Technology comes with benefits and risks, but it can be more a friend than a foe when appropriately used.
The idea of robots and wizards was far-fetched years ago. Most of us, if not all, are adamant about their arrival. There’s some aversion to the idea because there was not enough research about how they can help humans live life with ease.
But that was many moons ago.
We’re now living in an era where we are more accepting of artificial intelligence and supreme digitalization, from mundane household tasks to keeping corporate giants’ operations go smoothly. You might not have guessed it ten years ago, but AI is also very much present in the legal industry.
How so? Here are seven remarkable ways how AI dominates the legal arena.
Legal Research
Research in legal matters is a vital part of the process. Traditionally, it takes hours of work, sometimes even days. Lawyers spend a large amount of their time reading and learning more about some instances that could help them win the argument.
With AI-driven research systems, it cuts the process by a good margin, therefore, allowing courts and firms to act quicker and more efficiently.
There are several AI research solutions on the web that you can read on further if you need one for your office.
Contract Review
Human errors are sometimes inevitable. With the nature of the industry, one fault in detail can result in a large-scale problem.
Contracts in a legal setting are sacred documents that need checking by different parties to ensure accuracy. They go on several layers of review before sending them out to involved bodies.
The good thing about AI is that you can quash the other reviewees and have an additional level of security in the form of contract analysis software. It doesn’t only cut your expenses, but it can also speed up the process.
As proof of efficiency, 45% of lawyers are using Artificial Intelligence tools to complete contract reviews, according to Thomson Reuters.
Contract Management
Law firms store large volumes of contracts that are sometimes hard to track. Organizing all these documents can be a tedious task. That is why contract management is a helpful tool that can minimize the effort of law practitioners when it comes to keeping their contracts in a safe, organized place.
When you have a system for contract management, you can quickly revisit contracts and find those that need some checking.
Due Diligence
Attorneys must manage their clients and workloads to the best of their ability. Due diligence can be challenging, mainly when it entails more than just gathering data and relevant communication tools.
With AI, attorneys can quickly extract notes and essential information about a particular client. No need to go over hundreds of document boxes in the office. Just a quick click can lead you to the item you’re searching for.
It cuts the tasks to minutes from the usual hours with a high level of accuracy.
E-Discovery
One of the simplest forms of and most used AI in the legal industry is e-discovery. It’s the process of scanning electronic information instead of manually scanning the hard copies.
Attorneys need exact details like dates and geographic locations when dealing with client cases. These are relevant facts that are vital to the defense and can make a lasting impression on the work of a specific law firm.
Using e-discovery allows firms to have extra time to review the cases rather than spend it scanning and organizing. It’s of great value, not only for money but also for efficiency.
Litigation Analysis
Litigation is a common term in the court of law. There are about 40 million lawsuits filed in the U.S. each year. There is a guarantee that several law firms accept hundreds of these cases every day.
Just imagine the work they need to do to complete reviews and analyses of such actions. About a week or two is enough to review the case in some cases. But for extensive ones, a month or even longer is sometimes needed to get to know the subject and acquire the necessary facts.
There is much demand for litigation analysis tools, mainly because they can reduce the time needed for checking.
Better Client-Centered Experience
An AI-powered system is one of the best solutions that attorneys can provide for their clients. It gives them an overall better experience without laborious back and forth efforts to get the details and documents right.
All of the points above lead to only one advantage: providing more precise and competent legal aid for clients.
Final Thoughts
We can all expect a more dynamic legal industry by embracing these developments and modernization. Artificial intelligence is the way to go in any industry.
We’ll never know what comes next after artificial intelligence. But until then, let’s give these tools a chance to prove their might.