How is Artificial Intelligence Transforming the Legal Industry?
When any professional sector and technology converge at a point, the question sprouted is how that technology will create disruptions in the daily operations and careers of those who chose that particular profession. The disruption created in the sector might be cost-saving but might to lead to unemployment also. Lawyers and legal professions are no exception! Today artificial intelligence is transforming the legal arena in various ways. Artificial intelligence helps what humans perform in the legal industry and escalate high-level tasks such as advising to clients, negotiating deals and even appearing in courts.
Artificial intelligence impersonates operations of the human mind flawlessly to complete tasks that demand human intelligence. Machine learning uses algorithms to analyze data and learn patterns and derive insights from data. Hence, artificial intelligence and machine learning are revolutionizing the legal world in the following ways:
Due Diligence
In most of the law offices, legal support professional break their heads to conduct due diligence to uncover background information on behalf of their clients. Most of these works include complying with the facts and figures and then evaluating the decisions on a prior case to efficiently deliver counseling to their clients. Tools developed with the aid of artificial intelligence can help these legal support professional to conduct due diligence more accurately and efficiently than humans.
Contract Review and Management
Most of the successful law firms perform contract review of their clients. Contract review is of prime importance because it helps in identifying the risks and issues that could have a negative impact on the client. So, law firms redline the item, edit contracts and counsel the clients to sign or not and help them in negotiations for better terms. Software developed by artificial intelligence has the power to analyze contract in bulk. Already there are several software companies which developed artificial intelligence tool for contract review. Some examples are Kira system, LawGeex and eBravia that helps to sort the contracts faster with minimal error.
Documental Review and Legal Research
Artificially intelligent machines have the power to review a document and flag them as relevant or irrelevant. Also, artificially intelligent software improves the efficiency for documental analysis. Once the machine identifies a document as relevant, machine learning algorithm has the capability to find other documents with similar relevance. Machines are exceptionally fast in sorting through documents and can give output results faster and statistically significant. The machine learning algorithm will reduce the human effort by sending only documents which are questionable. In this way, legal professional need not have to review all the documents. Legal research should be performed in a timely and systematic fashion. Artificial intelligence systems offered by ROSS Intelligence uses natural language processing to analyze documents.
Legal professionals of the future might be facing real-time problems with the sudden disruption in the legal world. They should also keep in mind the untapped potential of artificial intelligence which is hidden in the black box. Smart lawyers and associates will rigorously question both the algorithms and the underlying data in order to avoid courts or clients.
