Thomson Reuters' white paper analysis reveals that contract inefficiencies cause 57% of business development leaders to experience slower revenue while 50% report missing business opportunities, making AI-powered solutions critical for in-house legal departments. The assessment details how AI tools automate routine contract tasks, highlight key data extraction, and enable lawyers to focus on strategic client work rather than time-consuming manual processes. This legal technology perspective demonstrates how machine learning applications of best practices from trial and error can transform contract review workflows, with research showing contracting inefficiencies significantly impact organizational success and revenue generation.