Legal Outsourcing 2.0 uses artificial intelligence-enabled solutions in everything we do. We help create artificial intelligence solutions and create solutions employing artificial intelligence daily. There are some areas of law where artificial intelligence enabled solutions are common place, such as document review. There are other areas where it is not, such as contract extraction. But the fundamental question is, why does it make sense to use artificial intelligence-enabled solutions?
Artificial intelligence-enabled solutions are better, faster and less expensive than traditional approaches. When you think through the nature of the work they are replacing, the first two factors are obvious.
Contract extraction and document review is tedious and the person who performs those services at times can feel like a zombie. When people feel like zombies they are more likely to make mistakes. A computer solution does not have feelings, so it never feels like a zombie. The computer does not need a lunch break. It continues on and on and on, like the Energizer Bunny. The lawyer using the tool spends more of their time doing tasks that they were trained for and is happier doing so. The result is fewer errors, faster speed and happier reviewers. Happier reviewers make less errors. They also tend to stay around longer so you have a higher quality workforce with retained knowledge and training.
The third factor for using an artificial intelligence- enabled solution is cost. Legal Outsourcing 2.0 passes on the decreased labor costs associated with the artificial intelligence solutions we employ to our customers by way of lower pricing. Legal Outsourcing 2.0 can extract data from contracts using our artificial intelligence factory approach at about 2-3 times the rate than others do using a traditional approach. After we account for the cost of the artificial intelligence piece our pricing is about 40% to 50% less expensive than those using the traditional approach.
So, why does Legal Outsourcing 2.0 use Artificial Intelligence and Natural Language Processing Technology? For three reasons. Our customers are happy because they get better, faster and less expensive services. Our employees are happy because their work is less boring and they spend more time doing what they are trained to do. Management is happy because the first two reasons provide the means to successfully grow the business.
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