No industry is untouched by the law. Everything that organizations do from sales to mergers to partnerships is all done via legal contracts. The global legal services market size is anticipated to reach USD 1,04billion by 2025, and the use of the latest technologies will drive this growth.
Artificial Intelligence (AI) and machine learning (ML) in particular are remodeling the legal profession in many ways. They are helping law firms manage their operations and automate many of the tasks that previously required human intervention. This has helped these firms save precious time and manpower that can then be used for more productive and client-centric tasks.
There is a remarkable similarity the way law firms and AI & ML operate. Both try to understand what happened in the past, learn from it, and use it in the future for better decision making. In this article, we will be discussing the different ways in which AI & ML based technologies are disrupting the legal profession and streamlining legal operations and work processes.
Document review: All major law firms deal with mountains of documents regularly from contracts, purchase orders, policies, and procedures. Reviewing these documents without the help of technology is time-consuming and error-prone. With the help of AI & ML, document intelligence solutions can sort through large chunks of data and identify relevant pieces of information in a very short period of time. However, this job of finding the metaphorical needle in the haystack can’t be achieved without legal professionals who train AI & ML software to find the relevant information.
Legal research: This involves searching through thousands of pages of documents to find an answer to a legal question or checking for a legal precedent that can be cited in a brief or at trial. This legal research is often assigned to paralegals and junior law executives. With AI & ML tools, firms are able to build research platforms that have a more advanced semantic understanding of legal opinions. These platforms have natural language processing capabilities that understand the sentiment of a sentence rather than just its mechanical meaning.
Legal due diligence: This is a vital process for evaluating risks and structuring an agreement, and at times, becomes an exceedingly time-consuming job. New-age technologies are speeding up the process by eliminating manual steps. But AI & ML solutions designed for due diligence are taking things to the next level by allowing for automatic searches through a multitude of documents for specific information, interpreting and analyzing the data, and exporting it easily into easy formats for review.
Predicting outcomes: Since AI systems have access to huge amounts of trial data and years of documentation. Pattern recognition and machine learning capabilities of new age technologies come into play to review and provide insights, which are then further used to predict outcomes for comparable cases as well as finding solutions that could have otherwise taken days to arrive.
To summarize, AI & ML driven legal technologies offer a host of benefits, including:
- Save time and reduce overall costs in the due diligence process
- Reduce costly human error and the need for manual checks
- Redeploy staff to focus on more fruitful tasks
- Increase the efficiency of your operation
How Cenza can help:
Cenza has considerable experience in training AI systems and is certified by leading AI providers such as Kira Systems and Leverton. Our panel of experienced attorneys has supported clients tirelessly to replicate human intelligence through seamless training of the AI system. We break up projects and hand it over to our large and qualified workforce. Not only do your clients receive invaluable human intelligence, but we can sort through large substances of data in no time.