Conversations to contracts with chatbot ASA. One significant challenge that many law firms face is the high cost associated with drafting legal contracts. This case study explores our AI, machine learning chatbot that generates legal contracts with substantial cost savings by reducing turnaround times from weeks to less than an hour.
Our client is a medium sized law firm in the UK that frequently produces employment contracts for their clients. They sought a solution to streamline their contract drafting process while reducing legal costs, they have weeks of people costs with a client limited fee charged. The client was keen to explore a more cost-effective approach.
The Solution: AI, Machine Learning Contract Generation Chatbot
To address the client's challenges, we implemented a client facing AI-powered chatbot that generates Employment Contracts. It does that by asking questions and gathering answers - that then informs the type of contract it generates, anything from a graduate to a directors employment contract, it will select appropriate clauses based on the answers it gets – all with little or no lawyer intervention.
Key Features and Benefits
Efficiency: Once trained the AI chatbot removes the time a lawyer would have taken to draft a contract, because it completes the transaction with little or no human intervention. This efficiency translates into faster execution, improved business agility and customer satisfaction.
Cost Savings: The cost savings are substantial. While it previously cost the internal legal team weeks to draft a contract that now is done in less than an hour. The AI chatbot's service costs are small transaction costs which represents an impressive increase in profit because no human intervention is required to produce the contract.
Consistency: The AI chatbot ensures consistency in contract language and clauses, reducing the risk of errors or omissions that could lead to legal disputes.
Accessibility: The chatbot is accessible giving access to justice 24/7, so users can generate contracts at their convenience, without the need to coordinate with legal professionals.
Implementation and User Experience: Users simply interact with the chatbot through an already familiar interface, providing information about the contract's purpose, parties involved, and specific terms. The chatbot uses this input to generate a customise contract.
Contract turnaround times have been reduced from weeks to less than an hour, enhancing their ability to secure new business opportunities. Looking forward, the client plans to expand the chatbot's capabilities to handle more complex contract types. In the meantime they are building a comprehensive database of legal precedents and best practices, providing users with access to expert legal knowledge that generates more business in the process.
This case study exemplifies the significant advantages of harnessing AI and machine learning in the legal industry, enabling businesses to achieve substantial cost savings while enhancing efficiency and effectiveness in contract management.
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