The Impact Of AI And Machine Learning In Legal Tech
One day, she was hanging out with her peer, Jimmy McGill. They talked about her routine and Jimmy came up with the idea of implementing Legal Tech. It would change her day-to-day routine to a few clicks and scrolls on her laptop! This technology would streamline and automate her work and there was an increase in the number of clients knocking on her door.
To thank Jimmy, Kim proposed the idea of opening a joint law firm - and we know that's how the two partnered up at Wexler-McGill. Even when they expanded and hired other lawyers, the pair opted for Legal Tech to manage and optimize their routine activities.
In the world of Artificial Intelligence (AI) and Machine Learning (ML), Legal Tech has become more than a helping hand for paralegals, lawyers and law firms. Legal Tech facilitates their operations to provide a smooth and effective service.
So, read on to understand the impact of AI and ML on Legal Tech - we assure you it’s an interesting read and isn't as complex as the law!
Let’s go back to New Mexico.
Kim and Jimmy just might have saved their time and efforts by opting for Legal Tech but the research for an increasing number of cases never stopped – the process of going through countless statutes, case law and regulations. Give them a break already, right?
Well, don’t be surprised because Legal Tech could help them with that as well. With the help of Artificial Intelligence and Machine Learning, legal technology could not only simplify legal research but also provide real-time updates on changes in laws and regulations.
As Wexler-McGill grew more, they started handling different cases. The new challenge on the door was contract review. The task was humongous – reviewing hundreds of contracts every day, catching every nuance and potential risk. Thankfully, they had Legal Tech, as it could identify key clauses and potential pitfalls. This helped Kim and Kimmy focus on their critical legal analysis rather than reviewing documents.
Wexler-McGill has become a success story for other law firms and it was all thanks to AI/ML in Legal Tech. Before we understand how Artificial Intelligence and Machine Learning have made waves across legal firms, let’s understand Legal Tech!
Understanding Legal Tech
LegalvTech, also known as Legal Technology, is a type of technology that helps in legal services and supports professionals across the legal industry. This technology is developed to help attorneys and law firms practice law more efficiently. Legal Tech uses new technologies such as Artificial Intelligence and blockchain to deal with regulatory and compliance practices.
The legal technologies industry generated around $17 billion worldwide in 2019, leading to new law technologies coming up since then. Furthermore, the Legal Tech market is projected to grow at a CAGR of 28% with revenue of $2.5 billion by 2025. These numbers seem promising since we have new technologies like AI/ ML being integrated with Legal Tech, incentivizing law practices to adopt these technologies more than ever.
On that note, let’s talk about the impact of AI/ ML on Legal Tech!
The Impact Of AI & Machine Learning In Legal Tech
Nowadays, advanced technologies (you know, AI and ML being among them) are a big deal in the legal world. They’re super helpful for lawyers as they make things run smoother. Hence, lots of investment is being made in legal technologies as everyone wants to get the best out of these technologies. Let’s have a look at how Artificial Intelligence (AI) and Machine Learning (ML) are impacting Legal Tech.
To start with, the integration of AI/ML in Legal Tech has made the process of reviewing documents a breeze. They can check out documents, tag the ones that matter for a case and then do some smart research to find more like them. It's not just fast; it's trustworthy. Plus, they have this eagle eye for detail, sifting through only the tricky stuff and leaving the rest for us.
In law offices everywhere, legal support professionals are always busy conducting due diligence to double-check. Let’s be real – it can be a bit of a snooze! That's where AI tools come in to make their lives easier as these smart tools help them do their “legal detective stuff” quicker and more accurately, taking the boredom out of the picture.
Contract Review And Management
Raise your hand if you've read all the terms and conditions before signing any contracts. Yeah, not many of us do that. However, one cannot overlook the contracts when you are dealing with legal transactions. That’s why we have law firms who can help review and assess the contracts which require an intensive examination. To make this work easier, various companies have been developing AI-driven tools that can review and manage contracts and make it easy for both lawyers and clients.
Identifying Legal Trends
Apart from Machine Learning and Artificial Intelligence, Big Data has also been helping attorneys identify, monitor and analyze the latest trends in their sector. With the set of right algorithms and data sets, tech lawyers and legal experts can detect and follow trends. This not only helps legal decision-makers with better judgments but also prepares for any potential upcoming legal challenges.
Now, having answers to questions like “If we go to trial, how likely it is to win?” or “Should I settle outside?” is possible with the help of AI. Since AI algorithms can deal with a larger set of legal data, it makes it possible for AI to analyze the vast amount of data and predict a possible verdict from it. This helps lawyers in making better and more informed decisions for clients.
#DidYouKnow: According to Deloitte, around 100,000 legal roles will be automated by 2036. As we are moving towards the future of AI/ML-powered tools, it is time for law firms to commit to Legal Tech and start developing practices that align with it. As they say, innovation is the key to transformation!
The Final Verdict
Your Honor, we’re wrapping it up!
AI and ML in Legal Tech are like the dream duo for legal professionals – akin to Jimmy and Kim!
It's not just about speeding things up; it's about making the legal processes more precise, reliable and accessible. We hope for only one verdict – Legal Tech, powered with AI-ML be crowned the real deal your honor. It is shaping the future of law with its practical applications and a touch of tech magic.
That’s all your honor – we bet AI/ML in Legal Tech will help you come to a fair decision!
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