Ever since the genesis of Artificial Intelligence (AI), there have been many myths around this technology. A majority of us have shaped our perception of AI with inspiration from some of our favorite sci-fi movies. While the world is inching towards living a day out of a scene from one such movie, AI is indeed a strong tech ally today for businesses spanning across industries. The technology has found its application in various industrial spaces and business environments where automation is the solution for redundant tasks. The very reason why AI has made its way into the legal industry, which is encumbered by laborious tasks and processes.
Today, several legal tech companies offer a range of AI tools to support legal professionals in getting more done, faster. Be it contract lifecycle management, due diligence, contract review, legal research, analytics, intellectual property, or e-discovery, AI has found its application in every facet of the legal landscape. However, there as several myths surrounding the adoption of legal AI tools. And, this article untangles the misconceptions around AI and eases your qualms about embracing the technology for legal departments.
AI strategy is not significant for businesses: Not really! It might not be very evident today, but adopting technology with AI as the future will become inevitable to gain a competitive advantage. A significant share of work in a business environment is being automated, such as hiring and onboarding, CRM status tracking, streamlining operational functions, and automatically updating customer data. Hence, it is high time you evaluate the challenges and missed opportunities due to a lack of automation. Operating in an era of data-derived insights, the reality check of your in-house legal departments will tell you the need to leap to the next phase of automation with AI.
AI will displace humans: This is one notion prevailing in every industry. So, in the legal space, there is fear over AI replacing lawyers. But in reality, it is an aid to make legal professionals’ life easy and enhance the value of their efforts. It will ideally automate mundane tasks that take up their major share of time and effort. Our blog here discusses how AI & ML-powered tools are helping legal professionals in streamlining operations, increasing productivity, and enhancing their process efficiency.
AI can learn on its own: The technology is indeed built to be autonomous, but AI-enabled tools can achieve this potential only with the help of human expertise. It needs extensive human collaboration to perform the intended tasks, from preparing a training dataset to enabling its cognitive learning through intensive training. In the case of legal AI, managed AI with lawyers-in-the-loop has been the preferred approach to enhance the accuracy of AI. We have a dedicated blog explaining the need to involve lawyers in training legal AI tools.
AI deployment is cumbersome: The legal AI industry is well established today, with defined processes and workflows. In addition, there are outsourcing partners to aid companies in the seamless integration of AI-powered tools into their existing environment. Once you have identified the tool, you can entrust the end-to-end implementation process to an external specialist team. For instance, you can get your Machine Learning platform trained for contract review and annotation with an accuracy threshold of over 99%. The results are irrespective of the variation in contract types and structure of datasets.
AI needs experts for its application: Building an AI tool requires experts, say technology specialists and data scientists, but not for its use. The tools are ideally built for every business user to address a specific business need. With being trained to perform their jobs and deployed by experts, they can be used right out of the box by your legal team.
AI is ideal for big corporates: There is no limitation to harnessing the advantage of technology, including the size of an organization. In today’s highly competitive market space, every business needs to be primed to gain an edge over its competition. And, it is practically not possible without the aid of technology. Technology plays a major role in today’s business landscape, from accelerating innovation, building a connected workforce, and strengthening your system. As AI emerges as an inevitable technology in the legal industry, companies of all sizes must embrace it for improved business advantage. While cost has been a major derailing factor in the nascent stages of AI for adoption, businesses today have the privilege of choosing a cost-effective, tailor-made, and scalable AI solution, no matter the size of their legal team.
AI indeed has emerged as a disrupting force, so did the speculations. As the legal industry is priming for a dramatic transition with the aid of technology, it is impracticable to accomplish the goals without AI. Hence, this article addresses some of the prevailing myths and gives you a clear understanding of AI implementation and application. A majority of the information represented here is curated from our experience working with various organizations to train their AI/ML tools. And, we are happy to share this with a larger fraternity to benefit others, hence this article. Hope you find this article valuable!
We are a Managed Legal Service Provider with over 20 years of experience working with leading corporations, law firms, in-house departments, and financial institutions worldwide. AI & Machine Learning training is one of our prime services leveraged by legal AI companies to enhance their tool’s efficiency and accuracy. What sets us apart is the human-in-the-loop/lawyer-in-the-loop training to accelerate the learning curve of AI platforms and help them deliver the expected outcomes.
If you would like to learn how Cenza can assist you in adopting AI/ML tools for your in-house legal team, please get in touch with us.