Law Firms embrace Innovative Technologies
Planning for the Future — Law Firms in the New Age of Artificial Intelligence and Machine Learning | Article
Legal Counsels and law firms view the changes Artificial Intelligence (AI) is bringing to legal services. In the subsequent paragraphs, we will explain how AI transforms Legal Services in Core areas.
Increasingly, in-house counsel, new legal service providers, and law firms are using artificial intelligence (AI) to transform and process documents to establish performance and predictive analytics. Law firms are slowly moving away from traditional methods in favour of AI to provide legal advice and the ability to clients.
‘Some people call this artificial intelligence, but the reality is this technology will enhance us. So instead of artificial intelligence, we’ll augment our intelligence.’
—Ginni Rometty
‘Custom AI solutions for legal document interpretation’
What can Artificial Intelligence do in Law, and what is it doing now?
In general, six key ways AI is being used in the legal arena: (1) comprehending; (2) expertise automation; (3) legal research; (4) document management; (5) contract and litigation document analytics and generation; and (6) predictive analytics.
We want to introduce you to each section emphasising AI and the latest technologies.
Comprehend– one of the first uses of AI in law, and it is quite well established. In essence, comprehension by AI is a system that enables a vast number of documents to be surveyed and understood entirely and those relevant to the search criteria to be quickly identified at a low cost. AI can do the tedious task more accurately than a team of lawyers or paralegals using legacy methods of looking at computer screens. Lawyers should dedicate their precious time to being creative.
Expertise Automation—This is commoditising legal knowledge that enables lawyers to find answers to questions using AI and Machine Learning software for particular areas of legal information that once would have required interaction with many lawyers. A clear advantage of such a solution is that it enables junior lawyers to find answers to particular questions in a specific area. Legal experts’ knowledge is never lost within the organisation.
Legal In-depth Research—Publishing companies like LexisNexis and Westlaw have extensive information databases, including laws and regulations in multiple jurisdictions. In addition to those services, Law Firms, with assistance from legal tech companies, are developing and deploying AI and ML that enable lawyers and paralegals to do agile, accurate, and cost-effective research. In earlier years, that was almost impossible to achieve. Now, we have the advantage of the cloud processing power available today!
Document Management – Organisations repeatedly have thousands or tens of thousands (or Gigabytes) of very similar documents, such as contracts, agreements, and articles of incorporation, that must be managed for consistency, accuracy and enforcement. Artificial Intelligence and Machine Learning will comprehend those documents and can find inconsistencies or lapses.
Contract and Litigation Document Analytics and Generation—Numerous AI tools now help legal counsel draft consistent, appropriate, and up-to-date documents in the transactional and litigation areas by referencing huge databases of precedents.
In addition, there is an expanding group of LegalTech AI providers that provide bespoke solutions to law firms and corporations to address their specific needs.
Predictive Analytics is the analysis of historical data to find patterns and behaviours. Combined with Machine Learning processes, it can forecast data sets without a predetermined set of rules and regulations. This process trains and retrains itself; mastering this cycle is crucial for achieving good accuracy results.
Benefits
Higher accuracy of data
Faster data processing
Improved employee productivity
Cost savings
What is Artificial Intelligence, and what does it do?
It does some of the things we ask — ‘Amazon Alexa.’
It does facial recognition — ‘Apple faces ID software.’
It translates — ‘Google Translate.’
It does comprehensive medical diagnoses very accurately — ‘Its use to identify skin cancers’
Why is AI Happening Now?
Lawyers like to ask fundamental questions, and we need to do some number-crunching to illustrate why Artificial Intelligence is entering Legal Services.
Between 2000 and 2017, three critical things happened simultaneously in the technology universe.
- Computer processing power increased from 10 (to the power of 3 = 1,000) to 10 (to the power of 7 – 10,000,000)
- The cost of data storage reduced from $12.4 per GB to $0.004 per GB
- There was astronomically enormous data growth. In other words, we are now in an age when it’s easy to harness computer power to engage in learning; it’s cheap, and there are massive amounts of data from which to learn.
How will AI and ML change in Roles affect the Symphony, Structure, and the Economics of Law Firms?
This question especially deserves extensive treatment. Here, we can only briefly summarise the likely consequences of the changes being brought on (forced?) by introducing AI solutions into the Legal Sector. The transformation will be most focused on three Core Regions:
1. The ongoing training and qualification of future generations of lawyers (and where that training will happen)
2. The arrangement and structure of law firms
3. The economics of the Law Firms.
Lawyers of tomorrow will not need to know “programming language;” however, they will need an in-depth and ongoing understanding of how to recognise and use Artificial Intelligence solutions to meet their clients’ extensive requirements.
There is no official rating system for the adequacy or effectiveness of individual AI solutions. Future lawyers must comprehend and assess particular solutions’ relative strengths and weaknesses. They will also need to take advantage of AI business opportunities and use them extensively within the organisation.
Notably, some global law firms recently announced that they are creating a particular Legal Ops “track” for lawyers skilled in precisely this way. The track is to help prospective associates at the firm develop essential skills and take advantage of full AI potential.
Artificial Intelligence Opportunities in Business
There are 3x Core use cases for AI in Business, which overlap to some degree and are segmented into opportunities.
Businesses and law firms will use AI to:
- Change the way they understand, process and interact with Clients
- Offer more intelligent services with greater accuracy and agility
- Improve and automate legal processes
Millennials and Generation – ‘Z’. How will AI determine their future in Law Firms?
How will they fit into your organisation’s environment in the era of smartphones and finding everything on the Internet? Certainly, they won’t go back to old-fashioned, legacy methods—they don’t know they exist. So instead, more and more Law Firms are taking responsibility for driving digital transformation with LegalTech companies’ assistance to prepare for the future.
AWS Cloud’s ‘Rekognition’ service automatically detects objects that appear in pictures. With this technology, junior lawyers can process images from the case and court documentation in a heartbeat.
‘AI-enhanced processing of legal compliance documentation’
Some thoughts and questions that you need to ask yourself;
If you had the opportunity to solve 80% of problems with Artificial Intelligence, that would put you in a much better position. Would you consider it?
How do you identify the type of documents, and what function does the document hold? Convert it into action.
If 90% of Artificial Intelligence document processing does not meet the criteria, take it out of the human judgment queue.
What is the best method to read and understand documents at scale? How about 10,000 of them per month?
‘Improve employee productivity and make faster decisions with intelligent document processing in the Cloud’
We assist Law Firms in
- We listen to what they say and their challenges, and we endeavour to choose the best path for our clients. Defining their application and infrastructure purpose and developing the best strategies to achieve it
- We take cybersecurity very seriously, and we firmly believe that law firms should comply with PCI DSS or stronger. As secure as the Banking Sector
- Integrating the latest innovative technologies, such as Artificial Intelligence and Machine Learning to comprehend and analyse all legal documents with a searchable solution at your fingertips
- Achieving operational excellence and optimising the full potential of your Information Technology (IT) infrastructure
70%
of law firms have landed new cases through their website
97%
of law firms have no personal content on their sites
79%
of law firms use one or more social media platforms for professional purposes
‘Automated multi-document analysis for legal risk assessment’
How to Get Started Leveraging AI?
New innovative AI technology can be overwhelming—we can help you here! Using our AI solutions to Extract, Comprehend, Analyse, Review, Compare, Explain, and Interpret information from the most complex, lengthy documents, we can take you on a new path, guide you, show you how it is done, and support you all the way.
Start your FREE trial! No Credit Card Required, Full Access to our Cloud Software, Cancel at any time.
We offer bespoke AI solutions ‘Multiple Document Comparison‘ and ‘Show Highlights‘
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Now you know how it is done, make a start!
Download Instructions on how to use our aiMDC (AI Multiple Document Comparison) PDF File.
Decoding Documents: v500 Systems’ Show Highlights Delivers Clarity in Seconds, powered by AI (Video)
v500 Systems | AI for the Minds | YouTube Channel
‘AI Show Highlights’ | ‘AI Document Comparison’
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Please take a look at our Case Studies and other Posts to find out more:
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Leonard Czarnecki
The Blog Post, originally penned in English, underwent a magical metamorphosis into Arabic, Chinese, Danish, Dutch, Finnish, French, German, Hindi, Hungarian, Italian, Japanese, Polish, Portuguese, Spanish, Swedish, and Turkish language. If any subtle content lost its sparkle, let’s summon back the original English spark.
