With our focus and specialism in the legal sector, we have partnered with different Legal Ai Software providers to help out clients. AI (Artificial Intelligence) is going to become one of the most popular ways to improve efficiencies and profit at law firms internationally.
There are many pieces of software available for large and small law firms to reduce administrative and legal time spent on tasks. Due diligence, compliance, contract & document management are just some of the areas where there have been exciting new developments in AI software.
Speak to our team of consultants and partners about which software which may suit your firm and how it can help improve efficiencies.
Free initial discussion and quote
To speak to our technology team or suppliers about what AI software may work for your firm, contact us today. Call us on 0115 8700443 or email info@marketinglawyers.co.uk
We can help advise your law firm which software is suitable and we make projects as smooth as possible.
What is artificial intelligence?
Artificial intelligence mimics certain functions of the human mind and is the term used when machines can complete certain tasks that typically require human intelligence. The term machine learning is when computers use rules (algorithms) to analyse data and learn patterns to gain insights from the data.
AI is a significant and increasing influence changing the way legal work is done. In a profession where attention to detail is paramount and mistakes can be costly, it pays to be conscious of what AI can offer.
How law firms are currently benefitting from AI
The most common way is during the process of document review. Routine tasks such as drafting contracts and analysing legal documents were often delegated to junior lawyers but now AI can be used to proofread and intelligently detect errors such as inconsistencies and omissions far faster and more accurately than a human, significantly speeding up the preparation of complex documents.
AI is also advancing the process of research and improving its accuracy, for example, searching through case law and identify relevant information and patterns, then evaluate and summarise the results. This makes it a valuable tool to lawyers working on due diligence, investigations and compliance-related tasks.
There are also some examples of AI currently being used in ways which seem more in line with the futuristic visions depicted in science fiction. Several firms have been experimenting with AI robotic lawyers or ‘lawyerbots’ which can be used to provide legal advice and answer questions over the internet.
Some of the main ways the legal Industry is utilising AI in their firms:
1. Practice management automation
Many of the tools built into billing and wider practice management software are a form of AI. For example, time-recording programs can log the hours spent by a lawyer in terms of work done in respect of each client and automatically generate invoices at the end of each month.
2. Predictive coding
This is one of the most advanced forms of AI currently being used by the legal sector. It refers to technology-assisted review used to speed up the e-disclosure process.
Predictive coding software is basically a search algorithm which ‘learns’ how to rank the relevance of documents. It is then let loose on thousands of documents to establish which ones are most relevant for purposes of disclosure.
3. Document assembly
Many bespoke contracts can be created by simply answering a few questions and filling out the relevant fields. AI software can also be used to read existing contracts and check for any missing clauses.
4. Review documents and Legal research
The big online legal information resources are continually improving their search algorithms to help lawyers find the most relevant material relating to their case.
Some AI tools go a step further and can help lawyers to form a case strategy based on previous outcomes in similar cases.
5. Voice recognition
Digital dictation has improved dramatically over the last two decades, but a host of virtual assistants can now carry out various functions, such as booking appointments and searching through documents, through voice alone. This is also one to watch in the future with regards voice search for clients looking for legal services through their home assistants such as Alexa.
6. DIY law and chatbots
Some online services help individuals and businesses form their own legal documents, without having to go to a lawyer. Chatbot-style tools are advancing rapidly and can also provide access to basic legal assistance.
7. Help perform due diligence
AI tools can help legal support professionals to conduct their due diligence more efficiently and with more accuracy since this work is often tedious for humans.
8. Contract review and management
Law firms spend a large amount of time reviewing contracts for clients to identify risks and issues with how contracts are written that could have adverse impacts for their clients. AI can help analyse contracts in bulk, quicker and with fewer errors than humans.
9. Predict legal outcomes
With AI that has access to years of trial data, it has the capability of analysing the data to help it make predictions about the outcomes of legal proceedings better than humans.
How will AI impact the legal profession?
According to Deloitte, 100,000 legal roles will be automated by 2036. Now is the time for all law firms to commit to becoming AI-ready by embracing change and setting aside the fear of failure and begin to develop internal AI practices. Innovation is the key to transforming the legal profession.
Conclusion
AI was once a futuristic idea, but it is now viewed as something which can be used to complement existing technology and is likely to become as second nature to us as spell checkers and predictive text are now.
The potential of AI to make efficiencies is significant, especially when it comes to data-crunching tasks. Law firms need to think holistically, and start asking how, and where, AI can fit into their specific practice and what it can contribute to the delivery of their service.
It will always be a tool because it is unlikely to ever reach a human level of creativity and judgement that would allow us to see a courtroom of robots. While the legal sector is still in the early stages of discovering the full potential of AI, firms wishing to be market leaders should really take advantage of current and emerging technologies now.
How to get in contact
To speak to our technology team or suppliers about what AI software may work for your firm, contact us today. Please call us on 0115 8700443 or email info@marketinglawyers.co.uk
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