Haystream | AI/Machine Learning in the Cloud | New York
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Navigate the ocean of Legal Information with AI and Machine Learning
In today’s environment, all businesses require a deep and practical knowledge of law across all disciplines in your organization and outside. For all companies, this means working with many different internal and external legal resources to handle the complexity and scale across the globe. As the regulatory and risk environment continues to increase business risk, the costs have spiraled upwards, and business leaders are pushing their corporate legal teams and external partners to drive efficiency and reduce costs.
Despite all the investment, legal teams continue to grapple with the significant challenges, including
• Cost of outside resources, including outside counsel
• Finding and sharing information with internal teams and clients
• Finding people with the right legal expertise within and outside their companies
• Keeping on top of changes to laws and regulations
While technology and innovation have made some improvements in the areas of matter management, spend management, and workflow management, these are often disjointed and nibble away at individual pieces of the puzzle. The result is parallel systems, overlapping procedures, spreadsheet, emails and memo based processing, and frustrated lawyers and their business and external clients.
Our team can help you develop a target state automated operating model, leverage AI/ML/NLP and search solutions that are fit-for-purpose for your organization’s specific challenges.
Please also contact us for a demonstration of our AI/ML/NLP platform which can
• Quickly digitize contracts and other legal documents with accuracy over 96%
• Extract key clauses, phrases, and elements from digitized documents (including hand-written notes) and route for review/ approval
• Identify, extract and evaluate business terms and conditions in contracts
• Recognize, classify, process and archive legal matter, documents and emails
• Quickly find similar cases or matters
• Analyze payment contracts and reconcile with Accounts Payable to cut down duplicate payments or payments for incomplete work
• Rate the work, and tag legal matter for future reference