In the fast-paced world of legal and accounting services, staying efficient and accurate is critical. Professionals in these fields are increasingly embracing agentic workflows—an innovative, AI-powered approach to managing tasks. These advanced processes are not just enhancing productivity but also reshaping how legal, tax, and regulatory tasks are handled.
What Are Agentic Workflows?
Agentic workflows leverage the power of agentic AI—autonomous systems capable of performing complex tasks with minimal human intervention. Unlike traditional automation, which operates within rigid, predefined rules, agentic AI can adapt to dynamic scenarios, making informed decisions based on real-time data.
This flexibility makes it particularly useful in fields such as law and accounting, where nuanced decision-making is often required. By effectively responding to evolving circumstances, agentic workflows unlock new levels of productivity and accuracy.
Why Automation Is a Necessity for Legal and Tax Teams
Legal and tax professionals frequently deal with time-consuming, repetitive tasks like document review and due diligence. The increasing complexity of regulations adds further pressure, often leading to inefficiencies and errors.
Agentic workflows help alleviate these challenges by automating routine tasks, allowing teams to focus on strategic and high-value activities. This shift not only saves time but also improves overall accuracy, enabling organisations to navigate complex regulatory landscapes with ease.
How AI Agents Simplify Repetitive Tasks
Agentic workflows excel in automating labour-intensive tasks, including:
- Due Diligence: AI systems can efficiently analyse large sets of documents, such as contracts and compliance records. They quickly identify risks, inconsistencies, or potential red flags, ensuring thorough and reliable reviews.
- Document Review: AI-powered tools leverage natural language processing (NLP) and machine learning to scan and interpret massive volumes of documents. These systems highlight key information and detect discrepancies with unparalleled precision.
Real-World Examples of Agentic Workflows in Action
- JP Morgan’s COIN
JP Morgan has implemented an AI system called COIN (Contract Intelligence), which automates the review of commercial loan agreements. This tool processes thousands of contracts in mere seconds—a task that previously demanded 360,000 hours of manual work annually. - Baker McKenzie
Global law firm Baker McKenzie is introducing machine learning-based platforms to automate parts of its due diligence processes. By doing so, the firm aims to enhance accuracy and efficiency in transactional work, setting a new benchmark for industry practices.
Key Benefits of Agentic Workflows
- Cost Savings: Automation reduces reliance on manual labour, significantly cutting operational costs.
- Faster Turnaround: AI agents work at remarkable speeds, completing tasks much faster than human teams.
- Enhanced Accuracy: By minimising human errors, agentic workflows ensure reliable and precise outcomes in critical processes like compliance checks and contract analysis.
Getting Started with Agentic Workflows
Integrating agentic workflows into your organisation doesn’t have to be overwhelming. Here’s how to begin:
- Identify Needs: Pinpoint the repetitive, time-intensive tasks in your operations.
- Research Solutions: Explore AI tools tailored to meet the unique demands of legal and accounting functions.
- Pilot Small-Scale Projects: Test AI tools on a smaller scale to evaluate their effectiveness before full implementation.
- Upskill Your Team: Invest in training programmes to help employees work effectively alongside AI systems, maximising their potential.
Conclusion: Embracing the Future of Legal and Accounting
Agentic workflows are more than just a tool—they’re a transformative approach to tackling legal, tax, and regulatory challenges. By automating routine processes, they free up time for professionals to focus on strategic priorities, driving innovation and growth.
If you’re ready to unlock the potential of agentic workflows, schedule a demo with our team today. Let us show you how this cutting-edge technology can revolutionise your practice and position your organisation for success in a competitive landscape.
