AI has been around since the 1950s, but only recently have we started seeing its impact on our lives. From self-driving cars to robot vacuum cleaners, AI is transforming industries across the globe. The legal sector is no exception. In fact, Artificial Intelligence (AI) is already being implemented in law firms to automate various tasks and streamline processes. How will AI transform legal service delivery?
AI was originally developed for military purposes, but today uses are far wider. Some examples include healthcare, customer support, and even financial services. At present, some companies are using AI to improve their legal services. For example, to provide free legal research, to assist lawyers in providing legal services.
Lawyers and paralegals may soon be out of jobs, thanks to AI. According to a McKinsey report, the number of lawyers needed globally will drop from 2.5 million to 1.3 million over the next decade. While this may sound scary, it also means that there will be more time for lawyers to focus on client care.
A Quick Look at the Significance of Artificial Intelligence
Before understanding the changes that Artificial Intelligence or AI brings to legal service delivery, let’s take a look at the role of AI in the modern era.
- AI helps in automating repetitive duties and saving plenty of time for businesses.
- AI allows deeper analysis of a huge amount of data.
- Through the use of deep neural networks, AI helps businesses in achieving optimum accuracy.
- AI enables businesses to make the most of the available data and gain valuable insights.
How is Artificial Intelligence is Modifying Legal Service Delivery?
Are you wondering how AI is transforming legal service delivery? If yes, here are some of the top ways AI is bringing about a change in legal service delivery. Let’s dive in!
1. Accelerates the Due Diligence Process
Due diligence is the process of uncovering the background information of a person or case to get better insights from a legal perspective. This process can be time-taking and tedious for legal professionals. Artificial Intelligence helps in speeding up the process by verifying facts and figures accurately in much less time.
2. Makes Predictions of Legal Outcomes
Artificial Intelligence has the capability to use huge amounts of data and sort them based on different parameters. It allows legal professionals to easily make predictions of a case on the basis of historical data and potential arguments. This, in turn, enables the legal professionals to answer the pressing questions of the clients.
3. Simplifies Litigation and Contract Document Generation
Drafting legal documents such as contracts takes a lot of time. However, with the evolution of artificial Intelligence technology, legal documents can be generated in much less time. With the use of AI technology, legal professionals can now draft appropriate, consistent, as well as up-to-date documents faster.
4. Speeds Up Legal Research
Researching huge legal databases consisting of regulations and laws is a tough task and consumes a lot of time. Artificial Intelligence allows legal professionals to conduct legal research accurately and faster. Speeding up the legal research process enables legal experts to concentrate on other necessary tasks.
5. Ensures Better Contract Management
Managing large volumes of contracts is not easy. Artificial Intelligence offers an efficient and fast method for tracking, organizing, and negotiating contracts. It collects data and allows legal professionals to draw conclusions and create effective contract strategies for the future.
Conclusion
Artificial Intelligence is rapidly transforming the delivery of legal services. Automating tasks and making things simpler enables legal professionals to focus on the more important tasks. The application of AI is sure to prove beneficial for everyone in the legal industry.
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