Unquestionably, the legal profession is going into a technological revolution. From online legal analysis platforms to customized apps promoting general tasks, the legal domain has come a long way from the legacy-bound and labor-heavy legal industry. The legal sector is all set for another revolution by the inception of Artificial Intelligence (AI) systems. AI is presently applied in the legitimate business and assisting technology providers to streamline their work processes.
Current applications of AI seem to fall into six major divisions:
Due Diligence:
Litigators conduct due diligence with the cooperation of AI tools to reveal background information which includes contract review, legal research, and electronic discovery and helping lawyers conduct due diligence and research. One of the principal tasks that lawyers present on behalf of their clients the recognition of facts and figures, and ultimately assessing a legal scenario. This due diligence method requires for intelligently counseling clients on what their options are, and what procedures they should take. Also, there are due diligence mistakes that are made by junior lawyers, and the reasons may differ person to person. These involve working very late at night or on the eve of a weekend, omitting to complete due diligence before the end of the work week, and abandoning to act on it when a contract structure is entirely revised. AI is able to reduce these by using natural language processing and machine learning to derive critical textual data from legal contracts and other reports to supervise lawyers in the analysis. A lawyer needs to personalize the type of information that has to be extracted from scanned documents, and the software will then transform it into searchable text.
Prediction Technology:
An AI software produces results that determine litigation outcome. Several AI companies have attempted to come into this field with numerous software and techniques claiming to offer early caution signs to lawyers when the AI tool detects warnings of litigation. The system works by examining for high-risk documents and present them according to the level of risk that the AI has ascertained. When a user clicks on a record, risk terms as identified by subject matter experts through the algorithm are highlighted. According to the company, users can reach which documents put them at jeopardy for litigation when they use the software.
Legal Analytics:
Lawyers can utilize data points from past case law, like the judge’s history and win/loss rates to understand and study the trends and patterns. Case documents and docket entries contribute additional penetrations during litigation by lawyers. Prevailing AI tools insist that today’s software products can secure key data points from these documents to support arguments.
Document automation:
Law firms apply software template to design filled out documents based on data input. There are numerous document automation systems available that reduce the nondisclosure agreement (NDA) method by offering models chosen by AI according to a user’s situation. The user answers questions, and a pre-filled model is then produced. Besides, the software also highlights document filing and integrated e-signatures to streamline related manual processes associated in NDA drafting.
Rational Property:
AI tools supervise lawyers in investigating large IP portfolios and drawing insights from the content. Securing patents, copyrights and trademarks are often rightly left to a lawyer’s specialization. However, the complete patent application process can be long and arduous. Traditional brand and copyright search, for instance, requires looking into hundreds, if not thousands, of decisions through hand-operated research. This takes so much time, which is ridiculous considering that patent applications are time-sensitive. With technology entering the legal arena one can say that numerous firms are taking on some of the manual conversance work of intellectual property and combining it with AI. They are using a composite algorithm that is said to shorten weeklong searches for registered products and trademark which in returns lessens the search time.
Electronic billing:
Lawyers’ billable working hours are calculated automatically. Electronic Billing platforms present an alternative to paper-based invoicing with the purpose of reducing disputes online items, more perfect client adjustments, more accurate reporting, and tracking and cut paper costs.
