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The Evolution of Contracting from IA to AI
Episode 405th October 2021 • Elevate.Together.Podcast. • Elevate Services
00:00:00 00:22:52

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Technology, Process, Content and People

Stephen Allen, Vice President of Get Shit Done at Elevate, had the pleasure of hosting a talk with Dr. Roger Strathausen and Elevate’s Rob Couch.   Dr. Roger Strathausen is a business consultant and acting Vice-Chair of the Supervisory Board of the Liquid Legal Institute, a non-profit association committed to promoting digitalisation in the legal industry.   Rob Couch is a managing director of Consulting, focused on the contracting and CLM practice at Elevate. Roger and Rob have put together a white paper Elevate is publishing around contract life cycle management trends, why contract, how to contract, and who owns the contract - a wide-ranging series of thought leadership.

[01:15] The tenet of our white paper surrounds three points:   the evolution of contracting today, technology matters, and AI is the future.

[04:40] There is an evolution of technology occurring within the contracting space.  AI is completely changing the rules related to contracting.

[07:30] Contracting started as a handshake and then transitioned to the lawyers for good reasons - contracting and transactions became more complicated.

[09:44]   Technology, templates, and a library of allowed deviations. 

[11:01]    Today CLM tools have AI is part of the original design, built into the technology use case.

[15:16]    Balancing the technical possibility of what can be done with a compelling use case.  

[18:04]    Smart Contracts have evolved because of AI.

[19:19]    What should businesspeople who contract, and lawyers who support them, be doing now?