AI-Contract Management Popular But Not Widely Implemented

A survey of corporate lawyers reveals a technological gap in respect to contract management. Eighty-five percent believe that AI-based contract management software would be beneficial, but the same percentage think their departments are not up to speed on contract automation. The strongest benefit of AI is that it frees attorneys to concentrate on high-value work with business and legal strategy implications, according to three-quarters of interviewees. The study was conducted early this year. The respondents, who were contacted by phone, were lawyers who manage contracts and related documents in North America. They work for companies in telecommunications, finance, healthcare, and insurance. The vast majority, more than 80 percent, believe that AI-based contract management software would produce a range of individual benefits, from providing consistency to finding particular terms used in creating contracts, but less than ten percent have fully digitized their contract management systems. The cost of reliable software is the biggest impediment. Companies with more than $500 million in annual revenue are the most likely to purchase a system.