AI applications for 5 different areas of law
Artificial Intelligence (AI) is one of the most revolutionary technologies that has ever entered the business world. From finance to entertainment, AI is changing the number of industries that do their jobs. But what about the legal profession? While lawyers are slower to adopt this technology, AI is a growing field for lawyers.
Law firms spent roughly $ 12 billion on AI in 2017, and experts estimate that number will reach $ 85 billion by 2027. While ethical concerns hinder the adoption of AI in some legal applications, many processes are ripe for AI disruption. As these technologies keep improving, AI will only grow in law.
Here are five areas of the law where AI can bring significant benefits to attorneys and their clients. This list does not claim to be complete either. AI in Law is a relatively new and growing concept.
AI in criminal law can be a more common phenomenon than you think. Police have used algorithms to map crime predictions for years, and some courts have turned to AI to manage probation. In the Loomis v Wisconsin case, the Wisconsin Supreme Court approved the use of a risk-scoring algorithm that determined that the defendant was too risky to receive parole.
AI in conviction is a point of contention for many, but defense lawyers can use AI in other, less controversial areas. In particular, machine learning algorithms can analyze previous cases to predict an outcome. These predictions can then assist lawyers in their preparation and strategy.
For example, an AI can predict what might prove most convincing to a particular judge based on his or her history. You can then prepare a more compelling argument to defend your customer. These algorithms are remarkably accurate, so they are definitely a helpful resource.
Criminal cases are far from being the only uses of AI for lawyers. In some ways, this technology is widely used in other areas such as: B. civil litigation, even more helpful. Contract disputes, for example, require hours of due diligence, which AI can automate, saving you hours of repetitive work.
For example, many recent contract disputes revolve around COVID-19 force majeure claims, which can be a complicated exercise. In some industries, the term force majeure is not used in most contract languages. Therefore, establishing such a claim requires an in-depth contract analysis. AI algorithms can analyze contracts and related documents to highlight the language that would help your case.
Doing this manually can take hours, free up your busy schedule, and make things more expensive for your customer. Automating at least partially through AI is far more efficient. These algorithms can also highlight language that you might have missed in the monotony of manual analysis.
Securing patents, trademarks, and copyrights can be a long and complicated process. Although these applications are time sensitive, they take long hours to search through countless similar documents. Just as AI can save time by analyzing contracts, it can automate much of the research into intellectual property applications.
Some branded AI programs can deliver results in as little as 15 seconds, while manual approaches can take days. For such data-intensive tasks, algorithms are usually much faster than humans and often more precise. While the tasks they automate may seem small at first, they result in significant time and money savings.
AI can also help intellectual property attorneys ensure that their forms meet all requirements. Intelligent programs can automatically format documents according to current regulations and check them for formulation errors. With resources like this, you can secure your customers’ intellectual property faster and without errors.
Another promising application of AI in law is in corporate functions such as mergers, acquisitions, and compliance. Corporate due diligence is often even more of a hassle than disputes between individuals because there is more at stake. The efficiency advantages of AI are indispensable here, but perhaps more important is the accuracy of the AI.
In one study, AI recommended changes in nondisclosure agreements 94% accurate, while lawyers were only 85% accurate. Flipping through pages of corporate contracts can be tedious, which often leads to errors when people do it unassisted. Computer programs do not have this problem, so they are ideal for these data-intensive analytical tasks.
Corporate attorneys can use AI to ensure they are creating the most beneficial contracts for their clients. Likewise, these programs can highlight errors or issues in the other party’s drafts. Partnerships, mergers and acquisitions and similar processes are much smoother and there is less risk of future litigation.
Tax law is another data-intensive, complicated, and often tedious area that makes it ideal for AI. Tax authorities around the world are using AI to detect fraud and tax avoidance. AI for lawyers can provide similar services to help ensure clients have good tax records or deal with fraud.
Just as AI can find errors in a contract, it can find inconsistencies in a client’s tax returns. Similarly, AI programs can review past tax disputes to find priority that would prove helpful in defending your client. Tax rules are complex with numerous loopholes, and AI’s talent for data analysis can help highlight these.
One of the most popular AI applications in other industries is finding ways to improve what companies would otherwise have overlooked. AI can create connections between data points that humans may overlook and provide reliable, out-of-the-box solutions. The same benefits are also implemented in tax law, where lawyers can use AI to connect within local tax regulations to defend their clients.
AI in law should be considered by every lawyer
These five examples are just a small selection of the uses of AI in law. These technologies may not be suitable for every case or task, but they can be applied to many different areas. The potential of AI is so great that every lawyer should at least consider how to use it.
As AI continues to improve, more companies will adopt it. It could soon become an industry standard among lawyers. The legal profession has probably just scratched the surface of what AI can do about it.