AI is Transforming the Law Industry
Although many in the legal sector are even today comfortable in using techniques and practices that were designed years ago, AI is playing a big part in changing the way lawyers operate.
One of the biggest disruptions caused by AI is in the field of legal research. Currently, legal research requires a significant number of man-hour, hence impacting margins. However, with AI this can literally be performed in seconds. This not only addresses the expenditure imbalance, it also provide lawyers with super-efficient, advanced tools allowing them to better advise their clients.
There are many areas in which AI in law has proved to be useful.
Searching
Search algorithms can help lawyers to find the most relevant material for a case. Strategies can then be formed based on previous outcomes in similar cases.
Due Diligence
AI can be used to review contracts, conduct legal research or performing electronic discovery functions to do due diligence, AI legal software are proving to be helpful and time effective.
Prediction Technology
By analysing documents, arguments, merits and fallbacks and taking into account what has been argued in the past and how judges reacted to these arguments AI can predict the probable outcome of a case before the case goes to Court.
Intellectual Property
AI tools can assist in providing insights into the IP portfolios i.e. search and registration of trademarks, patents and copyrights etc.
Electronic Billing
For accurate billing AI can be used to prepare invoices and other documents.
Although there are processes within the legal profession that cannot be automated, AI solutions can significantly reduce time and effort considerably and can help lawyers be more productive, efficient and accurate.