| | August 20188CIOReviewThe Big PictureThe advent of new genres of technologies always creates a lot of buzz and typically everyone wants a piece of the action. It becomes a fad and the Fear Of Missing Out (FOMO) drives im-plementation, but not necessar-ily adoption and certainly does not generate adequate Return on Investment (RoI).In this backdrop, let us exam-ine the field of Natural Language Processing (NLP) and its poten-tial implications in the field of Le-gal Tech and beyond.The Direction of Legal TechThe legal fraternity has tradition-ally been slow in adopting the latest technological tools. The adoption of digitization, ERPs or practice management software, workflow systems, and knowl-edge management systems by law firms has been rather slow. The focal points have typically been capturing time and generating bills. However, with the tradi-tional commercial models being threatened and changing client expectations, this approach is woefully inadequate. If we look at in-house legal departments, technology budgets for solving legal problems have traditionally been minimalistic and this seg-ment did not evolve much for several decades. The Natural Language Promise Whereas a lot of factors have recently created a lot of excite-ment in the legal tech space, we will focus on the area of process-ing unstructured text through Natural Language Processing (NLP). This is often combined with the power of AI through the IN MY OPINIONPUT YOUR MONEY WHERE YOUR WORD ISBy Rajiv Maheshwari, CEO, Anand and AnandRajiv Maheshwari is the CEO of Anand and Anand, a leading Intellectual Property firm with a heritage of over 90 years. The article provides an overview of Natural Language Processing, drawing from his experience of creating innovative products recognized at the Financial Times Innovative Lawyers Asia-Pacific 2018.
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