Can AI Write Legal Contracts?

Legal contracts are essential for businesses because they document expectations and specific conditions for a business arrangement. However, managing the contract lifecycle can become overly time-consuming because of slow drafting and negotiation processes, inefficient storage and retrieval systems, limited oversight mechanisms, and communication challenges.

For these reasons, artificial intelligence (AI) – the overarching description for technologies that use computers and software to create intelligent, humanlike behavior – is finding its place in the legal profession. In fact, more legal teams are turning to AI for legal professionals, and specifically contract management technology solutions, to improve contract performance, fulfill professional obligations, and mitigate risks. But with recent advancements in AI tools for legal writing, many legal professionals may be left wondering how exactly AI is incorporated into these solutions and whether legal AI tools can be trusted to write and review legal contracts.

In this article, we explore how generative AI – which draws on enormous data sources to instantaneously create seemingly new, task-appropriate content such as essays, blog posts, and videos – can help legal professionals write legal contracts. Read on to learn about the intersection of AI and legal contracts, including the benefits and risks of using AI for contract-related tasks, and how AI-powered contract management systems such as Bloomberg Law Contract Solutions can help legal teams store, manage, draft, negotiate, and analyze contracts more efficiently.

Trusted contract intelligence from Bloomberg Law

While human assistance is still required throughout each stage of the contract management process, AI tools for legal writing can help streamline and simplify the operation. By embracing AI tools for legal professionals, organizations can achieve better oversight, improve productivity, and fully realize the potential of their contracts.

Download our Special Report: The Power of the Prompt to further explore AI in the legal industry, including practical tools and perspectives from thought leaders and legal experts to help you navigate what’s next.

Bloomberg Law’s Contract Solutions leverages contract intelligence and contract analytics to solve the most pressing challenges legal teams face during the contract workflow. Request a demo to learn more about how Bloomberg Law’s AI-driven legal tools can help your legal team save time and reduce risk.

Recommended for you

See Bloomberg Law in action

From live events to in-depth reports, discover singular thought leadership from Bloomberg Law. Our network of expert analysts is always on the case – so you can make yours. Request a demo to see it for yourself.