Since the release of a chatbot, many business sectors have started to adopt it to expand their business. Not to mention, it eases the lives of everyday people, too.
AI has spread across the globe: whether the ETA for your Uber and AI-driven predictive suggestions (Amazon, Google, Facebook, etc.). Or large-scale companies adopting AI for their sales and marketing department (like chatbot) or manufacturing companies using it for inventory management.
Meanwhile, the legal industry is hesitant to adopt this advanced technology; it has finally begun to catch up with its pace with the world. The legal industry (although a bit late) has realized AI’s revolutionary potential. With that already typed: let us dive into what we are talking about here and how AI can help the legal world.
What is Artificial Intelligence
The term dates back to the 1950s, but now AI is more popular than ever. It is the ability of machines to learn from data and experience and give human-like output.
It is the evolution of computer science. It shows how a computer can perceive its environment to gather information and make decisions based on that information. Nonetheless, AI is still in its developmental stage and has limitations. It lacks common sense and the touch of human intelligence.
It means that it can only act according to and based on the data it has provided. A slight change in a situation or data, and your AI might not be as helpful as such.
AI In Law
The legal industry is undergoing a massive change with the implementation of AI. AI automation can help with tons of workload and allow lawyers to focus on the chargeable work.
AI can lend a hand to the legal industry by drafting documents and analyzing contracts, statutes, laws, and similar cases. It can scan previous lawsuits and data to predict the case’s outcome or give relevant suggestions.
Apart from doing the automation work, one great thing about working with AI is its ability to read a case and give relevant suggestions for improvement. There’s no doubt that your law firm can shine with the help of a pinch of AI. A document drafted by AI will have a flare, which does wonders regarding contract analysis.
It can analyze a contract, suggest improvements in case of missing information or inconsistencies, and flag any issues found. On the other hand, you can use AI to manage your work. Use an AI-powered contract management tool to organize, track your contract’s progress and alert you to deadlines.
Here are a few more benefits of AI integration in Law firms:
Nonetheless, while AI can flourish your career and the future of your law firm, we understand why people believe it will take over your jobs. But the truth is; AI is here to help you increase efficiency and lend a helping hand. It will certainly not take over your jobs.
Lawyers should remember that with AI, they have to be considerate about their ethical rules. Therefore, do not be afraid of the mering technology. Embrace it. Use it to your benefit. Let it do the repetitive work so you can enhance your efficiency and productivity.
Document Review and Contract Analysis
This one is the most common help anyone can think of. Use AI automation to do the lengthy work. Managing and organizing contracts and documents has never been this easy.
Have you ever seen a movie where they portray a law firm with thousands of files covering the desk? That’s what we’re avoiding in real life. According to this article by Bloomberg, the software takes seconds to do something lawyers will take hours to complete. Hence, use AI to analyze contracts, agreements, and case files and categorize them accordingly or draft new documents (litigation or transactional).
Justice: Access for everyone
Another benefit of AI in the legal industry is the welfare of the underprivileged. Individuals who cannot afford to hire a lawyer can head to AI to gain initial knowledge of the legal complexities.
But we do not recommend taking the word of AI, as it can be biased or wrong. Instead, go to GJel for a free case review. Your office or home: get a free consultation on your lawsuit and its future and find the right attorney for your case.
As for the law firm: you can use AI-powered tools to handle the routine work. It will help you cut down on the estimated cost of your services. The lesser the labor cost, the more affordable justice for all individuals.
You may have heard how AI can sift through countless relevant cases and legal rules in seconds to provide relevant information. AI algorithms have the strength to examine legal databases, previous and recent case laws, and all precedents to give the most valuable information.
On the other hand, LexisNexis has developed software packages. This software package can do factual research for you quickly. It means you can save on your research money and save you time.
A lawyer’s job relies on their ability to communicate and bring the best strategy. They need a great ton of knowledge to make a pattern and determine the fate of a client’s case. AI has made this super easy.
Predictive analytics is another successful feature that can predict the outcome of a lawsuit. It analyses past similar lawsuits and legal principles to make the decision. It scans the judge’s past rulings, opposing counsels, and the similarities of cases and provide relevant insight.
Safe to say that this technology helps lawyers to design the best strategy to win their cases. It helps them give a head start when negotiating settlements and finding the best deal for their clients. It allows lawyers to optimize their strategies and advise their clients accordingly.
A software that is well-established in the legal industry and changed lives. In complex legal issues and litigations, lawyers need access to various tons of information (non-privileged). They can collect this information by reviewing social media messages or images, emails, text messages, or other electronically stored information (ESI).
The e-discovery software allows lawyers to survey this vast amount of information in minimal time and cost. Before this discovery, lawyers and paralegals would waste hours looking for relevant information.
Risk Assessment and Compliance
AI can help you stay compliant with legal precedents and regulations. It can also identify potential compliance issues or frauds. Let the AI algorithm monitor data and suggest the changes that can save you and your law firm before getting into massive legal matters.
Law firms are also considering AI now to fight against cyber issues. It can scan to identify potential risks, cyber-attacks, and vulnerabilities in the system. This monitoring helps you identify your weakness and find better solutions to protect your information.
AI integration in the legal industry has begun. And it has started to revolutionize the industry. With the help of AI technology and software: lawyers and law firms have been known to increase their efficiency, save time and make an accurate legal analysis.
Use AI to automate administrative tasks, document reviews, perform legal research and provide insight. There’s no doubt that AI has the potential to bring the industry to new heights of success.
Nonetheless, we cannot forget the ethical issues and risks of AI integration in legal work. Lawyers should learn and maintain a balance between human and AI judgments. As AI continues to grow and makes its permanent place in lawyers’ life, it is essential that we consider these issues before completely embracing this technology and using it responsibly and effectively.