Assuming that legal professionals are unable to embrace technology is often exaggerated. Although they have never been at the helm of tech innovation, it has undoubtedly changed the way they practice law – for the better.
Technological developments that are reinventing the practice of law are happening as we speak. As you may or may not know, most of this change is driven by the adoption of AI technology.
1. AI and legal research
Digitalization has enabled the existence of case law databases, providing easy access to case law, regulations, and statutes.
While easily accessible, navigating the vast information available is a different story. It’s still one of the most tedious and time-consuming tasks present in legal practice. The good news is that the developments in artificial intelligence technology are changing how we approach legal research. AI uses learned patterns and algorithms to perform comprehensive and precise legal groundwork.
For example, the traditional way of doing things will take hours just to find the relevant cases and precedents. On the other hand, AI can quickly sort through cases and summaries most relevant to the identified subject, while also finding precedents you might not have been aware of.
The result is a well-researched case with a more efficient use of time and resources.
2. Document review and due diligence
Digital technologies are also having a positive effect on legal documents and contracts. Even the most straightforward solutions can help you revamp your workflow and save time.
Thanks to machine learning techniques that scan text, some tools can help you simplify legal document review by automatically reviewing key contract details. It saves time and helps paralegals and lawyers get out of the loop of constantly searching up key details.
AI has also helped simplify one of the most mundane but also one of the most important tasks in the legal profession – conducting due diligence.
AI-powered software can complete the process far more effectively, helping legal professionals perform this task more quickly and more thoroughly – a task that took a significant amount of time and attention.
When it comes to identifying possible risks and loopholes, AI is also more consistent. Issues that could harm the client that can be overlooked by humans are easily discovered due to its (AI) all-encompassing nature. As such, AI can help edit a contract and even provide suggestions to renegotiate the terms.
3. Predictive analytics
Software harnessing the power of AI can draw the facts and information from a case law database and use these findings to predict future case outcomes. Predictive analytics help attorneys make educated guesses about the future of the case and make adjustments to the case strategies.
The best example of this development is predictive judicial analysis. By analyzing quantitative data, AI breaks down the judicial behavior using the previously established decision-making patterns of judicial officers. This data-driven analysis makes it possible to predict the most possible outcome using a particular strategy.
A data-driven conclusion makes the anecdotal guesswork obsolete. You can discover how a specific judge is likely going to react to a particular argument, or what are the current trends and win/loss ratios for a particular type of case.
Staying relevant in a tech-oriented world
While some of this tech has been used since digital technology had its baby steps, the legal industry is slowly following the most important trends, with AI and subsequent automation leading the way. From the beginning stages of researching, contracts, and due diligence to influencing decision-making in the process by providing a glimpse of the most likely outcome, modern law firms and individuals are embracing the power artificial intelligence brings to the table.
In other words, they should uncover and adopt solutions that can offer a better experience for their clients and improve their business. After all, more efficient and streamlined legal processes make for a more profitable business – and technology is the catalyst.
