Almost all over the world, scholars believe that future business growth will happen only if data is used intelligently. The handling of significant volumes of data, the requirement of extra resources and the need for speed to conduct business have all helped increased the demand for Artificial Intelligence technologies.
The enormous advantages gained by AI are clearly seen through a survey conducted by MIT technology review insights. The survey reveals that senior management must begin implementing AI to address emerging business challenges.
Some in law firms worry that the legal profession is increasingly threatened by AI technology, rendering it a potential next victim of Silicon Valley. At the same time, many in the software industry see AI adoption as taking time. Put simply, robots are not going to replace lawyers.
Yes, there are many examples of language processing like scanning, identifying and prediction which are utilized to simplify business processes. The use of this technology is being harnessed, for example, to help lawyers more quickly identify document relevance. At the same time, tasks like writing legal briefs, advising clients, appearances and negotiating are currently areas of legal practice out of reach of AI.
What are the main technology challenges lawyers face?
Many organizations, while taking technological initiative, continue to face some major troubles in adopting technology and adapting management practices around these changes. Challenges law firms face in adopting technology are currently subject in some cases to management not adapting quickly enough to change. At the same time, artificial intelligence is now quickly coming onto the scene as a potentially significant transformative influence on legal practice.
If you are planning to explore this incredible technology, there are multiple solutions available over the internet such as the Artificial Intelligence Course which covers various in-depth solutions like neural networks, pattern analysis, predictive model designing, etc., which are driving change across many sectors through the incorporation of smart works into business processes.
There are mainly four types of solutions law departments are currently considering including expert/logic systems, contract analysis/discovery, business process automation and legal spend analytics.
Expert/logic systems :
If law departments want to streamline operations and tasks so that they can better understand processes and address specific operational questions — AI can help. Here, expert systems assist in meaningful ways so that legal teams can capture, scale and deliver their subject matter through online offerings. Hence, in this way, legal guidance is provided to help the business move forward by minimizing inefficiencies in the workflow which can be frequently encountered by your team.
AI-involved solutions help capture data related to the scope and nature of legal service requests such that legal teams can more fully and efficiently resolve legal issues. Conventional mediums (like email) traditionally used to exchange information related to legal questions cannot achieve this holistic process.
Contract Analysis Discovery :
The art of contracting analytics is changing continuously as the way contracts are reviewed and drafted are all improving. Management systems now track workflow and essential timelines in management of legal risks businesses face. These processes also help in monitoring the metrics of the contracting process.
Companies implement Artificial Intelligence to extract and analyze historical data so that the platforms can handle contracts efficiently and diligently. Artificial Intelligence solutions especially focus on the terms related to legal services such as review process, contract drafting, etc. These solutions help facilitate the workflows of both private practice and in-house professionals.
Business Process Automation
With the advancement in law departments, the ad-hoc operations linked with other involved businesses are also becoming more flexible. E-mails and other silos are responsible for dealing with critical processes including approvals, reviews, signatures, etc.
Business professionals are now leveraging modern solutions to maintain documents and service delivery to streamline their processes as well. These solutions help maintain consistency by reducing errors and maintaining real-time records. And as a result, the productivity of law firms and legal departments is increasing drastically while also reducing costs.
Legal Spend Analytics
While only one-third of law firms use e-billing software, outside counsel is often spending more than 40% of their budget on these processes. For example, E-billing software helps legal professionals more efficiently follow guidelines which streamline billing reviews. While providing a platform which is more cost-efficient and robust, it does have limitations.
Firstly, it doesn’t suit everyone, particularly when a process involves many thought-process variables. Secondly, poor input processes result in poor analytics results. Hence, it’s vital in the first instance to fully understand the statistics alignment related to your work and the work of others.
Wrap Up:
Artificial intelligence is clearly a technology of the future destined to touch almost every corner of business processes. Robots like Sophia or the expert systems driving the business processes of law firms and legal departments are already feeling its impact. However, at present, nobody can predict with certainty where exactly we are heading with AI.
Artificial intelligence is changing every aspect of the business of any area. People are now adopting the automation technologies to carry out their daily repetitive tasks. Nice article. thanks for sharing