What are its potential uses? has been saved
Perspectives
What are its potential uses?
The CLO’s guide to Generative AI risks and opportunities
Use cases by focus area
Here are ways CLOs can harness GenAI’s capabilities
Contract life cycle management
Contract amendment and drafting
GenAI can assist with contract and amendment drafting by receiving a set of parameters once and then automatically generating new contracts based on the user’s inputs, saving legal teams time and effort while also potentially reducing risk.
Contract redlining
GenAI can be used to redline and compare contracts to playbooks or any given set of parameters, making it easy to identify and correct any changes that need to be made. This can help speed up the contract negotiation process and further reduce the risk of manual errors.
Suggested language for contracts
GenAI can suggest new or better contract language based on prior contract history or other defined parameters. This can help legal teams draft comprehensive and compliant contracts more efficiently.
Litigation prep
Legal research
Using natural language processing, Generative AI can assist in finding on-point legal research; once located, GenAI tools can summarize the contents and point readers to the most important points.
Reporting and key performance indicators (KPIs)
Once pointed at repositories containing relevant materials, GenAI tools can programmatically improve existing KPIs, create new KPIs, and establish relationships among KPI metrics that look forward. Given the speed at which GenAI can process new data, reports and KPIs could be kept up to date more easily.
But the predictions aren’t all dire. Generative AI may cause, or even force, change in the legal function, but it’s not likely to completely replace lawyers. Instead, the effective implementation of GenAI in the legal function may shift lawyers into more strategic and business-oriented work.
Resources
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Other Generative AI topics to explore
Learn about other areas of GenAI and how it impacts CLOs and their teams. From the basics to the more complex challenges, these resources are designed to help you navigate GenAI’s legal implications and risks with ease.
1 Deloitte, Enabling a Better Grid (Grid and Energy Efficiency Optimization), The Generative AI Dossier, accessed September 22, 2023.
2 Deloitte, Faster Admin for Payers, Providers & Patients (Accelerated Prior Authorization), The Generative AI Dossier, accessed September 22, 2023.
3 Deloitte, The Next Era of Market Analysis (Predictive Trading Algorithms), The Generative AI Dossier, accessed September 27, 2023.
4 Deloitte, Code Assist for Developers (Augmented Developer), The Generative AI Dossier, accessed September 22, 2023.
5 Deloitte, Business Intelligence at Your Fingertips (Enterprise-wide data search and access), The Generative AI Dossier, accessed September 22, 2023.
6 Deloitte, Marketing Content Assistant (Content Generation), The Generative AI Dossier, accessed September 22, 2023. See also, e.g., Anna Anisin, "Generative AI for Content Creation: How Marketers Can Use It", Forbes, August 17, 2023. (A recent research study found 73% of US marketers stated their organizations had used Generative AI tools.)
7 Deloitte, Unlocking the Cures (New Drug Discovery/Generation), The Generative AI Dossier, accessed September 22, 2023.
Get in touch
J. Donald Fancher
Principal - Deloitte Risk & Financial
Advisory | Leader -
Chief Legal Officer Program
Manager | Deloitte Risk & Financial Advisory
Deloitte Transactions and Business Analytics LLP
Erin Hess
Chief Legal Officer Program
Research and Insights Manager
Manager | Deloitte Risk &
Financial Advisory
Deloitte Transactions and
Business Analytics LLP
Jon Foster
Managing Director | Deloitte Risk &
Financial Advisory
Deloitte Transactions and
Business Analytics LLP
This document contains general information only and Deloitte is not, by means of this document, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services. This document is not a substitute for such professional advice or services, nor should it be used as a basis for any decision or action that may affect your business. Before making any decision or taking any action that may affect your business, you should consult a qualified professional advisor.
Deloitte shall not be responsible for any loss sustained by any person who relies on this document.
As used in this document, “Deloitte” means Deloitte Financial Advisory Services LLP, which provides forensic, dispute, and other consulting services, and its affiliate, Deloitte Transactions and Business Analytics LLP, which provides a wide range of advisory and analytics services. Deloitte Transactions and Business Analytics LLP is not a certified public accounting firm. Please see www.deloitte.com/us/about for a detailed description of our legal structure. Certain services may not be available to attest clients under the rules and regulations of public accounting. Deloitte does not provide legal services and will not provide any legal advice or address any questions of law.
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