AI Legal Assistant Software supports legal professionals in performing tasks more efficiently and accurately. These tools may incorporate technologies like natural language processing, machine learning, and legal data analytics to automate document review, legal research, contract analysis, compliance checks, and case prediction. These tools can quickly sift through vast amounts of legal texts, identify relevant precedents, and even draft legal documents, saving time and reducing human error. By streamlining routine legal processes, AI legal assistants help law firms, corporate legal departments, and individual practitioners focus more on strategic decision-making and client service.
Gartner defines the advanced contract analytics market as solutions that use AI techniques such as natural language processing, machine learning and generative AI to analyze in-progress or executed contracts to extract provisions and create structured, usable data. This data can be analyzed to highlight deviations from enterprise standard provisions, identify missing provisions, score risk, and recommend process or provision changes.
Gartner defines contract life cycle management (CLM) market as a solution that proactively manages contracts from initiation through negotiation, execution, compliance and renewal. In this context, a contract is any agreement or contractual document containing rights and obligations that affect an organization now or in the future (e.g., a nondisclosure agreement). CLM solutions allow organizations to create, negotiate and store contracts in a centralized repository. Using these solutions helps mitigate organizational risk by enabling regulatory and policy compliance, providing governance over what is signed and with whom, and role-based access to terms and obligations with third parties. CLM solutions drive visibility, consistency and efficiency in the contracting process across an enterprise. Use cases are primarily aligned to parts of the process, such as presignature and postsignature. Different departments often prioritize a certain use case based on their involvement in the contracting process.