How Top Firms Are Using AI and Analytics to get the Competitive Edge
Artificial intelligence or AI is the simulation of human intelligence processes through machines, especially computer systems. AI systems receive information in the form of input along with the rules of using that input; it then includes reasoning using the given rules to reach the required conclusion. The two main classifications of AI are weak and strong, weak for a particular task, and strong to perform all generalized tasks like a human being and find a solution without any human intervention. AI is a result of technological advancement and has made human work effortless in a lot of fields. Earlier, AI explored topics like problem-solving and symbolic methods, but now an AI system can be used to accomplish many tasks and can even act as a personal assistant.
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Use of AI and Analytics by Law Firms
Law firms are required to process a lot of data and go through different documents which can often be overwhelming for humans. If the process can be automated, it will save a lot of time. In the present technological era, AI and analytics have come into the picture which has simplified the legal profession. While the legal industry isn’t the first to embrace AI, it has a lot of potential to benefit from this technology. Law firms that have started using this powerful technology are working more productively in comparison to others and spending less time on monotonous everyday tasks.
Law has been considered a profession resistant to change, but lawyers are now ready to accept change and embrace new forms of working. AI simulates certain cognitive processes of the human mind which enables the system to complete the required task. When applied to algorithms, AI allows computers to interpret the given data, recognize similar patterns which are frequently, and accordingly form conclusions. Law firms that have changed traditional methods of working and adopted the modern ways of working have already attained a competitive edge over others. Some benefits of using AI and analytics:
1. Legal research and due diligence
Artificial intelligence (AI) can scan a million pages of legislation in seconds and locate the necessary information for a case. When it comes to legal research, a lawyer typically has to scan all of the documents. However, we can use AI with correct coding to save lawyers time and money by automation. With automation, we can speed up most of the paperwork process.
2. Review documents and contracts
AI can review documents and flag them as relevant to a case. Once AI finds a specific document as relevant, AI algorithms can begin searching for other papers that are similarly relevant. The algorithms will easily search for cases with the same material facts and related laws. This takes a lot of burden off lawyers. AI can arrive at judgments faster than humans and with fewer errors that humans often miss. This will help improve contract uniformity, reducing the number of errors at the beginning.
3. Predict legal outcomes
AI has the ability to store all the legal data in a way that it can filter through it all to tell lawyers their chances of winning relevant cases after going through similar cases decided over the years. This helps the lawyer in devising an effective litigation strategy. Lawyers using AI tend to spend less time on monotonous everyday tasks, which empowers them to spend more time on analyzing, negotiations, and other aspects of a case.
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Future of AI in Law Firms
Lawyers will start capitalizing on AI on a large scale within years. All the law firms will adapt to automation and new technology. To compete with other law firms and offer better services, they will need to adopt AI in the future. AI has already made so much progress in the west that a law firm in the US has employed the world’s first artificial intelligence lawyer, which will use the robot to assist its various teams in legal research.
‘Ross’ is the name of the robot and was built upon Watson, IBM’s cognitive computer. Lawyers can ask the robot their research questions, and it then goes through relevant law, looks at the evidence, and then reaches a meaningful conclusion with the support of Watson’s cognitive computing and natural language processing capabilities. Such progress in AI clearly shows that personal assistants will reduce the burden on a lawyer and will help them enhance their abilities.
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AI has brought a lot of changes in the legal industry. Some lawyers are still hesitant about the significance of AI-generated results. They worry about data security, but once they will accept it, all doubts will vanish. A major concern is that AI will knock many lawyers out of business. Somehow, the legal system is considerably more than simple code. AI is yet to become common in India, but in the near future, all law firms will use it. As of the immense benefits it can provide.
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