In a Law firm before digitization there were a lot of paper works which involves shifting of files which was wasting of precious hours and money. There was a lot of employee churn in the legal and marketing department, nobody really know where the contracts really kept.
To streamline operations firms made all contracts digitized and bring them into a single platform( Document Management system) after tagging them for keywords so that they could be easily searched when accessed by the firm’s authorized personnel for service. I am talking about a particular law firm Wan bury Ltd which become digital in the year 2014. They purchased this tool DMS from Practice league Legal tech Pvt. ltd a specialized provider of software and cloud based solutions for Law firms and corporate legal departments.
An employee of Wan bury Ltd Vaishali Lotlikhar added that ” I had used this technology at “Glenmark” and “USV” adding that the familiarity helped her to get up to speed. Today if an International business head wants to know to know the particulars of the contract, I can get those details on my laptop within a single click and minute irrespective of in which city I am in she added.
Other firms like Khaitan and company for instance experimenting with technology quite sometime now, according to their CEO(Nilanjan Ghose), they used software for accounting around the year 2007. They started working with practice league to develop our own time and billing solution, which is core to their operations, over time the billing solution morphed into what is now known in legal circles as practice management software. This PMS helps in all kinds of processes including accounting, billing, collections, administration and HR.
Role of AI
Practice League has also begun embedding AI into software. For this it has opted for Watson– an AI tool developed by International Business Machine Corp. If a client wants to analyse a contract sent to it by say one of it’s supplier then Watson is implemented. For instance, if a firm wants to become the supplier of a pharma company it will be required to submit several documents. Based on these submissions, the pharma company will send it back several documents to sign such as non-disclosure agreement or a supplier registration agreement. If done manually a person from the legal department would need to pick up the relevant content and redraft the agreement that would take several hours. With practice league’s document assembly a web link sent to the supplier. Once the required documents are uploaded through the link the tool starts asking questions such as category of suppliers, payment, terms etc. Once these questions are answered a ready contract is automatically prepared through the system for the legal department to review and approve. AI helps the firm in faster turnaround times for cases and in due diligence on contracts but human intervention and proper checking is also required. For example certain words is mispelt and thus unreadable by the machine so you need somebody to go through it.
AI and digitization have completely changed the face of doing business in every industry.