The legal industry is among the few sectors that have been cautious about technology. However, the landscape is transforming significantly, and lawyers can no longer rely on technology for legal research alone. Artificial intelligence is gradually changing the law practice. Read on to discover what artificial intelligence is, how it affects daily life, and its future in the legal sector.
Artificial Intelligence in our Daily Lives
Artificial intelligence is a term used to describe a computer-based program that analyzes and performs tasks customarily carried out by human beings. AI has now become part of everyday life. Whether users know about it or not, it operates in the background whenever they open Facebook, purchase an item from an eCommerce store, or carry out a Google search.
Unmanned aerial vehicles or drones are already in the skies, carrying out surveillance and offering delivery services. Although the world has not fully embraced the technology, it will likely be more common as the Internet of Things and artificial intelligence advances. Besides, digital assistants like Google Assistant and Siri have become reliable friends, making life easier. AI recognizes speech patterns and offers natural language processing.
How AI is Transforming the Legal Sector
Ai is gradually finding its way into supporting attorneys and clients. The application of technology appears in 6 major areas:
- Due Diligence: Lawyers have embraced the use of artificial intelligence to unravel some background information. Due diligence without technology is costly and time-consuming. Artificial intelligence ensures that the due diligence tasks are completed on time and accurately.
- Legal Analytics: Artificial intelligence allows attorneys to use data points from previous case laws, a judge’s history, or win/loss rates to prepare for cases. The judges can also use the technology to scrutinize legal submissions, identifying critical authorities or precedents missing from the submissions.
- Document Automation: Lawyers can use Ai technology’s data input to create complete legal documents. E-discovery also helps review litigation documents by learning how law firms evaluate documents based on topics and behaviors.
- Contract Reviews: Artificial intelligence can help review thousands of contracts and analyze opportunities, risks, and efficiencies by identifying differences and similarities and offering foresight.
- Recommendations: AI recommends decisions and actions based on its access to previous data. Due to its ability to process these insights faster, lawyers can use it to predict case outcomes.
- Electronic Billing: Artificial technology has revolutionized the standard method of invoicing and billing. Applying the technology in accounting has helped save time and reduce errors.
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