AI is set to Revolutionize LegalTech
LegalTech is being combined with artificial intelligence (AI) to completely overhaul the way lawyers work.
By using algorithms that create patterns in the handling of their data, artificial intelligence services allow law firms and legal departments to operate more efficiently. Currently, it is mostly used as a support tool to make it easier for lawyers to complete their most routine activities. Machine-learning algorithms are sometimes used by the software to edit documents and gather specific data. This enables attorneys to use the data to make informed decisions. Although AI is still a long way from being a major tool in the industry, some specific activities, like contract lifecycle management, will see more widespread application.
Here are some ways AI can benefit LegalTech:
Legal chat bots are an emerging trend in LegalTech that make use of AI. Law firms that use chatbots can serve as a component of customer support. They have information pre-programmed into them that allows them to read and reply to clients via a live chat feature on a website or application.
Depending on what you ask, they may be able to answer your inquiries. They can also capture and preserve client information, which a lawyer might utilize to determine the client’s or potential client’s needs and then get back to them.
Chatbots are useful because they enhance the user experience by responding to clients or prospective clients right away rather than making them wait hours or days for a response.
The majority of legal departments are switching to electronic billing systems, however some still use paper bills. The electronic billing system has a wealth of information, but sadly, many lawyers struggle to effectively extract it. AI is resolving that issue by enabling analysis of the completed work, its alignment with other completed work by the firm, its efficiency relative to work given by other firms contracted by the company, and its performance relative to the market as a whole.
Think about having that knowledge on hand the next time you want to talk about billing rates with your law companies.
Furthermore, there are operations tools that can give you reports and dashboards displaying the nature of the work entering legal, the personnel working on it, the progress made so far, and the risk profile of that work. Additionally, it can give case management capabilities and delegate the work to the appropriate lawyers.
Lawyers must spend more time looking for documents in the absence of a centralized legal document management system (DMS).
Once they do find them, they still need to make sure they are the most recent versions. These are irritating problems, especially if you’re operating from a distance or under pressure.
An AI-based DMS uses this data to automatically categorize and sort your papers after it has scanned every one of them. This makes it simple to find what you’re looking for quickly. And the AI system gets better at categorizing the more you use it. Some softwares like HAQQ are already making use of it.
Moreover, it scans for common language to “cluster” papers together. This is useful if you are unsure about the document’s title but are aware of the subject topic. These algorithms do not exist in even the most advanced document storage system, which makes searching much slower.
In Conclusion, AI is already here, and the legal sector may gain much from it. AI is now able to help attorneys complete tasks more quickly, more effectively, and more affordably.
Although the available LegalTech is now restricted, the possibilities are interesting and soon the availability, quality, and pricing will all come together to create products that the legal sector won’t be able to resist due to their sheer usefulness.
Legal research, contract development, and many other operations are currently being impacted by AI, which is permanently changing the legal sector.