Is Legal Tech only a hype?
Legal Tech – Is this just a buzzword or is there more to it? IntraFind board member Franz Kögl comments on this.
The term Legal Tech buzzes through numerous media and start-ups on this topic are popping up. The topic has also made its way into the universities, where the future lawyers are studying. Munich students, for example, have joined forces in an initiative to bring Legal Tech closer to legal education, and chairs such as the Passau Faculty of Law have already integrated the topic into their lecture plans.
It’s the right way to integrate new technologies in university education. For reasons of cost and competition, there is no way around the digitalization of legal work in legal practice. It is not about replacing lawyers with robots, but rather about relieving lawyers of tedious routine work by using intelligent software and supporting them in complex analyses.
Searching mountains of files quickly with Legal Tech
Contract analysis is one of the typical application scenarios. Specialized software such as Contract Analyzer retrieves data from contracts. It recognizes relevant clauses and important contract contents such as contract duration and involved parties. The software is much quicker – and also more error-free – than humans when searching extensive contracts for specific content. The lawyer can modify the positions suggested by the software, comment on them and, for example, forward them to colleagues. The intelligent system is trained with each processing and learns continuously.
The analysis options can be adapted and extended if it is no longer just a matter of individual contracts, but of connecting and examining numerous documents, such as in due diligence reviews, the comparison of clauses, or simply searching the document stock intelligently.
These diverse analysis options are helpful for law and auditing firms as well as for legal departments in companies. When lawyers can perform standardized routine tasks with the help of intelligent software, this give more time to client consulting and challenging activities that require well thought-out decisions. The cost benefits of faster and more efficient processes can be passed on to clients. This strengthens competitiveness.
So Legal Tech is more than a hype by now. In line with the increasing importance of this topic, there are more and more providers in the legal tech sector. You should check carefully which software manufacturer you entrust with your sensitive data. Munich-based IntraFind Software AG, which specialized in search software for companies back in 2000, offers the latest artificial intelligence methods combined with many years of experience in the search sector with its Contract Analyzer product – software made in Germany.
IntraFind has two central brand promises: The first is: The deep expertise of the customers remains with them- there is no socialization of the user know-how in a knowledge base accessible to all users. And the second is: IntraFind does not make customers dependent. Customers can export the trained knowledge and use it in a new system.