Some services at the law firm are repetitive and demand significant time and focus from professionals. Contract review, in particular, necessitates expertise in legal management and the ability to interpret laws accurately.
Reviewing multiple contracts, often similar, as part of a major deal can be tiring, despite having the skills for the task.
Written paragraphs can convey the same message even if worded differently, but a slight change in wording can completely alter the meaning of an idea. Thus, maintaining organization in legal management, particularly when reviewing contracts, can be difficult.
This article will explain the significance of this activity and how utilizing a technological tool such as HighQ can be beneficial.
Why is it crucial to review contracts in a legal practice?
It’s essential for lawyers to remember that simply reviewing contracts is not the main objective. Clients actually expect lawyers to interpret and clarify the meaning of these contracts for them.
They anticipate you to translate legal terms into everyday language and help assess the risks involved in the contract’s business subject.
The world requires lawyers who possess both a technical perspective and human insight, which is why machine learning and artificial intelligence are being integrated into legal practices to automate certain repetitive tasks.
What does HighQ refer to?
Thomson Reuters has created HighQ, a secure and user-friendly platform that promotes teamwork to improve efficiency and creativity in law firms.
The solution is user-friendly and adaptable, making it easy for individuals with minimal tech knowledge to customize the platform quickly.
The tool helps law firms improve operational efficiency.
How exactly does HighQ operate?
The HighQ tool has numerous characteristics. It is comprehensive, versatile, and equipped with various functions. For instance, it can determine the contract type, specifying whether it pertains to a sale or lease agreement.
The tool can also retrieve and normalize fundamental information from the contract, including details about the involved parties, dates, applicable laws, and other relevant data.
After the data is extracted by the tool, it can be utilized in different beneficial ways. For instance, legal teams can analyze a vast number of contracts or compare clauses easily using HighQ.
The information obtained from contracts can initiate workflows, such as sending a specific contract to an expert for review. For instance, if the tool recognizes a property rental contract, it can automatically send it to your real estate team.
Main advantages for legal firms
A contract review tool such as HighQ is ideal for analyzing and pulling out information from extensive legal contracts.
Law firms can use this tool to reduce the task of managing identical information in documents, allowing technology to handle contract review while professionals focus on strategic legal management matters.
Lawyers provide significant value to clients through their ability to interpret legal language and translate it into valuable business insights.
Machine learning can handle much of the administrative tasks, allowing lawyers to concentrate on providing valuable human work that customers appreciate. This could lead to faster analytics, increased volume, and ultimately, happier customers.
Using HighQ can begin within days, not weeks or months, as the system is readily available in the cloud for quick setup and exploration of its features.
These benefits result in saving time and money, improving productivity, and enhancing customer service quality by allowing HighQ to handle operational tasks in legal management, enabling you and your team to focus on providing a human touch and strategic approach to customers.
HighQ is a platform that promotes faster document review through a collaborative process involving customer participation and approval.
Explore the idea of Legal Collaboration to discover how it can benefit law firms and learn about other legal management tools.