Artificial Intelligence (AI) is influencing the market and impacting the industries of different domains. The legal industry is not the first one to embrace the use of artificial intelligence, but it has now started to utilize the potential of this technology. It is evident that the law firms that have started the use of this powerful technology are spending less time on monotonous tasks and are working more productively.
Artificial Intelligence is not a replacement for a lawyer, but it can be used as a tool to enhance the productivity and capability of a lawyer. There could be many benefits that a law firm can get from AI but before that let us establish the significance of AI. It is the modern innovation that mimics certain cognitive processes like the human mind and enables the computers in doing basic job functions. When the AI is applied to algorithms, it can allow computers to recognize patterns, interpret data and form conclusions. In the field of law, AI in the store has many benefits which include time efficiency, lack of redundancy and convenience. Moreover, there are three more ways through which AI could automate the legal sector.
Legal research and due diligence.
Legal research has always been a tough and hectic task to perform. It could take days, weeks or even months to collect and read all the relevant case studies. Through AI, it could be a matter of seconds. With machine learning ability, AI has the ability to rapidly confirm facts and finding background information in much less time. Further, it can analyze a pile of data in a fraction of seconds which can the lawyer in accelerating arbitration and litigation proceedings.
Reviewing documents and contracts
According to an article from Forbes, AI can efficiently review a greater number of documents in quick time and also flag them as particular to a case. Once a particular type of document is considered relevant by the AI, the machine learning algorithms of the AI then can find out other the documents that are on similar ground and hold the same relevancy. This could reduce the burden from the shoulders of a lawyer. Further, the efficiency of AI is quite high, and it could find the mistakes that are often overlooked by the human eye. AI can also help the lawyer in managing his or her time by creating contracts and itself and alert the lawyer about contract dates.
Prediction of legal outcomes
AI has access to a vast database and can store years of legal data to effectively tell the lawyers their chances of winning a particular case. It can analyze a pile of data and find the relevant one to make a prediction of the legal outcomes. It can provide lawyers with insight on similar cases and help them in preparation with their proceedings.
It is now evident that AI can handle mundane tasks with efficiency which could empower the lawyers to effectively manage their time and put more efforts on negotiations, counseling, analyses and court visits; and avoid wasting much of their time in researching. So, artificial intelligence can really change the legal sector? Yes, it is believed and advocated by the expert lawyers and even the governments that AI can solve many problems by regulating the judicial sector and boosting its power. It has the immense potential to bring reform this conventional form of the judicial system. It is a positive transformation which could bring more productivity and efficiency in this system.