Initially, when artificial intelligence came into existence, people thought that it would be very easy for them to come up with a replica of humans. A machine that could do all the human works felt simple to them. But when researchers practically accelerated the concept into action, they faced many issues and realized that streamlining technology in the real-world scenario was far complicated than how they predicted it to be. Although today’s digital world has evolved drastically, the legal sector is a confined place where artificial intelligence’s influence is still at the first stage. But post the pandemic, Legal AI adoption has surged like never before. To everyone’s surprise, AI in legal industry is now moving from automation to autonomous working models.
One of the big reasons why many sectors including healthcare, education, banking, telecommunication, manufacturing, etc use artificial intelligence is its capability to take over time-consuming and labour-intense works. They deliver lengthy processes with better speed and accuracy. Similarly, AI in legal industry has found its way into supporting lawyers and clients alike. Before the outbreak of the global pandemic, the legal industry was resistant to adopting automation. Whenever AI in legal industry was brought to light, there was a heavy debate on how automation could deceive humans without anybody realizing it. However, the legal industry had no other choice but to embrace AI when legal processes were moved to digital mode. Today, corporate law firms and lawyers are using Legal AI to automate standard functions like data gathering, processing, and decision-making to free up legal practitioners for higher-value work.
Applications of AI in Legal Industry
Fast-tracking Document Automation
Have you ever entered a lawyer’s office? If yes, you must know how many documents and papers they have on their desk. It is just a routine task for lawyers to go through them. But spreading across all the concerned papers every day consumes a lot of time, which can be easily avoided with the help of technology. By automating the legal documentation process, lawyers can save up to 70% of their time and prevent errors.
Availing Legal Analysis
Large companies often engage in a lot of outstanding contracts with many counter-parties, across numerous divisions. Unfortunately, it is quite challenging to keep track of them all. But technology can help organizations manage the details and help them fulfil their commitment. Legal AI accelerates the company’s sales, procurement, compliance, and finance by analyzing the existing agreements and leveraging valuable insights.
Providing Due Diligence
Although clients are the ones who are entwined with a legal case, the lawyers are also bound to be in their shoes and connect the dots and find a way out. They should configure the facts and figures and thoroughly access a legal situation. This process is called due diligence. In the 21st century, automation is taking over the due diligence process by finding ways to effectively advise clients on their options and what they should do.
Automating Case Procedures
Case procedures are very important for a lawyer. He/she should never make rash decisions based on their emotional conditions. But legal industry is something that could make things overwhelming. Therefore, lawyers are increasingly using artificial intelligence to increase the capacity of legal professionals. AI in legal industry can help devise an effective strategy that could assist lawyers in every stage.
From Automation to Autonomous System
Today, every industry is using automation to its fullest. Starting from manufacturing to healthcare, artificial intelligence is streamlining many routine processes with the help of automatic machines and systems. But as technology moves further, the world is also accelerating to a future with autonomous systems. Already autonomous cars, machines, and workplace systems are helping to minimize human intervention in machine processes. But when legal industry gets autonomous, it is seen as a matter of concern. Legal industry relies on humans greatly. But with autonomous models taking over the legal routines, lawyers and other law professionals will also face a job crisis. According to a Deloitte report, over 100,000 legal jobs are likely to be automated in two decades, with around 39% of jobs automated.