It seems every month we learn about new applications and opportunities for Artificial Intelligence (AI). One of the big players is IBM’s Watson that famously beat the best human Jeopardy player back in 2011. And it’s been learning ever since.
IBM’s Financial Software Solutions group recently announced a new application for Watson. The program automates the review of outside counsel invoices, which can account for as much as 50% of legal budgets for corporate law departments. The program can also identify ways to reduce costs. By analyzing how lawyers spend their time, companies can attempt to negotiate fixed prices for defined legal work. Savings may be as much as 30%. The software may even evolve to provide clients with greater input on legal strategy based on past performance of courts and counsel.