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Thursday, October 21, 2021

Benefits of Artificial Intelligence for Law Firms

Last updated Monday, May 17, 2021 19:36 ET , Source: Loio

To many people, AI might seem like a threat to lawyers’ future security. However, this opinion is patently wrong.

New York, USA, 05/17/2021 / SubmitMyPR /

With technology becoming a major player in our day-to-day lives, it made a permanent impact on the expectations of consumers. The legal industry was not an exception as the clients’ needs shifted towards faster service and lower costs.

Law firms did embrace some forms of technology, but it led to even more competition and a landscape where businesses are fighting among themselves to stay relevant.

This is where artificial intelligence comes in. The implementation of AI-powered tech can help lawyers save even more time, increase their efficiency, and develop cost-effective strategies for their clientele - all at the same time.

How, exactly?

Well, things like:

Faster and more efficient administrative tasks

    To many people, AI might seem like a threat to lawyers’ future security. However, this opinion is patently wrong. AI won’t make lawyers’ work obsolete - it will only help them become more accurate, faster and allow them to focus on more important tasks, such as maintaining a better relationship with their clients.

    The best example of how any law firm can positively benefit from AI can be seen in the processes of contract review and contract drafting. Missing key terms of the contract could be catastrophic for all the parties involved. That’s why it’s important to dedicate enough attention to making sure everything checks out.

    No doubt, manually reviewing contracts is time-consuming. But with AI contract review software, it can be accomplished effortlessly in significantly less time. AI automatically highlights the key details in your document, making the process of double-checking complex information considerably faster and more accurate.

    On the other hand, AI contract drafting software can analyze the terms of a contract and generate a template based on the learned information. After the lawyer makes certain adjustments to the contract, it can be analyzed again so the AI can learn and improve future templates.

    Using this software also guarantees that contracts always contain up-to-date language. With the help of AI, lawyers can make quick adjustments to existing contracts to ensure they are compliant with the latest developments.

    A higher quality of research

      Since rulings in court are generally consistent with previous cases on the same issue, finding relevant case files similar to the case you have at hand is crucial to coming up with the appropriate strategy. Unfortunately, the complexity of the subject combined with the vast amount of data available can make research a lengthy process that still fails to deliver consistent results. That is - if you use the traditional methods.

      With the introduction of Natural Language Processing (NLP), the old way of coming up with a complex string of queries to research a legal database is practically obsolete. NLP allows lawyers to use normal language to find what they are looking for, getting rid of the headache that came with crafting specific and often limited search terms that gave a huge amount of useless results. In simple terms, you can ‘’talk’’ to the computer as if you would with a colleague, saving time while simultaneously finding the exact case file you need to present a better case.

      A study by the National Legal Research Group, Inc., revealed that most lawyers can save 132 to 210 hours a year by taking advantage of NLP in research. The lawyers involved in the study also reported they found more relevant case files that led to an increase in positive results for their clients.

      AI allows you to predict the outcome of litigation

        Predicting the outcome of the case is essential if you want to make your client happy. A good lawyer knows whether a case should be settled before going to court or how the case will perform in court. Still, the way humans make predictions is purely anecdotal.

        AI doesn’t have this problem. Hundreds of millions of legal documents are available online, which include data on trials, verdicts, and case data. Artificial intelligence can quickly use this information to make informed predictions on the outcome of a case.

        By cross-referencing your case with historical data, and in particular, cases similar to yours, AI can give you an accurate prediction of the outcome. But how accurate is this prediction exactly?

        According to the research from 2019, AI was used to predict the ruling of the European court of human rights with 75% accuracy. Furthermore, it was demonstrated that outcomes could be predicted using only the judges’ surnames with an average accuracy of 65%.

        Machine assisted growth

        Artificial intelligence can be the technology that ensures your law firm’s future success, especially now that legal software is used in different capacities by your competition.

        Implementation of AI is easier than it seems. Armed with the best AI contract review software and other tools that can help you automate document creation, you can get a head start on becoming more productive in the long run.

        Simultaneously, by improving the quality of your research and predictions regarding litigation, you will not only save more time but will also be able to win more cases.

        With fewer administrative tasks and more time on your hands, AI will allow you to take a step towards future growth. Just like the doctor/court ordered.

        Original Source of the original story >> Benefits of Artificial Intelligence for Law Firms


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