Legal industry article and permission to publish here provided by Jais Frank.
With unprecedented and uncontrolled advancements in technology grasping the professional sector, everyone’s concerned about the changes it would bring in the daily operations and the careers of those whose jobs will get substituted with technology.
When discussing technology replacing professionals, what crosses the mind instantly is the Artificial Intelligence (AI) and Machine Learning (ML) that have even started making their space in the legal industry. Both considered as the crux of advanced technology is an efficient workforce of tomorrow.
How AI and ML are transforming the legal industry is unparalleled. But, their main task is to take over the clerical work of the law practitioners and augment it to free them to take up and concentrate on higher-level tasks, viz negotiating deals, appearing in courts, advertising to clients, and more.
Hence, to understand how AI and ML are shaping the law industry, we have made a list of benefits that the two technological tools would be offering.
How AI & ML Are Changing The Law Industry?
So, to understand the essential role of Artificial Intelligence and Machine learning in the legal industry you must read these points.
1. Help In Documents Review And Legal Research
Document analysis efficacy in the legal field enhances the use of AI-powered software. At the same time, machines can perform documents review and state them as relevant to a particular case. Once machines flag specific types of documents as relevant, ML algorithms do their job of finding other documents that are important likewise.
With a better capability to sort through documents than humans, machines help reduce the workload of reviewing all the documents on human workers by putting forward only those questionable documents.
Doing legal research is monotonous and highly cumbersome. But, doing it in a comprehensive manner and in time is very vital to winning a case. Thanks to technology, who even made AI systems do legal research by turning to natural language processing to help analyze documents.
2. Carrying Out The Due Diligence Process
Around the world, all law firms hire legal support professionals to conduct due diligence to obtain background information on behalf of their clients. Due diligence means confirming facts and figures and meticulously assessing the judgments announced on prior cases to serve their clients with effective counsel.
With the AI tools, these legal support professionals would be getting a helping hand in carrying out due diligence with much more efficiency and accuracy since it is pretty tedious for humans.
3. Reviewing Contracts And Management
Contract reviewing constitutes a significant proportion of law firms’ work, which is done on behalf of their clients to pick out issues and risks in the way contracts were written so that their clients are spared from any negative impacts due to the faults. Law firms redline the flaws, edit contracts, and counsel their clients whether they should be signing the contract or not or assist them in negotiating better terms.
Through AI, the largest law firms can analyze and examine contracts in bulk and also individually. With the help of AI, the work of law firms in sorting contracts has been quicker and with fewer errors than human lawyers.
4. Forecast Legal Outcomes
AI and ML with data analyzing capability can forecast the consequences or the final judgment of the legal proceedings better than human lawyers. Legal counsels or lawyers get clients who ask them questions, like what are the chances that I will win? Or, If put under a trial, what will follow? And similar other questions.
With AI in place and access to years of trial data, legal advisors shall answer such questions with confidence and in a much better way.
5. Automating The Divorce Process
Getting divorced and settling the matter is a long process that may take a year or more and even cost thousands of money depending on the lawyer you hire. But, with the introduction of AI and ML in the law industry, the traditional divorce process has moved on to become a cordial procedure providing a self-guided divorce solution virtually at a cost that is one-fourth of what lawyers quote.
Through the AI-enabled online process, couples can explain their optimal outcomes. The AI-powered machine would take them through different modules, and all the critical decisions are possible for the couple’s particular circumstances. In addition, you can find help from legal experts available to step in when required to offer their guidance.
In the time to come, the world will discover more features about Artificial Intelligence and Machine Learning. Deloitte has said that by the end of 2036, 100,000 legal job roles will move to automation.
They indicate that every law firm must start becoming AI-ready by developing internal AI practices and aiming for growth from now onwards. We believe that innovation, like Artificial Intelligence, or Machine Learning, or Facebook social toolkit, is indispensable for transforming the legal industry.
Jais Frank is a freelance content writer and enthusiastic blogger. He is the co-founder of Essay Writing Guides. He contributes to many authority blogs such as The Parents Magazine and Dream and Travel.
Originally written for Supply Chain Game Changer and published on June 30, 2021.
The post How AI and Machine Learning are Shaping the Legal Industry appeared first on Supply Chain Game Changer™.
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Title: How AI and Machine Learning are Shaping the Legal Industry
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Published Date: Mon, 13 Sep 2021 05:08:04 +0000
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