, providing tailored presentations, design, research, admin support, and a suite of creative and business solutions to help transform your business performance and level up your efficiency. To set up a meeting, please reach out to Murray Joslin. Learn MoreSchedule a Meeting
Five Reflections on the State of Gen AI in Legal Services
I spent the last week in the UK, meeting with the Integreon’s strategic partners, and our London team. There, I also spent a lot of time listening to legal counsels across industries. Together with the latest announcements from ChatGpt 4.o, Google Gemini, and Anthropic Claude, here are my five reflections on where Gen AI stands relative to legal ops / legal services: 1. Gen AI and AI are both revolutionary and evolutionary Most senior legal executive leaders I meet see Gen AI as a clear disruptor that has already started and will continue to revolutionize the legal services industry. There is a recognition that the legal profession tends to be conservative and cautious. At the same time, over the last two decades, how law is practiced today has changed dramatically thanks to the introduction of many technologies over time in an evolutionary manner. Thus, we can think of Gen AI adoption in this space as a classic Amtrak train: not yet a high-speed bullet train per se, but before you know it, overnight, you find yourself in a different city. 2. Gen AI can shift the focus of the legal profession from reactive to proactive Most legal services today are focused on resolving litigation after disputes and incidents. As Gen AI makes legal research and CoCounsel cost-effective and easily accessible, trading partners can now more easily discover legal risks and develop proactive mitigation strategies based on proven case laws, while reducing the workload on the in-house counsel. 3. Cost is the #1 concern, followed by data privacy for Gen AI adoption. Surprisingly, the inaccuracy of the Gen AI response is the last concern for many general counsels. This does not mean accuracy is less important. It does mean Gen AI has crossed the threshold of viability. Now the center of innovation is pivoting toward value generation and securing data privacy with confidence. 4. Vertical specialization for accuracy and performance Not all Gen AI tools are created equal. While large language models (LLM) will continue to advance at record pace with near-magical breakthroughs, much of the latest progress is in application and democratization of access and ease of use, not necessarily in the underlying LLM core technologies. In legal services, context and nuance matter. A deposition summary can differ materially from a contract summary in both content and the purpose of the summary for the next best actions. Thus, vertical specialization building on the horizontal generic LLMs is better suited for this purpose as they make the inference process more accurate and efficient. For this very reason, we formed a strategic partnership with ContractPodAI and LeAh in the contract services space. 5. Talent and core competency development inform and sustain service and technology partnership To ask the right question as an input prompt requires deep domain knowledge, critical thinking, and well-trained skills in prompt engineering patterns and best practices. Advanced prompt engineering today is the new programming language for Gen AI tools. With the pace of change we’re seeing today, service providers need to train AI/Gen AI talents at scale. This can be done with the advantage of process expertise and economies of scale; Legal service providers can build out rich prompt libraries to train delivery staff at scale. It’s a bit like when Henry Ford invented the Model T: a lot more drivers had to be trained so that Henry Ford could maintain the pace of production and thus create a virtuous cycle of mobility transformation. Looking to the next few years, close partnerships between service and technology partners can help in-house counsels adopt Gen AI and achieve value for the business faster and easier.
Cyber Risk & Insurance Innovation USA
Join Integreon at Cyber Risk & Insurance Innovation USA! Integreon is excited to sponsor the upcoming Cyber Risk & Insurance Innovation conference in Chicago May 29th – 30th. This event will bring together all of the stakeholder in cyber insurance for a productive discussion delving deep into the crucial topics such as the threat landscape, war exclusions, systemic risk and market conditions, while tackling how to navigate the SME sector, the legal maze reshaping cyber insurance, the game-changing role of AI and the power of data in risk analysis. Expert Panel Discussion Overcome Systemic Risk and Assess Market Preparedness Through Collaborative Cyber Defenses Thursday, May 30th at 11:55am – 12:40pm Dive into systemic cyber exposure and assess the market’s preparedness for systemic events, promote market-wide threat assessment and shared cybersecurity best practices to enhance sector resilience through collaborative defenses. Get on top of accumulation risk and understand best practices for measuring and safeguarding against widespread exposure, utilize AI analytics and scenario-based testing to stabilize premiums and achieve sustained growth. Bridge the protection gap and determine the accuracy of tools such as threat intelligence and vulnerability scans, prioritize cutting-edge technology and cybersecurity firm partnerships to reduce unexpected claims and ensure long-term sustainability. Panel: Crystal Boch, Aon Lou Botticelli, Markel Anshu Gupta, Integreon Connect with Integreon Integreon will be on site all week and would welcome the opportunity to connect. Reach out to our cyber experts ahead of the event to set up a meeting to connect with us in person. To set up a meeting, please reach out to Brian Duke. Schedule a Meeting Learn More
The Race is on! A view from the CLOC Global Institute Exhibition Hall 2024
As the world turns from the Kentucky Derby to the Preakness and on to the Belmont Stakes to round out the triple crown, many of us in the legal profession are returning from the Las Vegas CLOC Global Institute 2024. As you think about what we saw from the attending vendors it is hard to miss the parallels with those famous horse races, except of course that not everyone in the running is a peak performance three-year-old. Before attending I’m sure we all checked with the oddsmakers. Those oracles of business that through their “magic” tell us who is innovative and well established, who is up and coming, and who is on the decline. But industry commentary isn’t always “gospel” so it’s worth a quick recap to validate the current state of the vendor offerings. As we walked the paddock (exhibit floor), it was clear that certain stables are combining their horses, and known jockeys showed up with new colors. It is a small legal world after all. Progress from 2023’s AI hype has been steady but probably for most of us a bit slower than expected based on last year’s excitement. Clearly the track is still a bit muddy, and vendors are jockeying to differentiate themselves as the market settles into a baseline set of capabilities that all must aspire to fulfill. Key differentiators that vendors are emphasizing to varying degrees of capability are: • The state of redlining (guidance v. substitution v. surgical editing) • Use of multiple LLMs to optimize model performance • MS Word or plug-in compatibility • Summarization • Data extraction • Chat inquiry and search • The state of their roadmap and direction of future enhancements. AI security questions loomed large as the big market concern coming into this race. But messaging is beginning to coalesce around what constitutes a safe operating environment, and clearly, no one is sharing data outside of their instance or training anyone else’s models. I don’t want to name names, but we’re seeing the beginnings of a convergence of CLM with ELM with Document Management. It is currently a toss-up whether success lies with the mature winners, the young thoroughbreds, the new colts, the overseas imports, or with older champions still clinging to their legacy. And, of course, we can’t lose sight of those scratch entries, conspicuous by their absence but perhaps a funding round or acquisition away from a come-from-behind victory. There is currently no clear winner, with the current leaders holding on by a nose-length advantage in a very fast-moving race. One nice to see development was entries in the alternative race category. For a change, there were vendors present who were actually focused on smaller in-house teams with solutions that specialized in affordable, easy-to-deploy, and use solutions. Legal technology remains a competitive race, and that competition pushes great ideas and innovation. Generative AI as a language-based innovation is ripe for revolutionizing the way Legal work is done. It’s great to see so many vendors dedicated to embracing this technology and making a difference in the legal world. We may not see a triple crown winner this year, but we are seeing some great races that ultimately benefit us all.