The only constant in this world is change. In both nature and business, things change, and we are forced to either adapt or die. In nature, the goal is to change in such a way as to out compete your neighbor for the available resources. If you succeed, your species gets to continue trying to come up with a better way to gather more resources then the next species. If you lag, well, the consequences are not so nice!
Unsurprisingly, business is no different, things change. If you want your business to thrive, and gather a bunch of resources, then you must change with the times. Unfortunately, attorneys often take the dinosaurs’ model of evolution. We often are slow to incorporate cutting edge technologies and blind to the problems that our clients are trying to solve. Well, an asteroid of change is screeching toward our industry. It is called Artificial Intelligence and it is going to leave a path of devastation for those attorneys who do not embrace its sweeping changes.
This is going to change the face of legal tech as we know it! When the dust clears, only those attorneys who have learned to utilize this new tool to better service their clients will be the ones left standing. However, those attorneys who choose to accept technology as a driver of change, will find that they will be able to solve their client’s problems, remove inefficiencies, encourage consistency and help their clients better adapt to the everchanging business environment.
Fornaro Law embracing the future:
Fornaro Law has recognized the paradigm shift caused by artificial intelligence in the both the business community and the legal services industry. Fornaro Law believes that contracts, procurement, lending, foreign documents and the smooth and efficient creation and exchange of legal paper is the future of business. However, pain points exist, and these create bottlenecks which reduce the efficiency of a company’s operations.
Fornaro Law’s mission is to eliminate these obstacles for businesses and to maximize efficient operations. With efficiency, and cost-savings, as a goal, Fornaro law understands that it is imperative for companies to adopt the efficiencies involved in artificial intelligence and automation of legal services. This means that we must become AI centric and embrace AI as a tool. These new technologies incorporate machine learning and cutting-edge software to create systems which allow Fornaro Law clients to access the collective knowledge base of Fornaro Law’s attorneys without excessive expense or a reduction in efficiency. This converts artificial intelligence from a cutting-edge technology to a useful tool for creating efficiencies in business.
Fornaro Law continues its technological evolution into the cutting edge twenty-first century law firm by strategically partnering with LegalSifter to offer a “combined intelligence” solution for contract negotiation for clients across a wide range of industries, including banking, manufacturing and real estate. Fornaro Law recognizes that to survive, it must be at the forefront of innovation and technology in the legal services field. Many companies have products that will help businesses in the future. LegalSifter has an AI tool that focuses on and helps solve business problems at this very moment. Combining LegalSifter’s artificial intelligence with Fornaro Law’s legal expertise will allow clients to review contracts quickly and confidently at a predictable cost. This will help Fornaro Law focus on the up and coming business problems that 21st century companies are facing.
The Constantly Evolving Company:
The modern business, whatever it is, is most concerned with efficiency. They want to be able to solve their problems in the most cost-efficient manner and avoid bottlenecks in their organization. Often, the bottleneck is legal services. The modern law firm is not always the model of efficient operation when it comes to document review. A company sends a document to a law firm for review. The document is usually assigned to a junior associate for review. That junior associate reviews the document and passes it along to a more senior associate. The more senior associate then reviews the junior associate’s revisions. The revisions are either accepted or rejected. Once complete, the documents may go up to an even more senior associate or partner for review. Then it gets sent back to the junior associate for the revisions to be incorporated into the document! All of this causes a huge bottleneck. It wastes time and money for the company. The company then reacts to this waste of time and resources, by curtailing the documents that it sends for review to its attorneys. This is not a sound long term survival strategy because it means that contracts are being agreed to without attorney review. Companies take this dangerous path because they want to avoid the pain points associated with legal services.
Unique Strategies for Survival:
Is this the only survival strategy available to these companies? No, an evolutionary leap is upon us. This new strategy, legal sifting, will fuel the evolution of both business and the practice of law. What is legal sifting? It is the use of machine-learning algorithms (commonly known as Artificial Intelligence) that use natural language processing to review contract and complex document language. These algorithms are called “Sifters.” They look through a legal document and tell you what important business and legal concepts are present or missing in the document. They offer the user in-context advice from either their lawyers, business leaders, or best practices. In other words, you can skip the time-wasting and expensive process of having a legal document reviewed by multiple levels of attorneys. Legal sifters take your lawyers best contract, and allow a company to apply the legal concepts, requirements and terms to other contracts that the company is negotiating.
These algorithms learn as they are being used. Therefore, they become more efficient as the user utilizes the system. This means that the sifters, by their own nature, become more efficient as the company incorporates them into their practice. Further, they are completely customizable and can be modified and developed as the company develops new practices or changes in the law occur.
The use of these legal sifters maximizes efficiency for a company because they ensure that the user will always have the option to incorporate core legal principals into every document that is reviewed. Further, it encourages the development of best practices for the company. Once best practices are developed, they can be incorporated in the many documents which are the lifeblood of the company. This encourages uniformity and consistency in the company’s practices. In turn this reduces the likelihood of errors in practice. This uniformity is a prerequisite for scalability and growth. In fact, this technology is a great facilitator of scalability and expansion!
An additional benefit of the use of artificial intelligence as a tool is the ease at which the user can not only gather analytics, but also create custom categories for the programs to track and follow. Easy access to analytics provides a new tool for companies to analyses their operations and to make changes. Changes are a constant in business and lead to positive evolution.
Use of sifters also encourages security as fewer individuals are exposed to sensitive company secrets or information. Companies can review documents with confidence and limit the release of sensitive information.
With all the benefits that artificial intelligence can potentially confer upon out clients, it is clear that it must be an important part of any law firm’s growth plan going forward. As companies like LegalSifter refine and develop their machine learning sifters, they will be better able to accomplish the work which was once in the exclusive purview of the attorney. What then will happen to the unprepared attorney? Well, the asteroid example is an apt one. Business migrates toward that which makes it more efficient. Efficiency increases profits. The laws of nature (and business) demonstrate to us that when you don’t evolve, you die out. Don’t be a dinosaur!
Speeding Up Evolution:
LegalSifter is at the forefront of AI innovation and technology in the world of contract law. Artificial Intelligence and Machine Learning provides success and differentiation in almost every industry. Although we all know that technology is a great facilitator of scalability and efficiency, many are not willing to devote the time and energy necessary to implement such systems. By taking this next step with LegalSifter, you can now streamline your best practices from both a legal and business perspective almost instantly without much effort. Please visit us at: https://www.fornarolaw.com/legalsifter/ for more information!