In the recent years, many things have taken a sudden turn in the legal industry. The changes are due to many reasons, mainly because people don’t want to shell out any more big sums and another major reason is, advancement in technology. AI (Artificial intelligence) is a byproduct of technology and thus, it has impacted legal industry to a greater extent. The applications of AI is brought into play for tedious assignments like gathering information, seeking records, experiencing old cases, checking facts, and etc.
Nowadays, AI companies in direct pursuit to innovate different ways in which laborious tasks can be cut down, that too with better speed and accuracy. AI has already found its way into assisting lawyers, paralegals, legal researchers, and professional in the legal industry. Though the transformation is slow, but it is there
According to the Altman Weil 2016 “Law Firms in Transition Survey:”
- 52 percent of law firms are replacing human assistance with technology
- 74 percent believe client tech is reducing the need for lawyers
- 85 percent think tech replacing human resources, in general, is going to stay for long
- 86 percent believe law firms are engaging handful of support staff
Therefore, the role of AI in legal future ventures is only going to jump. Let’s get deep into it.
A lot of top companies come across many contracts but, couldn’t live up to the expectations due to inefficiency. Now, AI is assisting law firms to create, examine, and handle contacts. As per a research, legal experts now only spend only 4 percent of their time to review documents, all thanks to AI. The evolution of eDiscovery has relieved legal industry in reviewing documents in less time. And many other studies have verified the AI accuracy in identifying relevant sources. This is achieved by making algorithms learn through a number of documents and case briefs.
AI can sum up a large number of contracts in one go and analyze them on particular parameters. Lately, it has resulted in increased accuracy and decline in contractual disputes.
While into legal research, the biggest trouble was to pick relevant cases. But with AI, this practice has been sorted. AI let the lawyers to easily communicate their views and get instant replies and this leads to better understanding. AI fundamentally decreases the time that legal advisors spend on lawful research. A research has reported that companies using AI platform experienced 30 percent decrease in research time, as compared to others. Hence, AI simplifies the whole process and enables lawyers to make better choices.
In legal cases, predicting the right outcome has become an indispensable part. It helps the client to draw future strategies. With AI spreading its feet into this field, the whole process seems to get untangled. Not even the best of lawyers can match the result prediction of legal disputes and proceedings as done by AI because it makes better use of all the available data before coming to the conclusion.