The evolution of legal tech: What’s next?👇
For years, in-house legal teams have worked around rigid, unstructured contract data.
AI is changing that. 🦾
We’ve moved from document management (getting contracts signed and stored) to structured data (AI-powered risk analysis and audits).
Now, the third wave is here: AI that flags issues, but also acts on them.
Imagine an AI that renegotiates contracts, responds to inquiries, and executes tasks for you. 🤝
Where is your legal team in this shift? ⬇️
This video is from an episode of The Vertical SaaS Podcast with Gavin Savage and our Global Head of Alternative Assets, Frederik Muelke.
Could you summarize the, the waves of innovation over the past, if you could do it in 10 years, but maybe in waves 1-2 and three, I don't know where we are and legal tech. The 1st wave is document management. Yeah, right. It's things like you've got this, this rigid unstructured contract data documents and you're pushing them through some predefined loop, but trying to get them signed. You're trying to get them in and out of storage to plug into certain workflows. The second wave is happening right now if you're asking me so. You find a way of structuring that data. So I know that I've signed 10,000 vendor agreements and the payment terms are all over the place and the renewals are all over the place and and I now leverage AI to help me structure that data into something I can use to do a task to run an audit to diligence and asset whatever it is. The an interesting development that has already begun is always overlap between the waves that we're seeing is then. Using a genetic systems or agents to use that structured data that you're now able to create with AI to do something, to send that e-mail, to make that call, to reply to that inquiry that you've had. And so we're going from rigid and unstructured to agile and structured, but we're still going to organising information for the human in the loop to then do a task. I think something that's gonna be really interesting, and naturally we're already working on it, is to have a I help you perform the actual task.
