How does Machine Learning impact the field of Law
Today, we see how computer programs, algorithms, and robots replace simple human activities, but there is the technology that is at the forefront of the spectrum: AI. The consequences of artificial intelligence have such an impact that they incite us to wonder if we are experiencing the beginning of a new era.
According to Gartner, business use of AI has grown by 270% in the last four years, and slightly more than a third of organizations have implemented AI in some way, according to their specific needs. But is this also a reality within the legal sector?
AI has found its way to support attorneys and clients alike, and there is a clear growing interest in technology. However, artificial intelligence is not yet being used to its full potential.
How have law firms been transformed by the impact of artificial intelligence?
Until recently, lawyers used to rely on the ability of a suitable paralegal to examine data and report irregularities or improve the writing of the texts they worked on. But, as the complexity of the laws and the rate of data capture increase, the scope, and human capacity to examine these mountains of data have been increasingly questioned.
It is one of the most visible consequences of artificial intelligence in the sector. Today, the legal domain faces an obvious bottleneck: the lack of ability to process large amounts of data on a daily basis. In an industry where there is little or no room for human error, the challenge is compounded when you consider an ever-changing legal landscape. How to stay updated?
Artificial intelligence is the answer that offers the best and most reliable solutions to these problems in modern law firms considering that AI:
-Delivers relevant and actionable information in seconds. For example, automatically updating documents or providing the latest regulatory regulations changes.
-It offers error-proof work, an advantage that directly affects the reputation of the law firm and its efficiency.
-It is the cheapest option, compared to the expensive hourly rates charged by leading law firms around the world.
-Improves the performance of legal professionals, combined with their experience, by providing them with greater clarity, efficiency, and understanding of the situations they face on a daily basis in their practice.
-Is getting smarter. This technology continues to learn and nurture from the automated analysis of thousands of negotiated settlements, providing attorneys with a broader view.
Consequently, law firms that have decided to advance their digital transformation already enjoy the beneficial “consequences” of artificial intelligence. They have experienced significant improvement in areas such as reviewing settlements, conducting legal investigations, and even predicting the outcome of certain cases. AI-related tools also assist them in case law searches, billing, or registration of an intellectual property right.
