by Angela Guess
According to a recent press release, “Artificial intelligence has overtaken lawyers for the first time in a staple of the legal profession – accurately spotting risks in everyday business contracts. In a new study, LawGeex, the leading AI contract review platform, has achieved an average 94% accuracy rate at surfacing risks in Non-Disclosure Agreements (NDAs), one of the most common legal agreements used in business. This compares to an average of 85% for experienced lawyers. The study pitted the LawGeex AI solution against 20 US-trained top corporate lawyers with decades of experience, specifically in reviewing NDAs. The participants’ legal and contract expertise spanned experience at companies including Goldman Sachs and Cisco, and global law firms including Alston & Bird and K&L Gates.”
The release goes on, “Both the lawyers and the LawGeex AI analyzed five previously unseen contracts, containing 153 paragraphs of technical legal language (‘legalese’), under controlled conditions precisely modeled on the way lawyers review and approve daily contracts. This is the first time that an AI has been tested with a typical task undertaken by lawyers on a daily basis. The highest performing lawyer in the study achieved 94% accuracy – matching the AI – while the lowest performing lawyer achieved an average 67% accuracy. The challenge took the LawGeex AI 26 seconds to complete, compared to an average of 92 minutes for the lawyers. The longest time taken by a lawyer to complete the test was 156 minutes, and the shortest time was 51 minutes.”
Check out the full infographic below. Read more at PRNewswire.
Photo credit: LawGeex