Artificial Intelligence, or AI, is the next frontier that will revolutionize the way we work in the coming years. The practice of law is no exception. AI applications have the potential to make your firm better in three primary ways: giving you better results, for better clients, from better lawyers.
With so much data available, lawyers need to find a way to sort and assess that data to adequately advise their clients about their rights, obligations, and liabilities. According to several studies, 70% of the costs of litigation arise from discovery, and 70% of these discovery costs consist of document review. Automation and AI can help lawyers focus on the most relevant, applicable information. AI applications can already do mundane jobs like evaluate contracts, search for data patterns, and predict outcomes. This increases consistency and saves time.
The advantages to AI will only accumulate as the marketplace adapts to its use. AI applications will increase the speed and responsiveness of research and document analysis and the accuracy of outcome predictions. Retaining top talent in the next generation will require embracing technological advances.
AI solutions are bringing another transformation of legal practice and while it won’t replace lawyers, it will improve work and results for clients by allowing more agility, faster review, and better risk assessment.
When introducing new technology to a firm, it is also important to focus on how this will enchance lawyers' lives and the work they produce. Saving time, avoiding monotony, and allowing time for creative work will provide greater job satisfaction and keep employees happy.
AI is here to stay and whether your firm embraces these new applications will affect the results you can provide for your clients and the job satisfaction for your lawyers.