Artificial intelligence supplements the work of lawyers by removing repetitive, mundane tasks that take up a lot of time. Humans aren’t the most consistent creatures, and we aren’t good at processing massive amounts of data. And yet in the legal profession, the onus is on the legal team to be both precise and quick about it. That’s why legal technology that makes lawyers’ jobs easier and more accurate is so important. The company also claims that with their tool, law firms can cut costs by 90 percent and reduce contract review and approval time by 80 percent (though these numbers don’t seem to be coupled with any case studies). The firm lists Deloitte and Sears among some of its current customers.
- Electronic records take up less physical space, but sorting and searching docs are still difficult.
- You used to take full advantage of what you had, but now you have more.
- These platforms go beyond mechanical key-word matching to surface truly relevant existing law.
- Streamline contract review and document analysis by using legal software to quickly identify common clauses and potential outliers, and to compare contract terms to what’s market.
Therefore, those law firms that can afford AI can become richer while others cannot. Thomson Reuters’ legal research product, Westlaw Edge, provides broader coverage of all federal and state courts. Lawyers can compare verdicts by judges, courts, and lawyers to uncover AI in Law interesting trends, predict case outcomes, analyze IP filings, and research competitors. Breaking down legal procedures or duties traditionally handled by legal practitioners and embedding some of those parts in technology is how legal automation is accomplished.
In addition, the software also features document filing and integrated e-signatures to streamline related manual processes involved in NDA drafting. Expanding the coverage from 1816 to 2015, Prof. Daniel Katz of Michigan State University and his two colleagues achieved a 70.2 percent accuracy on case outcomes of the Supreme Court in their 2017 study. Similarly, Nikolaos Aletras of University College London and his team used machine learning to analyze case text of the European Court of Human Rights and reported a 79 percent accuracy on their outcome prediction.
For now, these questions support the idea that lawyer AI has a long way to go before it begins replacing lawyers. The legal industry does not fully realize these benefits from using AI yet, the potential is there. Conventionally viewed as a cost center and largely overlooked by entrepreneurs, the legal function has seen little innovation in recent years. Today, Microsoft Word and email remain the dominant digital tools that legal teams use to carry out their work. Within the field of law, a few areas stand out as particularly promising for the application of AI.
Lawyer AI: Creating a better client-centered experience
The inevitable evolution of artificial intelligence means that lawyers will need to keep up with the latest developments and learn how to use AI to their advantage. Of course, the intended change is not immediate, nor can it be taken for granted. Any change in business and professional practices (especially long-term ones) is expected to involve some resistance. Offering predictions of legal case outcomes with the use of advanced research and statistical analysis tools.
Lensa AI Created a Viral Meme, But How Legal Is It? Legaltech News – Law.com
Lensa AI Created a Viral Meme, But How Legal Is It? Legaltech News.
Posted: Thu, 08 Dec 2022 08:00:00 GMT [source]