The market – any market – is continuously changing, evolving, and progressing. It thrives on it and thrives on the competition that’s always steadily moving in. Unfortunately, individual businesses can sometimes get the short end of the stick, crowded out, or simply overcome by those who come in with better resources, circumstances, industry expertise. Working harder just isn’t always the key to longevity, anymore. But working smarter can be, which means leveraging good-old know-how and all the tech possible. Making use of LPO and AI is an excellent place to start, improving productivity and ultimately helping you outpace your competitors.
What is LPO?
LPO, also commonly referred to as offshoring, is short for a thing called “legal process outsourcing.” That’s just a fancy term for the process where law firms and other legal corporations outsource to an offshore provider rather than one closer to home. It’s a prevalent practice, present in legal culture since about the ‘50s, and can generate some significant benefits for your business: general growth and cost-saving, just two of many.
How exactly does a company go about implementing LPO? You can take several different strategies, ranging from approaching a vendor outright for services, using an LPO vendor while maintaining a traditional firm (for activity coordination and quality control), mandating the level of outsourcing, or distributing work amongst LPO providers by expertise and merit. All strategies have a time, and a place, but not every one is right for all legal corporations. Consider your needs carefully before wedding yourself to one.
The Intersection of LPO and AI
So, how does AI come into all of this? LPO and artificial intelligence, particularly automation, converge in a number of ways. Both are based on the division of labor principle, delegating processes and actions amongst various departments, people, and entities for best efficiency. While businesses and firms do this in LPO by delegating to vendors overseas, they do this with AI, too, offloading repetitive and logic-based tasks so actual humans can take care of the stuff that needs a personal touch. Offshoring and automation also happen to bring similar fantastic benefits along with them, of which can be magnified and strengthened by implementing the two together.
The most obvious and immediate advantage is – of course – price. Having the bulk of your legal aid set offshore and using AI for more straightforward services dramatically reduces spending. You’re then left with more cash in pocket to put back into the company and devote more complex, less routine work to the employees. But on top of this, the combination also:
- Gives you access to external talent and additional assistance
- Optimize workflow and everyday processes
- Reduce turnaround time
- Add to employee satisfaction
- Increase standardization
Giving It a Go
How you go about combining artificial intelligence and legal process outsourcing is entirely up to you, informed by your corporation or firm’s specific needs and capabilities. The overall look of it should largely remain the same, though, only changed up slightly by the degree you use each. Either way, your outsourcing should be the main event, so to speak, with automation backing it up. The professionals will still be at the lead, but automation and AI can cut down document review time, aid in legal research, automatically draft standardized agreements and contracts, perform due diligence, and speed up diligence checks.
Automated billing systems, AI-driven data analysis, and legal analytics software can also be put into practice and go a long way to reducing workload while driving growth. The result? Your firm prospers, clients are made happy, and hired professionals feel less strain even as they get things accomplished. Everybody wins in the end. People may often feel wary of it, but humans + robots make for one fantastic team.
IntelleXt is an AI startup that is revolutionizing the way contracts are negotiated, accelerating time to close, and improving deal terms. IntelleXt’s Intelligent Negotiation Platform™ eliminates the complexities of contract redlines and stakeholder collaboration and optimizes deal terms by applying machine learning during the negotiation process.