AI and machine learning (ML) tools are revolutionizing legal processes in 2024. LegalEase’s legal tech experts explore the emerging world of AI-powered legal technology and forecast how these tools will modernize legal in 2024 and beyond. In addition, legal departments will need to stay compliant with rules and regulations while utilizing these tools.
Naseeha Machingal
Director – Client Success
Tech-powered DEIB & ESG Policies to Drive Revenues
Firms will intensify their efforts towards creating and implementing Diversity, Equality, Inclusion and Belonging (DEIB) policies, with a growing emphasis on leveraging technology for effective policy monitoring. In 2024, there will be a surge in companies that will focus on systemizing Environmental, Social, and Governance (ESG) tracking and reporting, leading to an increase in ESG tools. The purpose of ESG tracking and reporting will extend beyond regulatory compliance, aiming to mitigate tangible risks and uncover opportunities for companies. As accurate and actionable ESG insights integrate into operations, the potential for new business models and revenue streams may emerge.
Appeared in Law.com on January 22, 2024
Tariq Hafeez
Co-CEO
Mitigating Threats Involved With AI Tool Usage
Advances in technology and AI will have positive and potentially detrimental effects on privacy. On one hand, cutting-edge tools can enhance privacy protection. Advanced encryption, robust data anonymization, and AI-driven, privacy-preserving technologies are helping individuals and organizations safeguard their sensitive information like never before. However, this same technology can spawn privacy threats. AI’s ability to analyze data can pose surveillance and data breach risks. Interconnected smart devices can collect personal data that could lead to privacy violations if mishandled. Deep fakes and other AI-generated content raise concerns about information authenticity and potential impersonations.
Appeared in Law.com on January 10, 2024
Naseeha Machingal
Director – Client Success
Improving Employee Engagement to Drive Hybrid Work Models
As the global landscape undergoes a transformation, the prevalence of a full week of 100% remote work is diminishing. The pendulum is now swinging toward hybrid models. addressing the dynamic needs of both businesses and the workforce. This shift aims to strike a balance between in-person team creativity and the autonomy of remote work, fostering collaboration. Amidst this evolution organizations that invest in personalized, data-driven, and immersive learning experiences for employees, coupled with gamification programs for engagement, will be well-positioned to achieve sustainable growth and success in an increasingly competitive and dynamic business landscape.
Appeared in Law.com on January 18, 2024
Tariq Hafeez
Co-CEO
AI Tools Improve Already Successful CLM Software
In the ever-evolving landscape of legal operations, the role of CLM systems and generative Al is set to grow exponentially. These technologies have already revolutionized how organizations manage, review and create contracts. Generative Al promises to make drafting and reviewing contracts easier and more cost effective. Al-powered tools can generate templates, extract key clauses and even suggest edits, significantly reducing time and effort. This enhances efficiency and minimizes error risks. We can expect to see more synergy between CLM systems and generative Al. Together, these technologies will streamline contract management further, increase productivity and cost savings, and enhance compliance.
Appeared in Law.com on January 12, 2024
