August 10, 2023
Third party paper has always been a significant blocker to productivity, creating a large volume of challenging manual work for legal teams that consistently leads to frustrating outcomes like increased negotiation times. With the administrative burden already piling up for legal teams, eating up time that could be spent on things like strategising growth or mitigating risk, which is of much higher-value to the business, third party paper review is a problem that needs to become a thing of the past. Thanks to the potent combination of in-house legal expertise, the most advanced machine learning techniques and powerful LLMs fine-tuned for the legal use case, this isn’t just a pipe-dream for legal teams anymore, it’s now reality.
August 10, 2023
Stuck reviewing unfamiliar third party contracts that drain your time? We know it's an uphill battle to efficiently review external documents you've never seen before. But what if there was a way to quickly understand third party terms and suggest edits, without getting bogged down?
In this post, we'll explain how large language models can now read and comprehensively review third party paper in seconds. You'll learn how this advanced AI helps legal teams instantly gain visibility into external contracts, enabling faster turnarounds without compromising oversight. Read on to transform third party paper review from a productivity blocker to an easy win with the latest legal technology.
Reviewing third party paper is much like the uphill challenge of a sports team playing away from home. Even a casual sports fan understands that there’s a lot of advantages to playing at home, which is why your odds of winning those fixtures are boosted.
In legal work, you’re in the opponent’s territory with third party paper - not in your own element, so you have to spend longer screening for risks and isolating unfavourable terms. Winning here would be getting the job done quickly and thoroughly.
With unfamiliar language, unfavourable terms and a lot of potential unknowns littered throughout, reviewing third party paper creates a significant amount of manual work for legal teams that understandably distracts them from higher-value activities like developing business strategy, risk mitigation and supporting new revenue streams.
All the manual work involved in reviewing third party paper only leads to two outcomes: delays and increased negotiation times. This is the source of frustration for all legal teams as they want to help enable the business to get deals done faster.
Despite the substantial challenges that it has always posed to legal teams, there hasn’t historically been technology available to them that’s been able handle the complexities of third party paper.
Extracting data from third party paper to carry out technology-assisted review has historically been a near impossible task. Legal teams, often relying on rigid tools like CLMs, haven’t benefitted from access to a comprehensive solution that can support with contract review on both their own paper and third party paper.
If you are not sure where to start, read our white paper on selecting legal tech solutions. The paper provides insights on how legal teams are leveraging AI to increase efficiency with tasks like third-party paper reviews while managing costs.
Featured resource: No more CLMs: The search for better legal tech
In the last 6 months, coinciding with the growing applications of large language models (LLMs) which have driven the explosion of AI-powered technology capturing global attention, the solution to the third party paper problem has now presented itself.
As their core capabilities are rooted in processing large amounts of text, LLMs are fundamentally suited to tackling much of the work that typically takes up a large portion of legal team’s day-to-day activities.
Crucially, this means that they are able to absorb and analyse lengthy legal documents in just a fraction of the time it takes a lawyer to do the same thing.
This is exactly the type of time-consuming, manual task that reviewing third party paper requires, creating persistent blockers to productivity for legal teams and preventing them from focusing on the higher-value work where they excel.
By harnessing LLMs and their ability to instantaneously read and review large amounts of text, dealing with third party paper is now possible for legal teams.
As they’re trained on massive datasets of text, LLMs are also able to build a strong general understanding of language, so they aren’t puzzled by the variables found in third party paper, which means they possess the necessary flexibility to both read and understand it.
Having absorbed all the content within the third party paper, LLMs can then extract any key information in a matter of moments, not only giving legal teams the necessary amount of oversight they require, but also streamlining and simplifying this tedious, challenging manual process that at once seemed impossible.
Robin AI are a team of legal, AI and machine learning experts that combine the knowledge of human lawyers and the power of LLMs to enable legal teams to fly through their contracts.
Our Review module is powered by fine-tuned LLMs that can suggest edits based on bespoke playbooks of a company’s preferred positions and provisions, which makes managing the usually complex markup process of third-party paper much more efficient for legal teams.
Our tools help legal teams cut negotiation times by up to 80% with best-in-class AI functionality, such as automated editing to minimise redline and pre-defined fallback positions to enable consistent, back-and-forth negotiation.
Third party paper has always been a significant blocker to productivity, creating a large volume of challenging manual work for legal teams that consistently leads to frustrating outcomes like increased negotiation times.
With the administrative burden already piling up for legal teams, eating up time that could be spent on things like strategising growth or mitigating risk, which is of much higher-value to the business, third party paper review is a problem that needs to become a thing of the past.
Thanks to powerful LLMs fine-tuned for the legal use case, this isn’t just a pipe-dream for legal teams anymore, it’s now reality.
Sign-up for a free Robin AI account today and see what day-to-day legal work without the problem of third party paper review looks like.