As the legal industry evolves, the future of law is becoming increasingly intertwined with technology, particularly Artificial Intelligence (AI). One area where this transformation is particularly evident is in the creation, review, and storage of contracts. In this blog post, we'll explore how AI is reshaping the legal landscape, making contract management more efficient and accessible than ever before.

Creating Contracts with Standard Open Templates

In the future, legal professionals will have access to a comprehensive library of standard open contracts, serving as the de-facto templates for various legal agreements. These templates will become the starting point for creating new contracts, offering a solid foundation for customization.

AI will play a pivotal role in this process, as it will be responsible for filling in template placeholders and making decisions on which clauses to include or exclude based on the specific needs of each contract. The changes made by AI will be transparently shared with all parties involved, ensuring complete visibility and understanding of the contract's content.

Reviewing Contracts with AI Assistance

The days of manually reviewing contracts line by line will be a thing of the past. In the future, users will upload inbound contracts to platforms like GitLaw, where AI will automatically create a markup of the document. For many basic contracts, this markup will be sufficient for initial analysis.

AI will quickly assess whether the received contract is a standard template and highlight any deviations from the norm. It will also evaluate the level of risk associated with various clauses and the overall contract, providing valuable insights to help clients determine whether additional human review is necessary.

This AI-driven contract review process not only saves time but also enhances decision-making by providing clients with a clearer understanding of the potential legal implications within their agreements.

Efficient Contract Storage and Management

In the future, clients will have the power to manage their contracts efficiently through platforms like GitLaw. They will store contracts in a secure repository, granting access to lawyers as needed. Importantly, clients will retain ownership of this repository, enabling them to easily migrate their data from one legal advisor to another.

GitLaw and similar platforms will offer advanced features to track important elements within contracts, such as renewal and expiry dates. AI will scan historic contracts for potential updates, ensuring that clients are always aware of critical dates and opportunities for contract revisions.

Conclusion

The future of law is being shaped by AI, and the transformation of contract creation, review, and management is just the beginning. With standard open templates, AI-driven contract reviews, and efficient contract storage, legal professionals and clients alike will benefit from enhanced efficiency, transparency, and accessibility in the legal landscape.

As technology continues to advance, embracing these innovations will become essential for legal professionals who seek to provide the best possible service to their clients while adapting to the evolving demands of the industry.

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