Law Firms embrace Innovative Technologies
Planning for the Future — Law Firms in the New Age of Artificial Intelligence and Machine Learning
Legal Counsels and law firms view the changes that Artificial Intelligence (AI) is already bringing to the world of legal services. In the subsequent paragraphs, we will explain how AI transforms Legal Services in Core areas.
Increasingly, in-house counsel, new legal service providers and law firms are using Artificial Intelligence to transform and process documents to establish performance and predictive analytics. To provide legal advice and the ability to the clients, law firms are slowly moving away from traditional methods in favour of AI.
Some people call this artificial intelligence, but the reality is this technology will enhance us. So instead of artificial intelligence, I think we’ll augment our intelligence.
—Ginni Rometty
What can Artificial Intelligence do in Law, and what is it doing now?
In general, six key ways AI is being used in the legal arena: (1) comprehending; (2) expertise automation; (3) legal research; (4) document management; (5) contract and litigation document analytics and generation; and (6) predictive analytics.
Briefly, we would like to introduce you to each section emphasising AI and the latest technologies.
Comprehend– one of the first use of AI in Law and is quite well established. In essence, comprehension by AI is a system that enables a vast number of documents to be surveyed, understood entirely, and those relevant to the search criteria to be quickly identified at a low cost. AI can do the tedious task more accurately than a team of lawyers or paralegals using legacy methods looking at computer screens. Lawyers should dedicate their precious time to be creative.
Expertise Automation — This is commoditising legal knowledge that enables lawyers to find answers to questions using software developed, AI, and Machine Learning for particular areas of legal information that once would have required interaction with many lawyers. A clear advantage of such a solution is that it enables junior lawyers to find answers to particular questions in a specific area. Legal experts’ knowledge is never lost within the organisation.
Legal In-depth Research – Publishing companies like LexisNexis and Westlaw have extensive information databases, including laws and regulations in multiple jurisdictions. Additionally to those services, Law Firms, with the assistance from LegalTech companies, are developing and deploying AI and ML that enable lawyers and paralegals to do agile, accurate and cost-effective research. In earlier years, that was almost impossible to achieve. Now with the advantage of the Cloud processing power that we have available today!
Document Management – Organisations repeatedly have thousands or tens of thousands (or Gigabytes) of very similar documents, such as contracts, agreements, and articles of incorporations, that need to be managed for consistency, accuracy and enforcement. Artificial Intelligence and Machine Learning will comprehend those documents and can find inconsistencies or lapses.
Contract and Litigation Document Analytics and Generation — There are now numerous AI tools that help legal counsels draft consistent, appropriate, and up-to-date documents in the transactional and litigation areas by referencing huge databases of precedents.
In addition, there is an expanding group of LegalTech AI providers that provide a bespoke, tailor-made solution to law firms and corporations to address their specific needs.
Predictive Analytics – is the analysis of historical data to find patterns and behaviours. Combined with Machine Learning processes without a predetermined set of rules and regulations can forecast the data sets. This process trains and re-trains itself; mastering this cycle is crucial for achieving good accuracy results.
Benefits
Higher accuracy of data
Faster data processing
Improved employee productivity
Cost savings
What is Artificial Intelligence, and what does it do?
It does some of the things we ask — ‘Amazon Alexa.’
It does facial recognition — ‘Apple faces ID software.’
It translates — ‘Google Translate.’
It does comprehensive medical diagnoses very accurately — ‘Its use to identify skin cancers’
Why is AI happening Now?
Lawyers like to ask fundamental questions, and we need to bring some number-crunching to illustrate why Artificial Intelligence is taking steps into Legal Services.
Between 2000 and 2017, three critical things happened simultaneously in the technology universe.
- Computer processing power increased from 10 (to the power of 3 = 1,000) to 10 (to the power of 7 – 10,000,000)
- The cost of data storage reduced from $12.4 per GB to $0.004 per GB
- There was astronomically enormous data growth. In other words, we are now in an age when it’s easy to harness computer power to engage in learning; it’s cheap, and there are massive amounts of data from which to learn.
How will AI and ML change in Roles affect the Symphony, Structure, and the Economics of Law Firms?
This question especially deserves extensive treatment. Here we can only briefly summarise the likely consequences of the changes being brought on (forced?) by introducing AI solutions into the Legal Sector. The transformation will be most focused on three Core Regions:
1. The ongoing training and qualification of future generations of lawyers (and where that training will happen)
2. The arrangement and structure of law firms
3. The economics of the Law Firms.
Lawyers of tomorrow will not need to know “programing language,” however they will need an in-depth and ongoing understanding of how to recognise and use Artificial Intelligent solutions to meet their clients’ extensive requirements.
In particular, given that there is presently no official rating system for the adequacy or effectiveness of individual AI solutions. Future lawyers will need to know; to comprehend and assess the relative strengths and weaknesses of particular solutions. To take advantage of AI business opportunities and use them extensively within the organisation.
Notably, some global law firms recently announced creating a special Legal Ops “track” for lawyers skilled in precisely this way. The track is to help prospective associates at the firm develop essential skills and take advantage of full AI potential.
Artificial Intelligence opportunities in Business
There are 3x Core use cases for AI in Business, which overlaps to some degree, and segment into opportunities.
Businesses, Law firms will use AI to:
- Change the way they understand, process and interact with Clients
- Offer more intelligent services with greater accuracy and agility
- Improve and automate legal processes
Millennials and Generation – ‘Z’. How will AI determine their future in Law Firms?
How will they fit into your organisation’s environment in the era of smartphones and finding everything on the Internet? For certain, they won’t go back to old-fashioned, legacy methods – they don’t know they existed. So instead, more-and-more Law Firms take responsibility for driving digital transformation with LegalTech companies’ assistance to prepare for the future.
AWS Cloud ‘Rekognition’ Service provides automatic detection of objects appearing in pictures. With this technology, images from the case, Court documentation can be processed in a heartbeat by junior lawyers.
Some thoughts and questions that you need to ask yourself;
If you had the opportunity to solve 80% of problems with Artificial Intelligence, that would put you in a much better position. Would you consider it?
How do you identify the type of documents, and what function does the document hold? Convert it into action
If 90% of the criteria are not met by Artificial Intelligence document processing, take it out of the human judgment queue.
What is the best method to read and understand documents at scale? How about 10,000 of them per month?
Improve employee productivity and make faster decisions with intelligent document processing in the Cloud
We assist Law Firms in
- We listen to what they have to say, what challenges they are facing, and we endeavour to choose the best path for our clients. Defining their application and infrastructure purpose and developing the best strategies to achieve it
- Cybersecurity we take very seriously and firmly believe that Law Firms should be compliant with PCI DSS or stronger. As secure as Banking Sector
- Integrating the latest innovative technologies such as Artificial Intelligence and Machine Learning to comprehend and analysing of all legal documents with a searchable solution at your fingertips
- Achieving operational excellence and optimising the full potential of your Information Technology (IT) infrastructure
In our view, a Law Firm needs to protect the integrity of its clients, and so does its entire infrastructure — on-premise and in the Cloud. Therefore, some of the core requirements need to be in scope for that purpose:
- Multi-Factor Authentication (MFA)
- Quite often, data set isolation is required for Lawyers and their Client’s Cases from the rest of the organisation, with
- Next-Generation Firewall with granular traffic inspection
- Encrypted Email service
- Secure VPN tunnels with 3rd Party integrations
- Resiliency and scalability
- Off-site backup or multi-region Cloud storage with encryption at rest
- Granular environment monitoring and management
70%
of law firms have landed new cases through their website
97%
of law firms have no personal content on their sites
79%
of law firms use one or more social media platforms for professional purposes
Contact Us for more information, deploy Artificial Intelligence and Machine Learning, and how our tools can make your data more accurate. We can answer all your questions.
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Please take a look at our Case Studies and other Posts to find out more:
Using Augmented AI for the human loop if you are reluctant to trust Machines in the first place
5 Core Reasons Why You Need Reliable, Intelligent Search Functionality
What is vital about reading comprehension, and how it can help you?
What is Artificial Intelligence?
Artificial Intelligence (AI) 10 Steps?
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