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Webinar: Unveiling the Future of Contract Lifecycle Management with AI – A Wolters Kluwer Showcase

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Webinar: Unveiling the Future of Contract Lifecycle Management with AI – A Wolters Kluwer Showcase

Introduction

Hello everyone and welcome to today's webinar. We have an insightful session lined up for you. Before we dive in, here are some housekeeping points:

  • Questions: Use the online tool to post questions which we will address.
  • Technical Difficulties: Use the question tool for assistance from our admin team.
  • Recording: This session is recorded and will be shared via email in the coming days.

Let’s now hand over to our speakers.

Introduction to the Speakers

Welcome everyone. In today’s session, we will explore several areas around AI, focusing particularly on contract lifecycle management (CLM). Hugo will cover the technology aspects of AI, while Margot will provide practical applications and use cases from a lawyer’s perspective—all within 30 minutes.

Hugo Seymour

Hello, my name is Hugo Seymour. I was originally a corporate solicitor focused on sports and fashion law, before moving to Dela where I was COO responsible for data and product. Now, I am the Head of AI for legal software at Wolters Kluwer.

Margot Traba

I've started my career in law at Clifford Chance and later moved to the legal tech space. I’ve been working for over seven years with lawyers and legal operations on understanding the benefits and implementation of AI and CLM systems. Today, I'm here to explore why lawyers don't use AI as much as they could, despite its availability.

About Wolters Kluwer

Wolters Kluwer is a global leader in professional information, software solutions, and services across various sectors, including health, tax and accounting, legal, ESG, and more. With over 120 years in operation, we serve customers in over 180 countries with a team of over 20,000 employees.

Exploring CLM and AI

The Evolution of CLM

From simple record-keeping to ensuring compliance and now to intelligence—modern CLM systems have gone through significant evolution aimed at converting chaos to structure. The current phase focuses on speed, efficiency, and risk mitigation.

Practical Applications of AI

AI’s practical uses include:

  • Speed: AI speeds up lengthy document reviews.
  • Efficiency: Improved report generation and highlighting of contract risks.
  • Risk Mitigation: Early detection of risks leading to cost savings and avoiding unwanted contracts.

The AI Revolution

AI has significantly impacted industries by offering exceptional speed and efficiency. Here are some statistics:

  • Review a set of lengthy documents in one day instead of five.
  • Save 95% on the review time of NDAs.
  • Check 15,000 documents in multiple languages in three weeks with three lawyers instead of five months with ten lawyers.

The Beethoven Analogy

Much like Beethoven, who created his Ninth Symphony under unprecedented circumstances, lawyers can utilize AI to revolutionize their processes. The Ninth Symphony wasn’t created from a comfort zone, and similarly, lawyers need to step out of their comfort zones to harness the full potential of AI.

Hugo's Technical Insights

What is Generative AI?

Generative AI can create new content and make decisions based on instructions. Unlike previous AI models that provided basic analytical outputs, generative AI offers novel and actionable insights.

The March of AI Development

Recent advancements have allowed models to ingest and process larger contexts, which is crucial for understanding entire contracts rather than just individual clauses.

RAG and Its Benefits

Retrieval-Augmented Generation (RAG) offers several benefits: it's auditable, controllable, and cost-effective. This ensures that AI’s output is relevant and accurate.

Future Prospects

With evolving AI capabilities, contract lifecycle management tools will become more transparent, effective, and capable of converting words into actionable steps, enhancing legal processes significantly.

Conclusion

AI technology in CLM offers immense opportunities for speed, efficiency, and effective risk mitigation. The big challenge remains encouraging lawyers to fully utilize these technologies to reshape their practice for better outcomes.

Keywords

FAQ

Q1: What is Generative AI? Generative AI can create new content and make decisions based on instructions, offering more advanced and actionable insights than previous AI models.

Q2: What benefits does AI bring to contract reviews? AI greatly enhances speed and efficiency in contract reviews, saving up to 95% of the time needed for tasks like NDA review and enabling quick identification of risks.

Q3: What is Retrieval-Augmented Generation (RAG)? RAG enhances AI by making it more auditable and controllable. It ensures that AI outputs are relevant, accurate, and based on specific parts of texts.

Q4: How does modern CLM help legal professionals? Modern CLM systems convert chaos into structure, ensuring compliance, detailed reporting, risk identification, and Predictive Analytics to streamline legal processes.

Q5: How should lawyers approach AI in their practice? Lawyers should embrace AI technology to revolutionize their workflows, similar to Beethoven’s innovative approach in creating the Ninth Symphony under challenging circumstances.

Q6: What are the key sectors Wolters Kluwer serves? Wolters Kluwer serves various sectors, including health, tax and accounting, legal, ESG, corporate compliance, and more.