Digital technology and artificial intelligence (AI) is revolutionising industries across the globe. From traditional retail to agriculture, the wholesale adoption of digital innovation is changing the way we work, the way we live and the way we do business.
The legal industry is no different. AI is sweeping the legal sector with clever innovation to make practicing law more efficient and easier than ever. Here’s how:
Contracts are essential in everything we do from a legal standpoint. Whether that’s buying a property, setting up a business, negotiating trade agreements, and a myriad other business and personal transaction.
The current process of contract negotiations can be tedious and long. Manual review of contracts consumes lawyers. As does the endless iterations and edits that follow.
Using AI to review contracts quickly and efficiently will save time and manpower. Offering legal teams more time to work on new client cases or pursue more demanding cases that require their expertise.
As far as legal innovation goes, contract review could be the greatest piece of artificial intelligence to serve the legal community. With so many lawyers chained to contract law, freeing them up is essential to getting the most from legal teams.
Deciding whether or not to pursue a case is half of the battle for lawyers and clients. Predicting the outcome of litigations has proven tricky in the past.
AI seeks to change this. Using historical data and case information litigation prediction software is proving a successful way to predict the outcome of litigation.
In fact, one AI-powered legal prediction engine developed in Toronto, Canada, has been proven to have a 90% accuracy rate when predicting case outcomes. In turn, AI-powered litigation prediction is also improving litigation finance by helping backers decide which cases are worth putting their financial clout behind.
In the future, statistical analysis might be determining which cases get pursued, not whether justice might prevail in the end.
Historically a lengthy and costly manual process, most often carried out by law students and junior associates, legal research has contributed to larger legal bills for clients for decades.
Trawling through tomes of legal texts, conducting desk research and getting on the phone all elongated the legal research process in the past.
With the rise in personal computing and digital technology, a new wave of start-ups are putting legal research at the forefront of their product innovation. Using AI to distil large amounts of data and legal text is the core offering of most of these platforms.
Helping legal teams get the information they need easily and quickly. Reducing billable hours and freeing up time to work on other cases.