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Artificial intelligence (AI) is changing the way most industries are run. At this stage, it's nearly impossible to compete with other businesses without AI-backed apps, tools, and software.
Legal teams are readily embracing the changes that AI and big data bring. After all, it takes a massive amount of time to analyze data sets that could be used to help themselves and their clients. Automation can remove this tedium and clear their calendars for more important things.
But AI isn't just a time-saving tool; it's a system that learns as it's used. This is why law firms use this technology to review documents, contracts, and evidence. As the AI gets smarter, so do the humans who take advantage of it. When used correctly, AI will completely change law firms.
Soon, AI will be able to do everything from building professional attorney websites to writing legally-compliant contracts. Here's how AI and big data will change how legal firms are run.
The biggest benefit of AI applications is time savings. Since computers can analyze more information in a fraction of the time, it turns a tedious task into an automatic one. This time saved translates into monetary savings since fewer attorneys are needed to analyze or edit.
Unfortunately, this also means that professionals may experience unemployment. It's estimated that 100,000 legal roles will be automated by 2036, according to Deloitte Insights research. With that said, law firms will have more cash flow to hire more lawyers for complicated tasks.
Law firms are using technology-assisted review (TAR) or computer-assisted review (CAR) more regularly. TAR tools use AI to identify and tag documents, thus expediting the human review process. In the past, lawyers had to painstakingly review deliverables before meeting clients.
This task being tedious is the least of its problems. Lawyers are under a tight deadline once a lawsuit is started, and that duress can make it hard to calculate risk appropriately. With more information, law firms can accurately assess outcomes while minimizing their total costs.
It's often debated if artificial intelligence is capable of producing high-quality creative works, but it's hard to deny that AI is better at creating error-free spreadsheets. AI, in its current state, can maintain documents, apply legal language consistently, and identify missing clauses or syntax.
Coupled with e-signature software, lawyers have to barely leave the office or read documents before sending them off. As the technology gets smarter, so do the legal templates the software creates. Law firms will be able to take from a pool of similar documents and use them freely.
It's scientifically proven that boredom inspires creativity, so wouldn't it make more sense for lawyers to do more tedious tasks? Not necessary. Lawyers aren't allowed to sit alone in a room and think up ideas—they have too much work to do. That's where AI comes in handy.
When a computer handles the most boring parts of a task, the lawyer has more free time and energy for higher-level work. They can come up with a plan or a creative argument that can help their clients. A more adventurous strategy will attract more clients and win more cases.
There's so much mind-numbing work that comes with being a lawyer. It serves its purpose. After all, you'll want your practice to abide by the law. However, if a person has too much to do, they'll be less excited to do it. This could cause them to rush, become stressed, or quicken burnout.
AI takes away most of the heavy lifting, which is beneficial for the law firm and its clients. For one, your staff will be in a better mood. For another, lawyers can tackle an upcoming trial with a clear head. There's no downside to happy staff that experiences a healthy work-life balance.
If your law firm loses an important piece of evidence or document, that could spell disaster for your client and reputation. If your staff is asked a legal question, but they've forgotten the answer, that's even worse. AI and analytics can save the day when it comes to organization.
Law firms will use document tracking software to keep tabs on everything they need. These tools can also establish some quality control to further enhance logical flow. Legal bots are interactive programs that can assist clients and law firm staff with questions on law topics.
In the end, artificial intelligence and big data will improve client relationships because it gives attorneys more free time. They can use that time to engage with the people they serve. Clients will be extra prepared to stand trial when their lawyers set up more mock trials for them.
When a lawyer is less frustrated, they'll be more respectful to their clients. When lawyers can assess risks quickly, they're able to consider every angle of the case. Finally, when lawyers produce higher-quality work, they're more capable of lowering a sentence or proving innocence.
