Artificial intelligence (AI) has been commercialized and is influencing all sectors. Despite not being the first to use AI, the legal business has a great deal of potential to profit from this technology. Those law companies that adopt this advanced technology are more productive and spend less time on repetitive activities.
Andrew Arruda, the lawyer and CEO of ROSS Intelligence, utilized his legal expertise to create ROSS, the first artificially intelligent lawyer in the world. Arruda has been urging law firms to use AI, citing its ability to help “attorneys operating on the front lines… achieve better results for their clients and become better lawyers in the process” Arruda presented a TED presentation to assist people in understanding how AI may be utilized as a tool to increase the productivity of legal companies.
Before discussing the advantages of AI and how law firms might utilize it, let’s establish its relevance. AI mimics some cognitive processes of the human mind and enables computers to perform fundamental job duties. AI allows computers to comprehend data, detect patterns, and draw conclusions when applied to algorithms.
As it relates to the practice of law, AI provides several advantages, including ease, freedom from repetitive tasks, and more time for other elements of the job. The following are instances of legal work that AI can automate.
Legal Research and Due Diligence
According to Arruda’s TED talk, “ROSS can read over a million pages of law in a single second, locating the exact parts [lawyers] want.” ROSS is an illustration of how AI levels the playing field in legal research. With a computer completing legal research swiftly, the attorney does not need to charge for that time, saving clients thousands of dollars and eliminating research fees. In addition, attorneys can employ AI throughout the discovery process. The capacity of artificial intelligence to instantly corroborate facts accelerates the process of locating background material, which can speed up arbitration and litigation procedures.
Review Documents and Contracts
According to a Forbes article, AI can evaluate case-specific papers and mark them as such. Once a document type has been identified as relevant, machine learning algorithms can begin searching for more papers with similar relevance. This alleviates the burden on attorneys. In addition, AI improves the efficiency of contract modification by highlighting typical provisions for various applications. According to an article by Andrew Hall in Law Technology Today, “AI can frequently assist solve issues more quickly and with fewer errors than the human eye.” Consistency in contract formation and warning capabilities for contract dates are further AI benefits.
Predict Legal Outcomes
AI is capable of storing years’ worth of legal material and sifting through it to determine lawyers’ odds of winning pertinent cases. AI may give attorneys information about comparable situations and assist them in providing correct responses to client inquiries such as “Should I settle?”
As demonstrated, AI is capable of doing several mundane chores, allowing attorneys to devote more time to analyses, advice, negotiations, and court appearances.
How precisely is AI altering the legal profession? In a few years, experts anticipate that attorneys will begin to capitalize on AI on a huge scale. By 2036, Deloitte expects that 100,000 legal positions will be automated, and by 2020, law firms will implement new talent strategies. AI and other technologies are simply one facet of the industry’s evolution, which also includes efforts to provide clients with increased value and to handle changes in the labor force. Legal Insider’s study of the Deloitte report provides further considerations: “Technology has already contributed to the loss of more than 31,000 employees in the industry, but… there has been a gain of almost 80,000 positions overall, the majority of which are more skilled and better compensated.” (Secretarial vocations are one example of the preferred positions lost.) Clearly, companies must begin acknowledging and enhancing the importance of technology in their employment strategies.
Take incremental steps if the idea of integrating AI (and other machine-learning technologies) overnight sounds daunting. You may begin by embracing a development mindset and fostering a culture of forward-thinking. Specifically, you may choose which of your contract stipulations AI can automate and employ dependable data management solutions that code and secure information. By learning about AI and how it might assist your company, you contribute to the improvement of the legal industry. Lawyers can only advance toward a more productive and meaningful future by experimenting with cutting-edge technologies and adopting those that succeed.
If you want to learn about the types of legal systems in are in function, read our blog.
