As per the latest information, managed document review was already playing a significant role in reshaping the legal industry. However, by now, in 2023, it’s likely that the impact has become even more pronounced. Managed document review involves the use of technology, artificial intelligence (AI), and specialized teams to efficiently and accurately review large volumes of documents during the discovery phase of legal proceedings.

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Here are some key ways managed document review has been reshaping the legal industry:

Increased Efficiency:

Traditionally, document review was a time-consuming and labor-intensive process, with attorneys manually reviewing documents for relevance and privilege. Managed document review, powered by AI and advanced analytics, has significantly sped up this process. AI can quickly identify relevant documents, saving time and reducing costs associated with manual review.

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Cost Savings:

The legal industry has been historically known for its high costs, partly due to the extensive document review required in complex cases. Managed document review solutions have helped reduce the overall costs associated with this phase of litigation. By automating parts of the review process, law firms and corporations can save substantial amounts of money.

Enhanced Accuracy and Consistency:

Humans are prone to errors and inconsistencies in document review. AI-driven managed document review ensures greater accuracy and consistency in identifying relevant documents, reducing the risk of missing critical evidence or producing inconsistent results.

Scalability:

With the exponential growth of digital data, the volume of documents to be reviewed during legal proceedings has skyrocketed. Managed document review technology can scale easily to handle large volumes of data, making it adaptable to cases of any size.

Focus on High-Value Tasks:

By delegating repetitive and low-value document review tasks to AI and specialized teams, attorneys can focus on more strategic and high-value aspects of the legal case, such as legal arguments, negotiations, and trial preparation.

Improved Risk Management and Compliance:

In addition to litigation, managed document review is also utilized in regulatory investigations and compliance matters. By ensuring comprehensive and accurate review of documents, companies can better manage legal risks and meet their regulatory obligations.

Adoption of Legal Technology:

Managed document review’s success has encouraged the broader adoption of legal technology in the legal industry. Law firms and legal departments are increasingly recognizing the benefits of leveraging AI, machine learning, and analytics in various aspects of their practice.

Cross-Border and Multilingual Cases:

In cases involving multiple languages or cross-border matters, managed document review technology can effectively process and analyze documents in different languages, making it easier to handle complex international disputes.

It’s important to note that as AI technology continues to advance, managed document review is likely to become even more sophisticated, further enhancing its impact on the legal industry in the future. Nevertheless, challenges related to data privacy, ethics, and the integration of AI into the legal practice will need to be addressed to fully unlock the potential benefits of these technologies.