Using artificial intelligence to improve law firm performance
The development and use of Artificial Intelligence (AI) is on the rise and shows no signs of stopping anytime soon. In fact, Statista reports that global revenue from enterprise applications using AI is projected to grow by nearly $ 30 billion by 2025. Given this tremendous growth, it’s no wonder the legal industry is taking action.
Fortunately, the field of law is fertile ground for the benefits of AI technology. Time-consuming tasks that lawyers previously used manual resources to complete can now be done in less time and for less money using automation and machine learning.
The current state of AI technology
Artificial intelligence is a useful tool that is becoming increasingly popular in real-world applications that are learning to do tasks that would normally be performed by humans.
Even for geniuses, it is unrealistic for lawyers to keep a complete catalog of everything they ever need to know on their mind at all times. However, having access to all the relevant data about the process and outcome of a previous matter can be a great asset in obtaining favorable outcomes on similar matters in the future. This is where AI comes in.
As a Harvard Law report said, “With AI accessing more relevant data, it can do better than lawyers to predict the outcome of litigation and litigation to help clients make decisions. For example, a London law firm used data on the results of 600 cases over a 12 month period to build a personal injury viability model. In fact, an AI trained on 200 years of Supreme Court records is already better than many human experts at predicting SCOTUS decisions. “
AI also has various other – simpler – uses that law firms can benefit from.
Instead of spending hours doing tedious and red tasks, AI can do them for you. In addition, AI can usually do tasks more efficiently, thereby improving productivity and standardization.
This increase in productivity allows your company to reallocate resources as needed to further optimize efficiency, reduce redundancy and focus on growing profits.
These improvements are not just theoretical. According to a recent Information Age article, “AI is not a completely new phenomenon and the legal industry has been using AI in the litigation detection process for nearly 10 years.”
In fact, AI has already made its way into the legal profession in the form of legal research, contract review and management, document review, legal outcome prediction, and much more.
The rise of electronic discovery is probably the earliest example of the use of AI in the legal profession. With AI all organized in electronic form, litigation attorneys can organize, thread, stack, and search relevant information in a far more efficient manner than manual review of paper documents allows.
Legal research has also been shown to be heavily supported by AI. For example, a report in the New York Times recorded an experiment by a Miami-based attorney who decided to test the usefulness of legal research software. The software (Ross Intelligence) is designed to search a large database of case law and generate the data most relevant to that specific search. This attorney wanted to see if he could find a matter-relevant case faster than the software. It took him about 10 hours to find the case he was looking for. The software found the same case immediately.
According to Bloomberg Law, AI also helps legal researchers uncover documents they could not have found before and more easily identify similarities between court judgments. Created in 13 million court judgments over a five-year period, this application of AI can minimize the number of errors or missing documents a user might encounter. “
This means that millions of legal data points can be analyzed and analyzed, efficiently organized according to relevant criteria, to predict the outcome and cost of a matter with just a few buttons. AI can give you information that you wouldn’t even have looked for.
A recent Deloitte Insight report, particularly in the legal arena, showed that “Technology has already contributed to the loss of more than 31,000 jobs in the industry, but has added around 80,000 jobs in total, most of which are more skilled and better paid . “
The “elimination of jobs” appears negative at first glance. However, if job losses are responsible for high sales and low job satisfaction, this is a clear benefit. This creates space to cultivate more highly qualified positions and increase the value of employees in unrealistic ways without the AI bearing some of the burdens.
Another concern is confidentiality and cybersecurity – and rightly so. A recent study by a malpractice insurer found that 22% of law firms have been victims of cyberattacks. The victims have been bigger names in the field than you might expect, but smaller firms are by no means exempt. For example, the American Bar Association recently found that that number was 35% in law firms with 10 to 49 lawyers – meaning more than a third of small law firms had been hacked.
Far from being a liability, however, CSO reports that AI provides additional support in combating the ongoing threat of cyberattacks. The self-learning algorithms built into AI technology make it possible to better understand and predict potential threats in ways that humans often cannot.
According to an article in Law Technology Today, implementing AI leads to a reduction in cybersecurity risk unlike companies that keep outdated technology.
The combination of natural recognition of human patterns and the support of the self-learning abilities of AI enables lawyers to extract relevant information faster and easier than ever before.
Aside from the practical benefits offered by the technology, the ABA Model Rules for Professional Conduct reaffirm the potential ethical implications of using available technology to assist clients and state, “In order to obtain the necessary knowledge and skills, an attorney should be aware of changes Keeping Up to Date The law and its practice, including the benefits and risks associated with the relevant technology, deal with education and training and meet all of the education requirements to which the lawyer is subject. “
The introduction of AI technology is currently a means of gaining the benefits of increased productivity and efficiency. As technology advances, it may not be long before it becomes an ethical obligation as a tool. There’s no good reason not to use them.