How Today’s Legal Professionals Are Using AI for Due Diligence
Due diligence is an essential task for many legal professionals, providing clients with vital information concerning their M&A success. And while due diligence is vital for assessing risks and structuring an agreement, it can also be exceedingly time-consuming.
Modern law firms are increasingly turning to the power of iManage’s artificial intelligence in their due diligence tasks. Dedicated legal AI technology for due diligence speeds up the process, eliminates manual inaccuracies and allows legal experts to foster a better relationship with their clients.
Manual Due Diligence Tasks Are Inefficient
From preparation and goal-setting to the investigation and categorization of financial statements, contracts and other vital information, the due diligence process is an arduous task. The process requires gathering documents saved across systems and hard drives, analyzing each text for key data points and creating a due diligence report based on content findings. Legal professionals spend significant time and money on each task — valuable resources that could be used elsewhere.
Time constraints often limit this process, and many attorneys work late hours or hire outside resources to meet many demands in the allotted time. This issue can increase frustration across the company, decrease employee morale and even lead to inaccuracies that could affect the entire deal’s integrity. Correcting these errors, however, further elongates the process and decreases client satisfaction.
Artificial Intelligence (AI) presents a solution to these challenges. Technological advances have transformed the way many businesses conduct due diligence. With AI technology, law firms can perform more tasks in less time while ensuring greater accuracy in their reporting.
How Can Artificial Intelligence Improve Due Diligence?
AI specifically designed for due diligence can automatically search through a host of unstructured documents and contracts stored throughout your organization’s system and extract essential content within these documents for your review. AI works just like a human — except that it sorts through documents remarkably faster, saving your company precious labor hours that can be used more productively elsewhere.
Once the AI interprets and analyzes the data, it exports key data points into Excel or another third-party system for side-by-side review. At this time, attorneys can review and further interpret the data, which is now available in an easily scannable and comparable format. This process increases the speed at which lawyers can deliver their analysis to their clients.
Modern technology is essential to ensure the efficiency of your document sorting and review and the elimination of manual errors. For the most reliability and efficiency of any legal AI diligence engine, many legal professionals are turning to iManage M&A Due Diligence Robot to streamline their due diligence practices.
Streamline Your Due Diligence Process with iManage’s Diligence Engine
While technology won’t likely replace every aspect of the due diligence process, iManage M&A Due Diligence Robot — powered by award-winning iManage RAVN technology — has helped businesses significantly improve their due diligence practices through increased automation. In one real-world example, iManage RAVN Extract for Due Diligence was able to replace 800 hours of manual due diligence labor with 40 hours — including data configuration, processing and output.
Law experts experience a host of benefits with iManage’s industry-leading due diligence technology. With our legal AI for due diligence, you can:
- Save time and reduce overall costs in the due diligence process
- Eliminate costly human error and the need for manual checks
- Redeploy staff to focus on more productive tasks
- Increase the efficiency of your operation
- Give your organization a unique competitive advantage
- Boost employee morale with streamlined business processes
- Organize the deal room by quickly identifying document types
Learn More About iManage’s Machine Learning for Due Diligence
By combining the power of AI technology with industry-leading document management solutions, iManage has transformed 3,000 professional services firms globally, changing the way in which they approach their everyday tasks — including due diligence. iManage can help you work safer, smarter and more efficiently than ever before, by automating your due diligence processes and other manual tasks.
Ready to see why millions of people trust iManage to streamline business operations and deliver exceptional products? Contact us today to request a demo or receive more information about our full line of solutions for today’s top legal professionals.
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