6 Ways AI and Machine Learning are Transforming Legal Practice
Most often, we human beings tend to assume that we are living off the pages of an H.G. Wells classic. Fair enough, wouldn’t you agree to the same, considering the fact that whatever work a man can perform, so can a robot?
At the grassroots level, Artificial Intelligence [AI] and Machine Learning [ML] enable authentic human to machine interaction. Case in point, the omnipresent Alexa! While AI describes “the intelligence exhibited by machines that try to copy or mimic the human cognitive in certain ways, such as problem-solving and learning”, ML connotes the “phenomenon where computers are fed with data sets that are made to analyze different patterns from that data, learn from there and then use that learning to gain useful insights”. In the last few years, both AI & ML have been impacting and thereby, transforming legal practice effectively. Yes, as the saying goes, AI would not replace lawyers, but those lawyers who do use AI would replace the ones that don’t. Let’s see the 6 top reasons where and how this has been done.
Offline to online: The principal reason to use AI in the legal space would have to be the convenience of getting everything in a single space. Gone are the days where lawyers examine stacks of paper to fetch data. Instead, he opts for terabytes of data and hundreds of thousands of documents on the cloud.
Time-saving mechanism: Oftentimes, it’s a hard day’s work at the lawyer’s office. Contract negotiation, case resolution, chasing the right clues and cues to win… the never-ending laundry list is painstaking. Amid all of the documentation and fact-crunching processes, lawyers can now easily shift the humdrum and mechanical tasks online via AI scanning. A few years back an added bonus came in the form of JP Morgan’s COIN – expanded to Contract Intelligence for a client hour-long work got crunched to seconds. Read more details here.
Electronic billing: Lawyers mostly resort to three types of billing – by the hour, contingency fees or flat charges. This facilitates them to chart daily login activities precisely as it addresses automatic validation as well as compliance issues.
Simplifying Legalese: To be a lawyer, one must undergo years of rote learning to decipher the right language to be used. So why must it continue even post getting into the profession? With AI, the basics of any legal document can be broken down into the common man’s parlance. Once he uploads this, the lawyers can pore over the case. Thus, saving time & money on both the client & attorney’s sides.
Cost-effective: Sure, it’s true that investing in AI or ML software would garner initial set-up costs. But in the long run, it helps in reducing additional clerk or paralegal hires. Everything that a junior is expected to do; a machine can do faster with almost zero error submission.
Due diligence: This is an exhaustive component in legal practice. Thorough background checks for better analysis and decision-making is a laborious task by itself. Substituting this job with AI makes it more accurate and less taxing.
Technology that can simulate human mind and behavior frees up a lawyer’s time, thereby, allowing him to perform at a higher level. Leave the tough and rigorous part to experts at Riant Data. With quality, on-time delivery and right pricing, we have been the preferred name for clients since 2017. Drop us a note below & we’d revert to you at the earliest!