New technology means questions and concerns. Will this tech change how I work? Could this new technology eventually replace my job? In the legal field, new technology is constant. One of the latest trends is artificial intelligence (AI), and it has slowly but surely risen in popularity in the legal field.
AI allows for lawyers to gain back precious time and focus on essential matters such as meeting with clients or making court appearances.
What is Artificial Intelligence?
You may be wondering what precisely artificial intelligence is and how it plays into the practice of law. Artificial intelligence studies fundamental human interactions and task, to learn how to complete tasks that typically require human intelligence. Computers use algorithms to analyze data over time and then learn patterns and insight. This process allows AI to work in different capacities at a firm. From basic tasks like billing to more complex task such as tailoring online user experiences to be more meaningful. Incorporating AI at your firm can drastically change the way you complete your work.
Simplifying the Tedious Process of Document Review
Let’s be honest, reviewing documents can often be a tedious process. Sometimes, you must spend hours sorting through documents. AI can change that. Using AI-powered software, records can be reviewed and automatically flagged as pertinent to a specific case. When one document is labeled relevant, then the algorithms can begin finding similar documents. This process, when done by AI, is much faster than if a human was reviewing documents. Once documents are tagged, they can then be forwarded to an employee to view. Instead of combing through hundreds of documents, they only must review a dozen or so that may be questionable. Time is money, and it’s critical that casework, no matter how boring, gets done quickly. AI allows processes to be simplified and done efficiently.
Better Due Diligence
Finding background information during a case can often uncover critically important information. This due diligence can help look at previous cases and evaluating the outcomes to help prepare current cases. This can require hours of research and evaluation. AI tools can help this process and allow staff members to more efficiently and more accurately make decisions. AI can cut the time it takes to do due diligence down and provide more accurate results since it has used algorithms to predict outcomes.
Increase Contracts Reviewed
Contract review can be a big part of a lawyer’s day (but I’m sure you already knew that). Identifying the potential risks that may impact clients in the future is an integral part of your job. Editing and working with clients to renegotiating better terms can take time. What if AI could help with that? AI tools can help read through contracts and suggested changes. This allows for contracts to be read at a quicker rate, and with fewer errors, than when they are viewed manually.
Your Magic Eight Ball
What if you had a magic eight ball that could predict the future of your cases? AI can rival a magic eight ball when it comes to legal proceedings. Using years of trial data, AI can help you predict what the outcome of your case may be. You’ll be better equipped to advise clients on settling versus going to trial when armed with this past data and predictions.
The Changes to Come
It’s evident that change is only going to continue taking place in the legal industry. Is your firm ready to embrace the change or are they going to stick to the ways of the past?
With the improved efficiency and accuracy for basic tasks from AI, you are free to work directly with your clients more. The amount of data that AI uses is impossible for humans to consume, and the knowledge that it lends to lawyers is irreplaceable. It’s important to know that AI will not replace lawyers, but it will change how you deliver legal services. But do know, that if your competition starts leveraging AI, they now have a competitive advantage.