Companies of all sizes are embracing artificial intelligence and technology to automate and streamline their internal processes.
For Yahoo Inc. to state that by using technology they save 12% on gross legal spend goes to show how technology can assist legal teams and lower costs.
The developments in legal technology are building in momentum and the direction of travel is clear.
Erin Harrison, editor-in-chief of our sibling publication Legaltech News, is reporting from the inaugural Corporate Legal Operations Institute meeting in San Francisco. In an article for LTN, she reported on a how the legal department at Yahoo Inc. is using artificial intelligence to benchmark its legal spend across firms and regions. During a panel discussion, Jeff Franke, senior director of Yahoo’s global legal operations, explained that Yahoo has implemented technology from a company called BrightFlag that uses AI to read invoice narratives and autocategorize each line for review. Franke reported that the technology provides a 12 percent savings on gross legal spend.