How Artificial Intelligence is Improving the Legal Sector?
Advent and adoption of technology is something every industry or sector has undergone, and there is no stopping it. In the early days of technological choice in an industry, a few hiccups arise, but these are eventually erased. That has been the case with industries like retail, healthcare, finance and now it is the turn of the legal sector.
Lawyers and law firms going online and offering services through social media channels are not new anymore. What is new in the legal sector is the slow but steady invasion of AI.
What is AI and how is it useful in the legal industry?
Not many people are still aware of what AI denotes though it has become a buzzword of sorts! Without getting into technicalities, Artificial Intelligence tech can be described as a simulation of human understanding, interaction, reasoning, and analysis skills by machines, operated by computer applications.
AI is still a nascent field and developments are being made, but that has not stopped many businesses belonging to diverse sectors adopting AI tech for their operations. From popular food delivery chains to aviation companies and health care giants, every company is keen on using AI.
It is a fact that the legal sector has been slower than others in embracing technologies. However, with time law firms and legal experts are realizing the massive potential of AI tech and how it can benefit the profession.
For an industry that is mostly data-driven and analysis of data is a prerequisite, AI may emerge as bliss. Until now, the adoption of AI in the legal sector has been slow, but this is likely to change soon. The legal sector, too, is turning consumer-centric with time. A handful of firms like Anvi Legal have come up with a tailor-made Legal AI Software that can be useful to different types of legal practitioners and consultants.
How AI can contribute to the evolution of the Legal sector?
There is no denying the entry of AI in the legal sector has been somewhat disruptive. However, this disruption is turning out to be quite beneficial for legal professionals, worldwide. Once you analyze the numerous advantages of deploying AI in the legal sector, it is easier to realize why and how its use can help the sector evolve.
1. Faster work and time-saving
One Major advantage of using AI in the legal Industry is significantly time-saving. This is applicable for all parties involved like the clients, their lawyers and even the judges!
In most legal cases, the lawyers and judges have to deal with huge amounts of data. Even for a veteran legal practitioner, this data analysis can be quite time-consuming. Hence this is the Main Reason for so many cases remain Still pending. When AI is using for data collection and analysis, the speed is improved. The AI enabled legal software can analyze massive amounts of data in a short time.
2. Automation of tasks and reviews
Specialized AI equipped legal software applications can be used to automate and streamline basic and repetitive tasks involved in this profession. This automation not only speeds up case processing, but the attorneys can focus on analyzing and resolving complex tasks that actually require human handling. The software can be used to process massive amounts of data, and it can analyze these to let the lawyers find what they need, without issues. The AI software does the pre-filtering efficiently, consistently.
3. AI logic and reasoning for reference
The lawyers dealing with myriads of cases often have to search for references and similar situations. Earlier, they used to refer to printed materials and now searching for information online is possible. However, rather than a lawyer looking up the internet for reference while working on a case, AI-enabled software can be deployed to find references and similar cases.
4. Ideal for making and reviewing contracts
Not all legal practitioners specialize in civil disputes and accidents or murder cases! A section of attorneys and law firms also deal exclusively with business clients and focus on making contracts for their commercial contracts.
Occasionally, a company may ask its legal advisor to review a contract it has received from a partner firm or third party vendor. For creating or reviewing such business contracts, the legal experts need a lot of time. Plenty of things have to be analyzed before they can frame a contract for their client firm or review it well.
By using the best legal contract Analysis software, this can be done faster and easier. The users can figure out loopholes and risk factors in such contracts courtesy such applications. One such instance is Anvi Insight.
5. Logic and analysis based prediction
While the outcome of a legal case always has an element of uncertainty associated with it, deploying AI enabled software can help get a realistic estimate of winning prospects. This can be especially useful in expensive legal cases where the client needs some form of assurance before investing his/her money. The prediction of specialized AI based legal software is not far from accuracy in such instances, as it has been observed several times.
6. Cost reduction
When AI enabled software is deployed in legal firms, the cost reduction is significant. The software can automate several tasks that typically need human intervention. Licensing such software and renewing it later tend to be far more cost effective than recruiting, man force and paying their salary. It ensures you get access to the labyrinth of information at a click anytime and the need to store a huge amount of printed resources is eliminated. That in a way also helps in saving money.
7. Risk reduction
When AI tech is using in the legal industry, the number of risks will be minimized or eliminated. Even veteran lawyers and legal consultants are humans, and occasionally, they may forget things or skip analyzing references, unwittingly. When legal software is using for Contract analysis, it does not get affected by these errors. Since the software is linked to the database online, there is no risk of vital resources getting lost or damaged, which is a possibility with printed resources kept under human supervision.
What is the future of AI in the legal sector?
There is no denying the apparent advantages of deploying AI in the legal sector, but the journey is a long one. Besides, certain hurdles need to be handling before large scale deployment can take place. In many countries, the legal framework is yet to define Artificial Intelligence (AI) accurately. A handful of law firms have deployed specialized legal software with this technology and others are waking up to the prospects of the emerging technology. It will still take some years before the governments in most countries amend existing legal norms to make room for AI.
A section of law firms and legal practitioners are still sceptical of the technology, and they are of the view AI yet has not reached the maturity of human analysis and interpretations. At best, it can be used to complement existing legal operations and take the burden off the busy attorneys. However, the importance of human input and analysis in the legal scene is and will be there. The human-AI coexistence, however, can be very fruitful for the legal industry.