In many ways, contracts provide perfect fodder for innovation and expansion of artificial intelligence (AI) into the legal world. Contracts are often mechanical, highly organized and filled with boilerplate language. They can also be exceedingly long and unwieldy, taking huge amounts of time and resources for attorneys to parse the content of a contract and assess its merits or needs.
“The neat thing about contracts is that they’re kind of neatly organized,” says Bennett Borden, chief data scientist for Biddle & Reath. “The algorithm breaks those documents up into a bunch of constituent features.”
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