In the legal industry, the role of artificial intelligence (AI) in the legal industry is gaining ground. Organizations are using this technology to increase accuracy and speed across different stages of contract management, including drafting, review, and negotiation stages.
This comes as no surprise, considering AI can significantly streamline the contracts process with superior results. However, this is not to say that AI takes the human element out of contract analysis. AI requires human supervision and review to manually annotate and tag huge volumes of contract data. Not to mention, training and managing the AI models for optimal performance.
Turning on the AI switch? Not as simple as you’d think
Just like humans need food and water to thrive, AI needs data and training to perform actions at a high level of accuracy a fundamental requirement for businesses and legal applications. To build a high-performing AI system, you need specialists who can train your contract management software to classify contracts automatically. In the training phase, structured data annotated in contracts is fed to the AI through annotation, thereby creating the training data set. At this stage, a high degree of skill and supervision is required to ensure you have the right parameters in place to generate quality information. Ensuring a quality AI system will not only help you establish a scalable model with a greater degree of precision.
What do legal companies need to create a foolproof AI system?
The answer is simple expertise with a scalable legal team. AI training is a resource-intensive exercise that needs the right expertise and skills to handle the contract data annotation/labeling. While AI remains an invaluable investment, legal companies often put off this exercise for a later date since it requires skilled manpower, which is a challenge for already understaffed legal teams.
But, there is another way to get the support you need.
Partnering with Cenza to scale your AI implementation
Bringing onboard specialists can support and smoothen your AI implementation process. Cenza offers deep expertise in the field. In the past, we’ve worked with several legal AI companies with demonstrable success.
For example, one of our US-based clients, an AI-powered contract management platform, was looking to train the AI in reviewing contracts but required lawyers to manually annotate and tag huge volumes of contract data. Cenza assembled an expert contract review team to ensure that the data would be annotated and tagged with the utmost accuracy to satisfy the high standards of the clients’ Data Science & Product team. To read the complete case study, click here.
Our services are fully customizable and designed depending on the complexity of the project, and our teams include both lawyers and non-lawyers. For example, non-lawyers manage the pre-processing tasks like Optical character recognition (OCR), contract data annotation on simple agreement with standard properties. On the other hand, lawyers are involved in high complexity data annotation work such as contract redlining or complex agreement review. These projects are overseen by expert lawyers and seasoned project managers.
By providing services that are designed to help you train your AI faster, Cenza helps in unlocking higher value and greater efficiency in the contract management process.
If you are looking to bring human expertise to your AI platform and train your AI faster, let’s get on a quick call to discuss your unique needs and how we can help. Book a call right here.