What All Benefits do Law Firms Reap by adopting Artificial Intelligence(AI)?by Christe Clarke Marketing Manger at Cogneesol
With the emergence of Artificial Intelligence (AI), both the business of law and the practice of law are changing, and law firms are embracing those changes for the better. Natural language processing technologies, machine learning, and data mining are helping law firms to provide quick, affordable, and more accurate legal support services. From finding hidden opportunities to facilitating document review, selecting cases, and predicting results, the use of AI is changing the work of lawyers.
What is Artificial Intelligence?
Artificial Intelligence means computers are programmed and trained to reason, communicate, learn, and make decisions. AI is capable of completing tasks that were traditionally done by people, with the focus in looking for data patterns, evaluating data, and providing the results. Artificial Intelligence (AI) companies continue to seek ways to develop these technologies so that they can address tedious tasks for various industries with a higher speed and accuracy.
In the legal sector, AI has already supported its lawyers and clients. With the latest technology, lawyers’ work is empowered; they can gain new insights to enhance their areas of expertise and provide great services to clients. This advancement in technology is transforming how lawyers perform their legal work and solve queries on behalf of their clients. In the long run, it is difficult to assume what impact these artificially intelligent tools will bring if lawyers incorporate them completely into their practice and expand their range of services to the clients.
Where is AI currently used in the Legal Profession, and How is it Benefiting the Law Firms?
Due diligence: Litigators perform due diligence with Artificial Intelligence tools to determine general information.
Predictive technology: AI software generates results that predict the outcome of a dispute.
Legal analysis: Lawyers use jurisprudence data, profit/loss relationships, and judges’ records for trends and patterns.
Legal research: Artificial Intelligence tools have the ability to tackle the information in the litigation record and create the search experience accordingly, thereby improving the efficacy and efficiency of legal research. This shows that using advanced and easy-to-use AI technology will have a great impact on attorney research quality.
Document automation: Law firms use software models to create finished documents from captured data.
Intellectual property: AI tools help lawyers in broad portfolios’ analysis and draw results from the analyzed content.
Electronic invoice: Lawyers billable hours are automatically calculated.
What are the Benefits of AI?
Time-saving: The main advantage of Artificial Intelligence applications is its time-saving ability. AI programs can interpret a lot more information than humans. They can find answers and identify errors to save time quickly.
Detailed analysis: TAR tools can be used to investigate information that helps lawyers identify important risks, provide expert advice, and resolve legal problems before they occur.
High-quality work: Smart software provides quality work that improves a company's documentation process and makes it more organized.
Enhances the organizational and logical structure: Lawyers can use automated document analysis software to find faster document gaps or legal analysis gaps.
Identify compelling precedents and improve creative analysis: By examining, investigating, and controlling the quality of automated documents, lawyers save time and effort, which can be used for important tasks. With smart law search software, you can try fact models or legal analysis to find the most useful strategy.
Reduces the workload of prosecutors: Proofreading, document review, and legal investigation can be tedious and time-consuming. The use of software helps reduce stress and boredom by minimizing the time that lawyers spend on preparatory work.
Improves customer relationships: Artificial Intelligence solutions give lawyers the time to talk to their clients and explain their them strategies and results. It also keeps them informed of each step of the demand. This increases customer satisfaction.
In summary, the implementation of an Artificial Intelligence solution will have a positive impact on a law firm. When lawyers start using Artificial Intelligence software, they can relax and let computers perform their monotonous routine tasks. All this helps create an excellent work environment for your employees.
Created on Aug 30th 2019 04:14. Viewed 102 times.
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