Artificial intelligence (AI) and machine learning (ML) are already transforming the work of lawyers and law firms in many ways, and there are enormous opportunities for the future.
Artificial intelligence and machine learning are common phrases nowadays, and only a few people are aware of them. However, any time a new idea launches, people are more willing to accept it. Lawyers and legal professionals are no exception.
More recently, AI has begun to be used to help draft contracts, predict legal outcomes, and even recommend judicial decisions about sentencing or bail. The potential benefits of AI in the law are real. It can increase attorney productivity and avoid costly mistakes.
AI-powered legal research software allows legal professionals to quickly scan and search large databases of regulations, statutes, practice areas, jurisdictions, case laws, and more. In addition, legal research software lets lawyers gather data and help them understand precedents.
12 Features Highlight for Law Firms
01. Automatic Reminders
Law firms accomplish legal automation by breaking down legal procedures or duties traditionally handled by legal practitioners and embedding some parts in technology. The most popular legal automation is complex, high-volume labour and typical and repetitive tasks, and they’re most common in high-volume data collection, review, repeatable processes, and document generation.
Consider using mail merge technology to address typical form letters or an automated tickler or reminder system to keep track of court dates. However, legal automation’s uses have advanced sophistication, ranging from filtering giant document review sets during litigation to extracting crucial words from agreements in due diligence operations. In addition, lawyers can automate the creation of legal contracts and vital elements in the negotiation process. So here is another area of law that can benefit from AI.
02. Contract Review and Analysis in Less Time
Lawyers must analyse contracts in bulk and give comments and redlines to advise clients. Imagine a firm with thousands of reviewed contracts, and you need to keep a copy of their financial obligation, renewal, expiration dates, and more. In a law firm, AI can perform such tasks efficiently.
The procedure for using AI-powered document evaluation is straightforward: The system identifies the required papers, analyses them, and identifies the requested terms and clauses, after which they are ready for review.
The method is a hybrid of technological and manual labour. Managing the project while evaluating the uploaded documents is crucial for the new technology. AI-powered document review comprehends papers in various languages, file kinds, and practice areas, assisting in document practical evaluation and categorisation, allowing employees to spend more time on quality assurance and legal analysis.
03. Ease of Legal Research
Lawyers and legal firms now have unparalleled access to information about lawyers, judges, courts, and damages, to name a few. Data-driven knowledge has replaced anecdotes and personal experience as the primary source of information.
As a result, a lawyer can create an even more effective plan. In complement, these AI-powered tools help comprehend previously ambiguous aspects of a case, such as how frequently a judge grants summary judgment motions or which court is ideal for any client’s case.
When clients want to know about legal expenses and the tenure of the case, they want to know their chances of a positive outcome. The lawyer can take full advantage of what you had, but now you have more. That same data, those same insights—everything that aids in developing a superior case strategy also aids in providing confidence to your clients. Keeping them informed entails more than simply providing answers; it also entails instilling trust in you and your client’s future.
Lawyers can compare verdicts by judges, courts, and lawyers to uncover exciting trends, predict case outcomes, analyse IP filings, and research competitors.
04. Elimination of Time-Consuming Tasks
Artificial intelligence and automation can take over up to 30% of a lawyer’s everyday tasks. Unfortunately, many of these activities are routine, paperwork-based duties that divert legal professionals’ attention away from the strategic demands of a case.
The most basic and widely used form of AI in law is checking digital information to collect non-privileged data on a case or claim. For example, lawyers can use the software to scan documents based on search terms or parameters like dates or geographic location. This extra time enables lawyers to gather more pertinent information. In addition, AI platforms allow lawyers to detect, retrieve, and evaluate data contained in huge volumes of contracts. In proliferation, it helps generate contract summary charts for merger and acquisition due diligence in obtainment.
A lawyer reviews contracts one at a time every day. First, it includes a list of contract clauses that must be rejected or accepted. Then, when a document is uploaded into the software, the user only needs to select the clauses from the list, and the result tells us which clauses exist or missing.
An artificial intelligence (AI) tool searches legal papers, statutory provisions, viewpoints, and editorials using a proprietary algorithm, allowing the average lawyer to investigate more proficiently without worrying about missing ideal cases.
05. High-Quality Work
Innovative software that isn’t tiring or confusing can produce error-free work. Specialised document software can improve document reorganisation and maintain that organisation, including all internal cross-references, throughout the document’s life. For example, contract comparison tools detect missing clauses, wrong terminology, or ambiguous terms through document comparison and automatic learning, both within a single file and across similar documents.
06. Automation of Lower-Level Tasks
Automation of specific tasks helps lawyers have free time for client interaction and complex analysis of cases. As a result, it helps to increase the efficiency of law firms. Client interaction is an integral part of a lawyer’s profession. Automatic review of documents allows lawyers to discuss important matters with their clients, which helps get a favourable judgment.
Law firms can use AI-based chatbots to handle customers’ questions and concerns. These AI-powered chatbots can provide people with preliminary legal advice and assistance in bringing them on board. Chatbots can also buffer law firms and potential clients, collecting information before human engagement. If a client’s case requires legal assistance, these bots will refer them to a lawyer.
07. Accurate Result Prediction
Usually, lawyers have to predict the results for their clients to let them decide whether they want to pursue the case or opt for a settlement out of court.
Developing machine learning models to anticipate the outcomes of pending cases yield encouraging results. For example, non-bias AI-based legal prediction engines can accurately forecast the consequences of ongoing cases with a 90% accuracy rate to change how law firms handle cases. The applications can develop litigation tactics, speed up settlement negotiations, and limit the number of cases that go to trial.
08. Accurate Risk Assessment
Technology-assisted review tools like predictive coding can help examine data in real time. This enables lawyers to find potential risks beforehand and prevent legal problems later. For example, when a lawsuit is filed or even threatened, these intelligent solutions allow law firms to identify pertinent information and define the data and custodians that must be safeguarded. With AI, law firms can quickly determine outcomes, reducing costs and risks while defending their clients with more information.
09. Efficient and Accurate Background Checking
A prominent part of a lawyer’s work is to perform exhaustive and extensive background checks for their clients or about them. These facts must be evaluated for better decision-making and to support their cases. In law firms, AI can replace this tedious job to a large extent, and it can perform due diligence efficiently and accurately.
For example, you wrote a memo or brief and then reviewed it repeatedly. It’s not the most efficient or cost-effective technique, and you’re unlikely to be able to charge your client for your perfectionism. However, you may now save time and money by reducing unbillable hours while improving your assurance that you haven’t forgotten anything. You can also use tools for studying legal documents powered by artificial intelligence to examine your papers in minute detail. This means you may rest assured that the memo or brief you’re submitting is flawless and that you haven’t overlooked anything.
You have credibility, and your sources and quotations have been checked. That assurance is unrivalled, but being able to verify your opponent’s work product with the same level of care is a close second. Did they misquote a case by accident (or otherwise)? Did they cite any claims that the client later overturned? They may not have noticed, but you did. And it’s all because AI has become the gold standard in law and legal research.
10. Reduced Stress on Legal Professionals
Lawyers have to deal with multiple clients, review documents, do legal research, proofread, etc. It’s a pretty tedious job. The software helps to do the essential work so that lawyers can focus on creative analysis. It improves attorney work satisfaction.
Tools help to complete tasks fast and accurately, and it also helps to save time and reduce the stress of lawyers. For example, accurate scheduling of major tasks is a huge help in completing them on time. If you’re the type of person who forgets things even when you write them down, you might benefit from using tools like email calendars. These calendars can send you notifications when events or deadlines are approaching. Furthermore, applications such as OneNote and Todoist can assist you in tracking your task completion progress.
Few things are more stressful or bewildering than forgetting a task until the last minute or missing a deadline. Thank heavens there are apps to assist in dealing with it. RescueTime and Remember the Milk, for example, were created to remind users of important deadlines and motivate them to be more productive.
11. Mergers and Acquisitions
Get a single platform for the entire due diligence process, including reporting and documentation. Find clauses in multiple documents and get project management and reporting assistance.
12. Legal Procedures
In a matter of seconds, combine your search terms with artificial intelligence to receive a quick overview. Then, optimise your search by determining which groups of papers you should examine to locate the needle in the haystack.
In Summary
The benefits of AI-assisted document review the following;
This process generates a quick and thorough overview of the data volume from the beginning.
This process saves time reviewing vast amounts of data and uses resources wisely.
This process provides a high-level perspective of the process.
We help leveraging the latest computer science advances, creating a unique Legal Analytics Platform that enables law practitioners to craft successful strategies, win cases, and close business.
Setup a non obligation appointment with our consultant to understand more