The value offered by contract review enhanced by artificial intelligence is simple enough: reviewing contracts is challenging, so there’s a benefit to having someone look over your shoulder and offer advice, if you want it.
But to really appreciate what it offers, you have to understand the stuff you can expect to review. It’s not pretty.
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I understand why we’re seeing so many “NLP for contracts” companies, from the legal side and the tech side. But I try to remember to see things from the client side.
How would we feel if our doctor came in bubbling about their new drug-testing chemistry set, prescribed us all compounded medicines, and then proceeded to enthusiastically test them all in the office, just to be sure?
We lawyers share a fairly rich vocabulary of categories of contracts. NDA. MSA. SPA. Settlement agreement. Quitclaim deed. Offer letter. Doctors have these, too. SSRI. NSAID. Corticosteroid. Beta blocker. And so on. But doctors also share a rich vocabulary of specific drugs, the things that actually go into patients’ hands. We lawyers don’t.