Beyond the buzz in legal AI: what does AI genuinely mean in the legal field?
Artificial intelligence or AI is not just a buzzword anymore for legal practitioners. Things are starting to change in the legal field with the help of technology. Recently artificial intelligence has been improving a lot to assist the human mind and save time in the field of law. AI is taking the field of law to the next level and lawyers are embracing the change, despite their traditional hesitation to use technology that can assist them. This article tells you about 8 things that can make you a believer of the power of AI and make your life easier as a legal practitioner.
It's a time-saving machine: The most significant and most noticeable advantage of AI applications is cutting down the wastage of time. Computer systems can examine more information, more in detail than we do in a tiny fraction of the time that we spend on such works.
For instance, if you take an hour or two to proofread a document and then run the original document through the artificial intelligence tool to test the file, in less than a minute, it will find and fix all the errors it had painstakingly recognized.
This usefulness of technology applies not only in the legal field but to all types of work. Computers can go through a few things very quickly and search through potentially relevant data of all forms and file types, conduct legal research that an expert lawyer would take days to complete, and analyze things like contracts and other documents to find errors, or missing information and any sort of inconsistent language or contradictory clauses.
AI tools can create risk-free contracts: The key thing for in-house lawyers who draft and prepare contracts for the clients is the ability to construct and use an agreement document that contains standard terms and conditions and which often needs customization. AI generated contracts are huge time-savers and allow law firms to produce a consistent set of agreements. There are AI tools that can construct contracts, using whatever set of parameters the legal department feels important. As time is getting saved, the lawyers of a firm can decide how much time they want to be involved in the creation process. For final revision, they can have a quick review of all contracts generated by the AI tool so that any sort of mistake does not pass to the client and the firm gets a reputation for producing risk free contracts because here expert lawyers and artificial intelligence are working in the same team.
Use of AI for accurate risk assessment: Artificial intelligence software or tools can review any piece of legal information in real-time. This allows lawyers to pinpoint potential risks in the initial stage, even before any unfavorable thing takes place, and notify clients wisely about their vulnerability. It is essential to knock out the legal problems before they even occur.
For instance, when a lawsuit or legal proceeding from the government has been started, or even just threatened, modern smart solutions let law firms quickly identify relevant details and define a set of data that must be used for better legal protection. Using such massive and advanced information that is now available, lawyers and law firms can better assess the possible outcome, lowering costs and specifying risks while protecting their clients. This effort helps to enhance the reputation of a law firm.
Improved quality of work by the practitioners: Work delivered by an intelligent technology like artificial intelligence that does not get exhausted, bored, or distracted and which can be truly free from all sorts of mistakes. Specialized documentation software can improve the arrangement of documents and perfectly maintain an order. That includes all internal references, and cross-references, throughout the production of the final document. Such technology can also ensure that language or tone that is applied throughout the document is consistent, no matter how many lawyers had contributed to the drafting. Using mechanisms of document comparison and machine learning, software that has an artificial intelligence engine can determine missing clauses or conditions, inconsistently used wording or unclear terms. It can be done both within a single document and across a collection of identical documents.
Better structure of documents produced by law firms: With the help of artificial intelligence, using the features of automatic document comparison and arranging the order of the documents, lawyers can identify gaps in their papers and even in their legal analyses in the shortest possible time.
For instance, an artificially intelligent contract analysis tool or software that has learned and developed knowledge through repeated examination can pinpoint missing terms or definitions in already known types of contracts.
Likewise, analysis of documents through an artificially intelligent tool can discover a logical connection that has not yet been established in legal documentation, allowing attorneys to review and strengthen their weak points. Either way, AI tools that maintain the internal arrangement of legal documents and allow lawyers to quickly and conveniently switch between different levels and views help in enhancing the overall format and logical flow of any legal instruments.
AI helps lawyers to produce higher-value work: As automated review saves time, does research, and documents quality control, AI frees up lawyers’ time and mental energy for quality work. This improves creativity, allowing lawyers to add unique value and focus entirely on the work that computers can not do. Conviction in outcomes given by AI also gives lawyers the free time they need to assess risks and evaluate alternative solutions. Using intelligent legal research software, lawyers can test out interpretations in fact patterns or legal analyses to identify the most advantageous strategy. Comparative study between cases can be done which will no longer take days of exhaustive work.
AI reduces the stress of a lawyer: Legal document review, proofreading of drafts and contracts, and legal research can be boring sometimes. While these assignments have to be completed with a professional and ethical representation, in this era of technological development, it is not essential that attorneys have to do them by hand. Allowing AI-enabled tools to do at least the first round of work reduces stress and tiredness, minimizing the time that lawyers usually spend on introductory reviews. On the other hand, knowing that their AI tool has already completed a thorough review gives lawyers more confidence in the outcomes. This allows lawyers to dive into the creative, intellectual study that they are paid to do and what computers can not copy, no matter how smart it gets. Overall, AI tools have the ability to improve the work satisfaction of a lawyer.
AI ensures client satisfaction: If we extract ideas from the previous issues, AI tools allow lawyers to be free from the redundancy and reduction of primary tasks, and the time to engage in the more enjoyable, innovative, human-centric work of the law world. This contains speaking to clients, and analyzing and explaining strategies, ideas, and effects of specific legal actions. With that, keeping the client base better informed at every stage of the legal process. Needless to mention, better and constant outcomes delivered by a law firm leads it to an excellent level of client satisfaction.
Conclusion
Investing in an AI solution can create a positive momentum throughout any law firm. As lawyers are trusting AI tools, now they can relax and let the intelligent tools attend to the boring details. More satisfied lawyers are less likely to take causal leaves or suffer burnout. For instant legal answers, quick legal response, finding possible objections, budget prediction of a legal battle, and overall risk assessment there are no alternatives to artificially intelligent legal tools.