In the past few decades, the world has gone through some incredible progress and innovation, especially in the field of technology. Twenty years ago, the Internet was considered a thing reserved for the geeks and the mobile phones were a rarity. At present, the story is entirely different. The Internet has taken over the world and smartphones have become “just another thing”. But smartphones and the Internet are just a tip of the iceberg. AI is a more sophisticated form of technology which is slowly engulfing the world. It is helping industries in breaking traditional barriers and increasing their productivity.
AI is transforming not just the tech industries but non-tech industries too. Many non- tech industries like legal industries are adopting AI and are reaping its benefits, like an increase in efficiency and accuracy. AI is also helping legal industries in saving time and in utilizing the time earned in performing other tasks that require a human presence like negotiating deals, appearing in court, meeting with clients, advising them, and more.
What is Artificial Intelligence?
Artificial Intelligence is the ability of computers to mimic human intelligence. It is the result of the merging of various science disciplines like computer science, biology, linguistics, psychology, etc. AI is used in performing complex tasks that are usually performed by humans. AI and its applications are also being used in vision systems, speech recognition, robotics, etc. They are quick, efficient and can complete a job with more accuracy than humans. AI is a crucial factor that is helping legal industries in making rapid development.
Top ways AI simplifies legal processing
Review documents and perform legal research
Reviewing documents and performing legal research and writing often requires a lot of time and efforts. But, with the help of AI, documents can be analyzed more quickly and more accurately. Software powered by AI performs swift analysis of documents and mark them as relevant to a particular case and arranges them in an orderly way. This saves a lot of time and reduces human efforts by forwarding only those documents that are needed.
Contract review and management
One of the key tasks that law firms perform for their clients is reviewing contracts. Contract reviewing involves identifying risks that can result in an unfavorable outcome. A law firm assesses these issues and advises their clients whether they should sign it or negotiate the terms. With the help of AI, reviewing a contract can be concluded quickly and with more accuracy.
Calculating legal outcomes
It is essential to satisfy your customer and fulfill their needs. Law firms often face situations when they are asked by their clients to predict the outcome of a trial. Employing AI in probing documents will help the law firm in calculating the results of legal proceedings. By knowing the possible conclusion of a trial, they can lead their clients more clearly and can take the necessary measures.
Reduced operational time
The biggest advantage of employing AI is that it helps in saving time. Computers can analyze substantial information in a short span of time. AI-powered computers can complete a task faster and with more accuracy than a human and can be used in performing complex and time-consuming legal tasks such as legal research and writing, analyzing contracts and other documents for errors.
Producing high-quality work
Some of the legal tasks are time-consuming and tedious. While performing a task, humans usually get tired after some time. Computers, on the other hand, can work all day long without affecting the quality of work. They don’t get tired and execute a task with accuracy.
Improves client relations
AI and its applications can be used in improving client relationships. They can be used for interacting with clients. Chatbots are an excellent way of enhancing the customer experience. A chatbot is a program that is powered by AI. It is based on the application of machine learning and can be used for chatting with humans. They mimic real human interactions and can be used in providing 24 hours of customer support services without any disruption.
Attorneys are usually involved in document reviewing, proofreading, and performing legal research and writing. These are time-consuming tasks and can lead to stress and frustration. AI can reduce this stress and frustration by completing these tasks with more accuracy and within a short span of time.
Artificial intelligence is a transformative technology and is sure to stir up the legal community. There is a 99 percent chance that artificial intelligence will replace insurance underwriter. And it is predicted that about 100,000 of legal jobs will be automated by 2036. Employing AI can give a positive boost to the legal industry. Many leading global firms have already started using AI-driven software and are getting AI-ready. Now is the right time that all law firms should join this revolution and start employing AI.