How AI Could Improve Or Worsen The Future Of Law
Through the use of LEVERSON’s AI, information such as payable rent, maintenance costs and expiration dates were extracted from thousands of documents and then organized on a spreadsheet. Regardless of how amazing your team of customer service reps is, they will experience bad days from time to time and get exhausted. Bots never get frustrated, have a bad day, and never accidentally say the wrong thing in front of a customer. Contracts meeting pre-defined criteria can be pre-approved for signature; those that don’t are kicked to the legal department for further review and revision.
Using AI to automate routine manual tasks and brainstorm ideas helps improve efficiency across the firm. AI-driven processes eliminate labor-intensive, time-consuming activities to boost productivity, whether searching for a contract, conducting due diligence, or creating an invoice. Conducting due diligence often requires legal professionals to review a large number of documents, such as contracts. As with other document-related challenges, AI can help legal professionals review documents more quickly.
The Legal Tech Startup Ecosystem
This becomes an issue, especially in the legal field, considering that reasonings play a vital role in decision-making. Rather than just the decisions being made online, it will be much more than that. For instance, AI will create a system where the tech product will be able to guide people too. There will be a diagnostic system where people can get guidance about their various legal options.
AI is used by the scientific community to examine complex data, enabling ground-breaking findings. A legal environment that is more effective, inclusive, and equitable can be created as a result of the responsible incorporation of AI as technology develops. “This would mean a reset of our perception of what is an AI solution like ChatGPT. Instead of considering it a fact checker or tool to retrieve public information, we should look at the extent to which we can extend human expertise using the capacity of these technologies. Simultaneously, we could be honing those special human skills of the professional.
What work can lawyers already delegate to AI to avoid losing clients in the future?
For example, a machine learning algorithm might be trained to recognize images of dogs by being shown thousands of pictures of dogs and learning to identify common features. However, certain processes in the legal field, such as handling meetings and even divorce cases, could become completely automated. No matter what anyone thinks, the fact is that technology is set to disrupt the way lawyers write, research, strategize, and even run their firms.
Evisort’s technology uses large language models to draft, redline and negotiate contracts automatically. The program has been trained on more than 1 billion contract data points, meaning its AI can work even on complex, nuanced documents, in accordance with a company’s risk tolerance and preferred legal language. If you are an attorney, and your day’s work is typically comprised of legal research, contract review, the preparation of transactional documents, or certain in-house tasks related to e-discovery, you are at risk. The legal professionals who are most at risk from AI in the legal industry are those who perform relatively mundane, repetitive tasks. If you are part of the legal support staff at your firm, and your job consists primarily of routine or repetitive tasks, your job is at risk. For example, when a client is applying for citizenship in a foreign country, they often need to provide a certified translation of their birth certificate and other identification documents.
The author’s standpoint emphasizes the optimization of time efficiency and effectiveness, rather than considering AI as the ultimate determinant of a legal opinion. Human analysis significantly differs from AI, and lawyers bear a moral responsibility to safeguard their analytical skills honed through years of education. Relying excessively on AI-generated opinions may jeopardize the credibility of law firms and legal practitioners. Therefore, lawyers should skillfully explore the use of AI to enhance legal analysis and resource efficiency when assisting clients.
Because often we are not automating the planning and follow-up processes to get the most out of them. With meeting management software that handles finding the perfect space, flawlessly managing visitors, and following up with resource utilization data firms can automate heavy admin tasks and boost their profits. Humans will always have the final say, but tools like eBrevia use cutting edge AI technology and machine learning to review documents. What is more, they claim to be 10 percent more accurate and 30 to 90 percent faster.
Compliance and Risk Management
In January of 2017, Florida became the first state to require technology training as part of its continuing legal education requirement. Indeed, failing to use commonly available technology, like email and e-discovery software, can be grounds for a malpractice claim or suspension by the bar. Enhancing efficiency is often seen as contrary to the economic goal of maximizing billable hours.
By automating repetitive tasks and providing customized recommendations, AI-powered tools can help lawyers and legal professionals save time and make more informed decisions. However, it is important to ensure that these tools are developed and used responsibly to minimize the risk of bias or errors. AI-powered knowledge management systems have revolutionized the legal industry, giving lawyers lightning-fast access to critical information. With these powerful tools, legal professionals can quickly search through vast amounts of data, identify patterns in legal documents, and stay on top of changes in laws and regulations. Best of all, these systems automate tedious processes such as document categorization, saving valuable time and increasing productivity.
Whether it’s scanning vast databases for relevant case law or cross-referencing intricate contract clauses, AI minimizes the margin for error, especially when done in combination with a human review which is highly recommended. Many law schools and continuing education programs offer courses on AI and the legal industry. These courses can provide lawyers with in-depth knowledge of the latest developments in the field and practical skills for working with AI-powered tools.
Failing to utilize AI that could reduce the cost of legal services may lead the lawyer to potentially charge an unreasonable fee to the client. Harnessing the power of ChatGPT can be a tremendous time-saving tool for lawyers. This is why developers and legal professionals must work together to make sure the software they create doesn’t become a hindrance rather than a help. Some see AI as a threat to human interaction, but when used correctly, it can actually enhance a client’s experience.
Read more about How AI Is Improving the Legal Profession here.