As we are advancing into the mid of 21st century, we are entering the more digitalized and technological world. The best example is the invention of Artificial Intelligence. Multiple companies are deploying AI technology in an advanced way to manage burdensome tasks in different sectors of industries so that these tasks could be performed in a more accurate way and in less time.
Artificial intelligence has already found its way into the field of Law. AI is transforming and changing the law field slowly. AI strategies and tools will be used in the coming time in the law field which will affect the legal profession and legal practices. Now this technology (AI) has already touched every sector or department in the law field e.g. document handling, legal practices, courtroom operations, law firms whether corporate or non-corporate. With time, AI will also enhance the law system overall and will produce much better results in no time.
Use of Artificial Intelligence in Law
As technology is slowly progressing in the law sector, below are the ways how AI is benefitting this profession:
1. Legal Research
Algorithms and patterns are being developed by the AI companies which enable and provide a platform for lawyers to perform the research. This will directly help them answer the legal questions of a person and direct them to authoritative court decisions. It can save the time of both parties i.e., the lawyer and the person.
2. Litigation Strategy
Many AI companies have already started developing machines that work on AI models, strategies, and algorithms. These models help to predict the results of the cases by analyzing the factual pattern of the case. The legal department of various corporate companies, law firms, and businesses have started to adopt these models because it helps them to speed up the settlement negotiations, fully prepare their litigation approaches. These AI companies have produced the software which forecasts the litigation result.
3. Case Prediction
Some systems are perfect in the case prediction or the outcome of certain cases. One of the tools developed by artificial intelligence companies is called Lex Machina. This tool analyzes and mines the litigation data and uses language processing and machine learning techniques to predict the outcome or result of cases.
4. Rendering Legal Advice
Lawyers’ work sometimes is highly complex. They need to understand and process the complexity of facts and circumstances by keeping in mind the legal rights and obligations. There is a lot of research and filtering of data required. Artificial intelligence will help understand the specific data by analyzing and processing it in small time. Although it is very difficult to create E-Lawyer because the current tools are very far away to achieve this target but the speed by which AI advances it is highly predictable; soon we will be seeing the e-lawyer.
5. Legal Analytics
It is very difficult for companies to be aware of all details which involve legal practices or contracts. Artificial intelligence helps these companies to enable them to process and analyze the information provided by the set of data. Legal firms, the corporate sector of companies, and departments can gather precious valuable information that helps them to improve their legal processes.
6. Sales
By using AI, companies can follow up the contracts which are ready for renewal or require cancellation. To find opportunities to maximize the revenue.
7. Procurement
By utilizing AI, negotiation can be done with the new or existing clients with the help of specific details of the agreement.
8. Compliance
Monitoring can be done by using AI whether regulatory procedures are being followed or not.
9. Contract Review
When two or more persons or parties want to exchange any sort of data or want to work together or anything related to work together, they bind themselves with the legal action called a contract. In the field of business, these contracts are time-consuming and are one hell of a job to do for both sides of lawyers. There are reports that the legal department of companies spend their half time studying the contracts. There is uncertainty whether both parties would agree on the terms of the contract or not, this results in time loss and causes delays in the related work.
Artificial intelligence companies produced NLP i.e. natural language process. This technology helps the legal department in this way that specific data is gathered, analyzed, and processed. The pros and cons of the data are studied. This whole manual process can take up to months but by integrating AI in law, this can be done in some days. This results in a more effective contract between the companies.
There are several companies like eBay, SalesForce, and Home Depot that use AI technology to employ contract review services to enhance their work and relation with the customers.
10. DIY Law
There are many tools developed by AI companies that allow the companies and businesses whether they are cooperative with standard regulations or not. This will help them follow best practices. It also enables users to prevent such legal issues.
Adoption hurdle of AI in Law
AI technology is very expensive, and reports claim that only 4% of the world’s firms can buy this technology. Right now, it’s new to the world but as time passes many of the firms will be financially eligible to buy this technology.
Many lawyers of different firms are having concerns and trust issues on AI. Their point of view is that humans can be questioned when they commit mistakes but technology cannot be questioned. It requires new steps to make the changes in the software. The prediction related to cases cannot be true every time. The wrong prediction can cause many problems.
Conclusion:
Artificial Intelligence is booming day and night. This technology is benefitting every field and every sector and the law sector is also becoming digitalized and modernized. Software that uses AI algorithms and techniques is improving legal practices and their efficiency. The software also helps speed up document processing, finding, and solving the respective errors. Advancement in artificial intelligence means advancement in every sector of life, this goes for the law sector too as Natural Language Processing (NLP) will revolutionize the law sector. The corporate sector of companies and law firms have begun using AI tools to streamline their work. In the end, every sector in law needs to improvise itself by accepting the amazing AI tools.
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