AI and the Legal Eagles
September 11, 2023
Lawyers and other legal professionals know that AI algorithms, NLP, machine learning, and robotic process automation can leverage their practices. They will increase their profits, process cases faster, and increase efficiency. The possibilities for AI in legal practice appear to be win-win situation, ReadWrite discusses how different AI processes can assist law firms and the hurdles for implementation in: “Artificial Intelligence In Legal Practice: A Comprehensive Guide.”
AI will benefit law firms in streamlining research and analytics processes. Machine learning and NLP can consume large datasets faster and more efficiently than humans. Contract management and review processes will greatly be improved, because AI offers more comprehensive analysis, detects discrepancies, and decreases repetitive tasks.
AI will also lighten legal firms workloads with document automation and case management. Legal documents, such as leases, deeds, wills, loan agreements, etc., will decrease errors and reduce review time. AI will lowers costs for due diligence procedures and e-discovery through automation and data analytics. These will benefit clients who want speedy results and low legal bills.
Law firms will benefit the most from NLP applications, predictive analytics, machine learning algorithms, and robotic process automation. Virtual assistants and chatbots also have their place in law firms as customer service representatives.
Despite all the potential improvements from AI, legal professionals need to adhere to data privacy and security procedures. They must also develop technology management plans that include, authentication protocols, backups, and identity management strategies. AI biases, such as diversity and sexism issues, must be evaluated and avoided in legal practices. Transparency and ethical concerns must also be addressed to be compliant with governmental regulations.
The biggest barriers, however, will be overcoming reluctant staff, costs, anticipating ROI, and compliancy with privacy and other regulations.
“With a shift from viewing AI as an expenditure to a strategic advantage across cutting-edge legal firm practices, embracing the power of artificial intelligence demonstrates significant potential for intense transformation within the industry itself.”
These challenges are not any different from past technology implementations, except AI could make lawyers more reliant on technology than their own knowledge. Cue the Jaws theme music.
Whitney Grace, September 11, 2023
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