The AI contract intelligence market is evolving with the spread of awareness As with any new technology, AI also has innovators or early adopters and others who are lagging behind or adopting a wait-and-see attitude. However, given the huge potential of AI and the legal landscape, it makes sense to deploy it as soon as possible. According to Thomson Reuters, 83% of the most aggressive AI users have already reaped real benefits.iv However, the application of automation and AI technologies promises to change the equation. The legal landscape of companies has huge potential for efficiency and productivity, for example, supply contracts are paramount in any large technology company. The volume is high and consists of different extension dates and renegotiation conditions. To ensure that no renewal or discount opportunities are missed, hundreds of hours of work are required to track all the integrated information. In the Indian market, Wipro is a leading provider of IT solutions and services to the enterprise segment in India, providing systems integration, network integration, software solutions and IT services. Today, the Office of the General Counsel is inundated with transactions. To arrive at an opinion, the legal team has to spend about 60-70% of their time collecting data to sift through past references, standard positions at the time, etc. This hinders tracking the number of contracts and consistency between contracts. Corporate legal departments are facing a huge shift in expectations due to increased cost sensitivity combined with regulatory and risk pressures. More than ever, General Counsel are required to ensure global compliance with new regulations and standards such as GDPR, HIPPA, ISDA, IFRS 16, ASC 842, ARR and others. The entry of established and neighbouring players into an emerging market is a sign of good times.
This is what is happening now with the outsourcing of legal processes. In July 2008, Wipro began providing U.S. patent and trademark filing and registration services to Microsoft`s Intellectual Property and Licensing Group. Microsoft had previously used a mix of in-house resources, external law firms, and offshore vendors to perform these IP services. The move to Wipro, with its extensive BPO experience, global reach, and global deployment capabilities, has ensured not only efficiency, but also consistency in the way Microsoft does business. Wipro`s Corporate Legal Management Solutions (ELMS) practice helps clients transform their legal operations by leveraging legal expertise combined with cutting-edge technology. We ensure operational efficiency so that our clients` in-house legal teams can focus on strategic priorities. Our range of services includes: Another positive sign for a market is when established players enter it. Infosys and Wipro are two of the largest and most successful outsourcing companies in India. On April 28, the Economic Times reported in Wipro`s LPO newspapers that Wipro “has begun offering legal process outsourcing (LPO) services.” As Wipro notes on its LPO website, “With the increasing focus on profitability and cost reduction by businesses and law firms, things are starting to change – and as in many industries, outsourcing plays a key role.” Previously, on November 5, 2007, the Economic Times reported in Law & order: Infosys to embark on LPO business. (For more information, see the Infosys LPO website.) India: Radhika Mahadevan Wipro Technologies +91- 9945042603 email@example.com Mangala Koti Singhal Gutenberg Communications +91 9686446789 firstname.lastname@example.org We leverage our domain and technology expertise, in-house artificial intelligence and machine learning (AI-ML) tools, and technical and legal experts. Combining our expertise with technology ensures that data and information work harder for our clients, enabling them to effectively manage their business, brand value and reputation.
Our robust fraud management helps businesses combat transactional fraud, loyalty fraud, identity theft, account compromise and vendor payment fraud. In order to respond strategically and effectively to the demands of business evolution, it is imperative that legal departments evolve rapidly. As the volume of work increases, low-cost legal departments are building legal operations teams to drive better business outcomes and move up the industry`s entire value chain. Figure 1 illustrates the main activities of legal activities. As a team of legal engineers, risk managers and design thinking experts, we are passionate about transforming legal and risk management. We develop close working relationships with our clients in order to transform the work environment and offer unparalleled services. We specialize in legal management services, including contract management, corporate compliance, legal administration and analysis, intellectual property management, and process management. “The success of this partnership is a testament to the innovation and dedication of Microsoft`s IP team and Wipro`s LPO solution experts,” said Saju A. Joseph, General Manager KPO & LPO Solutions, Wipro Technologies.
“Wipro will continue to integrate legal expertise into processes and technology to reduce overall legal costs for our clients,” he added. AI in the legal field: the key to realizing the full potential of digitalization [iv] Thomson Reuters – legal.thomsonreuters.com/en/insights/infographics/early-adoption-is-an-investment-that-pays-dividends The autonomous vehicle industry is growing rapidly and countries are adapting to this change by putting in place a regulatory structure and legal framework specific to autonomous vehicles. The regulatory amendments affect important aspects of the development, manufacture and deployment of autonomous vehicles. The autonomous vehicle industry also raises important issues related to privacy, intellectual property and product liability. Wipro`s Enterprise Legal Management (ELMS) solutions help organizations adapt to the changing legal and regulatory landscape and ensure compliance with the latest requirements. In addition to lawyers` valuable time, manual review can also put businesses at risk of losing potential revenue as the days go by. By leveraging AI technologies, companies can speed up the entire process, and AI models can also be trained to read variations in legal language to ensure contracts are designed while maintaining the default position and optimized to better realize value. I started writing about legal outsourcing (onshore and offshore) five years ago. Since then, the LPO market has grown.
There have been countless articles in the legal and mainstream press (the most recent being Contract with India: Legal outsourcing, Financial Post, 25 April 2008). And the number of LPOs followed by Joy London and myself is now over 100. As a legal and compliance services partner, Wipro digitally provides developed knowledge-based services for your business processes to improve compliance and make business decisions. Sacin leads the development of the Wipro HOLMESTM product suite for various business functions such as legal and human resources. With over 20 years of industry experience, Sacin has been instrumental in developing AI-based solutions that have brought significant benefits to customers across all industries. He currently leads the development of AI products such as contract intelligence and cognitive digitization. UK: Rahul Kadavakolu Wipro Technologies +44 792 020 5496 email@example.com future of AI in legal services: towards better, faster and more cost-effective legal services By uncovering hidden risks and enabling advanced analytics, AI will help better integrate the legal risks associated with overall organizational risks. It will accelerate the legal function to keep pace with business, establishing it as a strategic value-driven partner rather than just a reactive cost center. This change will make legal activities faster, better, easier and more profitable – a win-win situation for lawyers and their clients. The main activity of a lawyer is to decide, advise and ensure accurate decision-making, he is always looking for information spread over contracts. There is a need for the legal operations team to grant lawyers access to timely data. To make this possible, the right technology to manage the contract lifecycle and legal documents is paramount.
Contract management is cited by nearly 70% of legal departments as one of their most important contributions to the company`s strategic growthii. However, according to IACCM, 9% of annual revenue is eroding due to suboptimal contract conditions combined with a lack of effective contract managementiii. Artificial intelligence is changing the legal landscape by enabling lawyers and legal teams to move from transactional activities to higher-level tasks such as advising clients, negotiating transactions, and conducting risk assessments.