Artificial Intelligence is being used in almost every other industry and the law industry is no exception. Gradually it has made its way into the legal sector and is helping lawyers, judges, paralegals and legal researchers in more ways than one. AI is playing a crucial role when it comes to application of IT within the legal field. The AI tools and techniques is helping the legal sector to store, process, and retrieve huge data. Read on to know about applications of artificial intelligence in the legal sector:
1. Due Diligence
Artificial intelligence helps in saving time and money by making it easy for law firms to almost automatically fetch out due-diligence reports. The parameters and documents need to be fed mechanically by the tech team member and the AI may itself identify and dissect the data.
AI helps in reducing repetitiveness in looking for favourable and unfavourable clauses and is efficiently carried out by the system with an ease. We can even rely completely on the system to review the documents accurately while conducting due diligence.
2. Legal Research
AI has proven to be very effective in legal research. The tools of AI can help the judges to find a precedent without taking lot of time. It also enables them to have comprehensive analysis of the facts of the past and the current case, and thus making it easier for them to award damages and judgments. They can even find cases and laws that may be applied to a particular legal problem.
The purpose of legal AI systems is to lessen the time spent on research and make the process easy, effective and smart. With the advent of AI, legal research is no longer a tedious task where students and researchers scan through bulky volumes of books and journals to find an answer.
3. Document Review
One of the latest fields introduced in legal sector is Document Review through e-discovery process. The Document Review industry needs AI incorporated tools to manage documents, in order to classify, organize, share and review them on a law firm or company’s online platform. The field of the platforms are set in a way that it may itself identify the relevancy and code the documents automatically.
Document Review and coding is very crucial in the cases which are on pre-litigation stage and needs disclosure of documents to be done before courts. AI also facilitates contract review and help legal team lessen their burden and focus on more high value works.
The application of artificial intelligence in legal sector helps to speed up document processing. It also helps the law firms and legal offices to maintain competitive rates by applying automation to processes and relaxing their human resource. However AI remains restricted to a particular limit and cannot go beyond where an expertise and prompt decision making of a legal professional is needed.
AI tools help the lawyers, judges and legal researchers and allows them to enhance their productivity and be more efficient and accurate. With AI at work, lawyers may utilize their skills and take up more clients and legal matters, as the lawyers’ role remain crucial when it comes to handling complex issues.
Salman Zafar is a serial entrepreneur, digital marketer, writer and publisher. He is the Founder of Techie Loops