Technology is rapidly evolving around us, and is becoming more data driven by the day. Every big and growing corporation’s biggest asset is not the product or service itself, but the data that surrounds it. Companies are constantly finding new ways to use this data to squeeze profits, and AI is one of the most used of them. Tiresome, time consuming, mundane, and capital consuming tasks that had to be done by a whole team of men can now be done by a computer in one click.
Now AI in law isn’t something that was heard of 2 years in the past, but today, it’s incorporation in the industry has become rather inevitable. The legal sector is a lubricant in every economic transaction, where one small error can lead to loss of millions of dollars. It’s working is quite close to that of a Machine Learning algorithm- logical and ever learning. AI has the potential to support both firms and clients, leading to a significant increase in efficiency and output.
AI provides the possibility of making some of the most crucial legal tasks an effortless job.
- Contract review
According to google, a contract is a written or spoken agreement, especially one concerning employment, sales, or tenancy, that is intended to be enforceable by law. A contract is the deal maker or breaker for any partnership or transaction. This makes it one of the most important documents a company possesses. It’s gravity is such that one tiny error in interpretation or drafting of a contract can lead to legal suits, even bankruptcy.
Any law firm has to deal with thousands of contracts and have to keep a tab of their renewal dates and negotiation terms. A human finds this task of organizing tiresome and boring. AI, however, has the capability of extracting data from a number of contracts and organizing them in a significantly less time, with less chances of human error with tragic consequences.
2. Predicting Outcomes
AI can study patterns, and facts from old, similar cases, and learn from them. It analyzes behaviours and patterns, and can predict the outcome of a case. AI can also study behaviours of judges based on their past verdicts depending on the cases. It can also help clients and firms decide the lawyer based on their win rates in connection with type of cases, judges, and other deciding parameters. If AI is used for a case, the chances of winning increase drastically. AI is an always learning technology, which only makes it better with time. It is an investment not only in the legal sector, but any sector as such.
3. Legal Research
Legal research has always been an enormously boring task that is dumped upon the junior associates and interns. They have to read thousands and thousands of pages looking for relevant information- numbers, facts, analysing risks, and what not? This task can very easily be done with AI tols which can read and scan thousands of pages in a second, and extract the information relevant and important to you. You just need to tell the computer what you’re looking for and your task is done within minutes. This not only saves the firm’s time, but also the client’s money, which makes AI integration process a win-win for all.
Other than these too, AI make a list full of tasks easier, like litigation analysis, context search and party analytics.
All in all, when you have a technology that can make almost all of your everyday tasks easier, it’s integration becomes a necessity rather than a luxury, and not adapting with the AI change, is in blunt terms, plain stupid.