Top 10 Applications of AI in the Legal Tech Industry
The increased interest in using AI in law is steadily altering the profession and threatening human workers
The law is the power that ensures that our society maintains its appropriateness and decorum. There isn't a single aspect of the company that hasn't been impacted by the law. Everything includes a legally specified contract, from selling to acquiring, mergers, acquisitions, collaborations, and so on. In the absence of a strong intellectual property framework, there is no room for advancement or innovation. The AI in legal system lurks in the backdrop of each of our actions as a persistent gloomy force. Because it is such a big industry, the legal profession is not immune to the impact of technology, which is now pervading all aspects of it.
Review contract
Contracts are the foundation of our economic system, and they are required for each commercial transaction. However, the whole mediation process, as well as the process of discussing and finalising a contract, is a tedious ordeal. Both sides' attorneys are compelled to personally review, revise, and interchange red-lined papers daily. This approach can be time-consuming, causing negotiations to be postponed and the company's commercial goals to be hampered.
ROSS Intelligence
Each lawsuit and judicial case necessitates thorough legal study. However, the sheer number of links that must open, cases to read, and facts to remember can overwhelm lawyers with limited research time. By asking queries and obtaining information like recommended readings, pertinent case law, and secondary resources, lawyers may take advantage of the ROSS Intelligence software's natural language search functionality.
Contract analytics
After the contract is signed, managing and supervising it might be a hassle. Particularly in the case of large corporations with a large number of outstanding contracts and counterparties spread across several departments. Various NLP-powered solutions that extract and evaluate vital facts across a firm's core of contracts have begun to be produced, simplifying the firm's business commitment character for its stakeholders. Seal Software and Kira Systems are two companies that produce these platforms.
ThoughtRiver
ThoughtRiver, a company that manages contracts, portfolio evaluations, and investigations for better risk management, is another AI sector participant. Its Fathom Contextual Interpretation Engine was created in collaboration with Cambridge University's machine-learning specialists. The tool was created, according to the firm, to generate summaries of high-volume agreement evaluations. Users can read the interpretations of clauses offered by the AI while reading text extracts. The technology is also reported to be useful for quickly detecting problematic contracts.
Litigation prediction
AI-based teams have begun creating machine learning methods for forecasting the outcomes of upcoming cases based on the case's factual pattern as well as a large number of related paradigms. Various legal firms and corporations have begun to use these models to better plan their litigation strategies, speed up settlement negotiations, and limit the number of cases that must be brought to trial. For example, Blue J Legal is developing a legal prediction engine based on Artificial Intelligence, with a focus on tax law as a starting point.
Predictive coding
This is a more advanced form of AI that is now being used in the legal field. This presents a description that is aided by technology to help speed up the e-disclosure process. Predictive coding software is an algorithm based that classifies documents based on their significance, as determined by a previous training session in which the system was tweaked by the lawyer. The programme is then used to a large number of papers to determine which one is most suited for the disclosure's goal.
Chatbots/lawyer bots
Bots can be tremendously beneficial in providing legal aid and improving public access to services. A lawyer bot is software that can do automated tasks that would normally be performed by attorneys. These bots are great for speeding up work and giving customers the best experience by allowing them to self-serve online. Three of the most popular Lawyer Bots are DoNotPay, Automation, and BillyBot.
Intraspexion
Several AI businesses have entered this industry, including Intraspexion, which claims to have patent software systems that provide early warning indicators to attorneys when the AI tool identifies lawsuit dangers. The system operates by looking for high-risk papers and displaying them per the risk level indicated by the AI. When a user clicks on a page, the system highlights danger phrases selected by subject matter experts. Users may use the programme to determine whether papers put them in danger of lawsuit, according to the business.
Legal research
Massive internet legal data resources, such as LexisNexis and Practical Law, are constantly improving their search engines to assist attorneys in finding relevant case-related content. A few AI technologies, such as Lex Machina, also assist lawyers in creating a case strategy based on previous results in similar cases.
Due diligence
Another time-consuming procedure that legal practitioners engage in is the discovery of background info through the due diligence process. AI-powered systems can help speed up the process and reduce downtime. Accelerating the due diligence would have a significant impact because it would make it easier to check current data as well as information from previous instances. The due diligence process is inherently inconvenient for humans, and AI might significantly improve accuracy.
