Legal industry research indicates a need for smarter contract technology and AI-integrated contract automation tools show clear upward potential
TAMPA, Fla. ā Mar 13, 2024 – Intelligent contract automation platform, Docubee in partnership with legal media and research company ALM shared a revealing study that found 79% of legal professionals still rely on traditional paper or Word documents. This prevalent use of old-school methods underscores concerns about security and client experience in the legal industry.
Current contract automation trends identified in the study suggest that the legal industry is on the brink of embracing AI technology. An impressive 64% of respondents are either already leveraging AI or have shown interest in weaving it into their practices in the next two years.Ā
āThe trends in AI and document automation in the legal sector are promising,ā says Docubee President, Steve Wilson, āIt’s becoming increasingly clear that AI is on track to become an essential part of legal operations in the near future.ā
Further, the research found that 62% of legal professionals require contract automation tools capable of meeting security and compliance standards to even consider implementation. A significant reduction in day-to-day operational time is also crucial as time-saving was identified as the primary benefit by 41% of the legal professionals surveyed.Ā
Search and automation features were reported by 50% of users as the main reasons for adopting AI. Though there is still uncertainty about where AI fits into the industry, the research emphasizes the importance of these tools in streamlining and enhancing the efficiency of legal operations, specifically through document generation.Ā
Despite some resistance to change, 59% of respondents are interested in or planning to implement a contract automation tool soon. To aid in the transition, the survey revealed that 75% of respondents want a legal contract automation tool that is compatible with and resembles trusted existing tools such as Microsoft Word and 32% noted that prominently displaying key details such as dates and action items are important for easier insight into document status. By mirroring familiar systems and offering features that increase efficiency, these tools can help teams overcome the learning curve and easily integrate new technology into their existing workflows.
Docubee’s intelligent contract automation platform, designed to cater to the needs of legal professionals, provides essential features respondents identified as critical for success:
- User-Friendly Interface: Features a Word-like interface designed to reduce the employee learning curve.
- AI Capabilities: Incorporates smart AI to support document generation without replacing human jobs.
- Security & Compliance: Maintains up-to-date security measures to ensure efficient and secure operation.
- Real-Time Editing and Conditional Logic: Facilitates seamless document creation and promotes time-saving automation.
- System Integration: Simplifies access to documents and integrates smoothly with existing systems.
Docubee goes beyond traditional contract automation by integrating smarter AI, offering legal professionals the tools necessary to elevate their firm’s performance and growth with safety and security at its core.Ā
To learn more about Docubeeās legal solutions and read the full white paper, visit www.docubee.com/alm-whitepaper.
About Docubee
Docubee, an Accusoft brand, is an intelligent contract automation platform that lets businesses create, manage, sign, and track digital contracts in one secure platform. Docubee powers contracts by enabling users to gather vital customer data, create contracts using tools like generative AI or pre-built templates, and connect pieces of the process with dynamic workflows. Users can integrate Docubee with their existing site or platform via the API or connect to thousands of apps and CRMs using native and webhook-powered integrations. For more information, visit docubee.com
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