AI Takes Lawyers Into the Future

For a long time, legal work has been arcane and expensive. It’s the preserve of highly trained professionals who have studied for years, and those with the finance to employ them.

Now, lawyers and computer experts are beginning to train AI networks to take some of the strain out of the rote work for lawyers. This year has seen a breakthrough in Legal AIs offering contract review services.

This means that a service that previously could have left companies waiting for weeks for an answer, and left a beleaguered business lawyer sifting through a standard contract for tiny loopholes and deviations over the course of hours. Using a technology called ‘natural language programming’ a properly trained AI can sift a contract within 60 minutes, according to criteria set by the client, under advice from their lawyer. The AI will flag any sections of the contract that deviate from the norms established by the client, so they can be examined more closely.

This makes the service not only quicker, but more financially accessible. If you’re just using a lawyer on an ad hoc basis, this will cut your bills every time you have a contract to review. If you keep a law firm on retainer or have your own in-house lawyer or legal time, this will free up valuable time for them to provide more advanced services for you. While the AI is doing basic work reviewing contracts, your lawyers can be researching and preparing to write legal briefs and mediate disputes to protect your interests.

Read More

How Long Do BACS Payments Take To Clear?

The financial system employed by banks and major financial institutions in the UK is based on automated payments, which are without a doubt an essential service for both businesses and consumers. Bank Account Clearing System (BACS) is an electronic system that makes payments directly from one bank account to another. It is commonly known as direct bank transfer or wire transfer and is a gateway that saves you from making payments online.

It is popular for carrying out more transactions than the total number of people to have ever walked on earth. It is operated by 16 major UK Clearing Banks and building societies that are a part of the membership organisation. In order to understand how BACS has expedited the process and how quickly it can clear a payments, it is imperative to understand the basic types and uses.

BACS payment has two main payment types:

  • BACS Direct Credit
  • BACS Direct Debit
Read More