Every so often we see technology take a giant leap forward. I believe Ironclad’s Jurist could be one of these leaps, when it comes to contracting.
While watching a demo of the tool yesterday, I couldn’t help but think of Amara’s Law: We tend to overestimate the effect of technology in the short run and underestimate it in the long run. The mobile phone is a great example of this concept. When initially invented in 1973, there was collective agreement that in a few short years it would transform communication and that every person in the world would own one. This was grossly incorrect as it was only in 1995 that Mobile phone ownership broke 1% of the total world population – an overestimation in the short term. However, who would have predicted that its invention would transform the world to the extent that it has? It made newspapers, calculators, letters, GPS devices, cameras, alarm clocks, radios, calendars, notepads, dictaphones, compasses, and many other items, effectively obsolete - it even eradicated the need for newer technologies, like the iPod. This, clearly, is the underestimation in the long run.
Now, back to Jurist. In the short term we know that it, and other similar technologies like CLM tools, will bring drafting efficiency, increased insight into contracting data, better risk management, lower legal costs, and various other advantages. Still, I can’t help but wonder what the long-term impact will be. What are the iPods, letters, and GPS devices of the contracting world – any ideas? Is it too optimistic to think that the first few rounds of negotiations will be left to AI, with a lawyer doing a final proof-read? Do we get to the point where it’s widely accepted that we’re essentially all leveraging the same database of precedents, just nuanced to company preferences? Will a global standard of contracting start to emerge? When it comes to litigation, will we see a world where settlements are objectively calculated (and hard to argue against) or where a court can leverage technology to accurately calculate damages, all based on the largest database of precedent and case law ever assembled?
I think this is the fascinating question we need to ask ourselves as our exposure to ground-breaking technology increases. How this pans out in the long term is still to be seen, but it’s an exciting time to be in this industry, and Ironclad’s Jurist is leading the charge in generating the excitement! Be sure to check it out!
Draft. Review. Redline. Save time.
Meet Jurist.
Your AI legal assistant that will help you work smarter.
📝 Draft. When you ask Jurist to draft, it gives you that document in a .docx native editor in your browser. This allows you to tweak the document either manually or with targeted AI prompts.
🔎 Review and redline. In our prompt library, lawyers can save contracts, checklists, and playbooks to perform detailed contract reviews and redlines based on your or your company’s preferences.
📚 Contract Research. Sometimes you need external information to navigate the task in front of you. Jurist agents are built to conduct research from various legal sources and reference the latest legal knowledge in real time.
Discover all Jurist can do. https://bit.ly/48N5LJm
