AI Cuts Contract Analysis Time by 98%

A law firm faced slow and error-prone contract reviews, so it turned to AI. The AI cut review time to just one hour and boosted accuracy to 98%, enabling the firm to handle complex legal work faster and more confidently.

Client:

A law firm specializing in insurance, finance, and intellectual property

Problem statement:

● Manual Analysis Bottleneck: Traditional contract review methods were excessively time-consuming.
● Human Error Vulnerability: Manual processes increase the risk of errors with significant consequences.
● Complex Contract Challenges: Modern contracts demand deep legal expertise for accurate analysis.
● Time-Critical Information Needs: The firm required rapid access to crucial contract data for informed decision-making.

Results:

☑️ 98% Accuracy: Tucan.ai’s AI system reduced contract analysis errors by a significant margin.
☑️ 1-Hour Processing: Contract analysis time was slashed from potentially days or weeks to just one hour.

AI Solution:

A law firm faced with slow, error-prone reviews adopted Tucan.ai’s RAG AI system. This AI excels at extracting precise information from legal documents.

● Tucan.ai’s chunking technique breaks down complex contracts for improved comprehension.
● Robust Natural Language Processing (NLP) enables the AI to understand the nuances of legal language and generate relevant responses.
● Retrieval-Augmented Generation (RAG) system combines retrieval and generation, finding relevant contract info and creating accurate answers to user queries.

By aggregating their contracts into a centralized hub, the law firm educated its AI to detect critical patterns and distinctions.

● Lawyers could ask specific questions about the contracts, and the AI would provide concise, accurate answers.
● Source citations for each answer ensure transparency.

Contract analysis used to be a sluggish process for this law firm, but with the RAG system, it’s now a well-oiled machine that pumps out accurate results at lightning speed.

Reference:

1. Case Study: AI-Automated Contract Analysis with 98% accuracy

Industry: Legal Services
Vendor: Tucan.ai
Client: Generic Law Firm