Over the past several years, scientists, journalists, and tech-people all over the world keep talking and writing about a technology called artificial intelligence. According to them, AI is changing the world around us and affecting our workplaces, from the automotive industry to the legal sector. We interact with AI daily when we ask Siri questions, order a taxi, or use facial recognition to unlock our iPhone.
We realize the increasing impact of Artificial Intelligence, but do we know what AI is? Basically, artificial intelligence is a theory and development of computer systems capable of doing tasks that usually require human intelligence, such as visual perception, speech recognition, decision-making, and translation. In other words, the technologies empowered by AI enables computers to learn, reason, communicate and make decisions.
The Question is, How AI Transforms the Legal Industry and Helps Legal Professionals?
Being at the core of many LegalTech solutions, AI is the big game-changer, a breakthrough technology for the legal industry.
It helps legal professionals in various ways, for example, making it easier to prepare for legal cases by enabling search through a huge amount of information(review documents or contracts, etc). AI increases attorneys’ productivity (practice management automation), as well as saves time and money. It frees legal professionals from everyday tasks that can be handled by computers and enables them to focus on cases and tasks that are more important and require high-level human abilities, such as advising clients, negotiating deals, or appearing in court.
AI requires attorneys to develop and maintain a number of essential skills to use AI-driven products and remain competitive in the market. This development of AI-driven technology will increase the demand for more data analytics jobs married into the legal industry to improve the practice of law in the future. For instance, AI can analyze data to help make predictions on the results of legal proceedings better than people. The point is, due to its highly advanced features, AI has access to years of trial data, which will allow attorneys to make better predictions by answering their clients’ questions such as ”Who’s going to win a trial?” or “Should they settle?”, etc.
A recent study shows that Al already conquered London, the most international market for legal services in the world. It states that 48% of UK law firms are already using AI, and the rest 41% will start to do so in the near future. Furthermore, a Deloitte study evaluated 100,000 legal roles that will be automated by 2036, thanks to AI implementation in the legal sector.
As we see, the legal professionals and law firms should be ready for this change and need to adapt quickly to the use of AI.