People have been afraid about technology or automation displacing them throughout history. Unfortunately, their worries were realized in many situations: technological advances rendered employment and, in some cases, whole sectors disappeared.
Most professionals have feared at one time or another that robots or artificial intelligence (AI) may one day take their employment. Lawyers share this apprehension.
Artificial intelligence (AI) is now a part of the legal profession. We’ve recently witnessed how artificial intelligence (AI) is rapidly being employed by the legal sector.
Machine learning vs. AI
Machine learning is a subfield of artificial intelligence (AI) and computer science that focuses on using data and algorithms to simulate how humans learn, gradually improving its accuracy.
What is a Legal Tech?
Legal Tech is the application of new technology to the legal industry.
Technology companies in the legal industry are known as Legal Tech companies. They provide software and technology services to the legal sector, businesses, and consumers. This technology is created to carry out tasks that were performed by lawyers.
The advent of new technologies has made it possible to bring about the emergence of various uses of digital technology, in many fields – finance, medicine, commerce, etc. Legal matters are no exception, it makes it possible to offer accessible legal services more easily, quickly and at a lower cost.
Artificial Intelligence (AI) is usually applied in Legal Tech for a variety of purposes. Law firms used to spend a large amount of time evaluating contracts, which can now be done in less time without sacrificing quality thanks to Artificial Intelligence. LegalTech provides a number of services, including:
- Conducting Legal Research
AI can analyze data and predict the out the outcome of litigation and enable lawyers to provide their clients with more impactful advice to their disputes.
- Administrative Legal Support
Lawyers can use AI applications to replace personal assistant, AI can now schedule travel, set up a meeting and manage expenses. AI chatbot tool to answer their clients when they are away from office it can also provide e-mail responses without any email access.
- Legal Document Generation and Review
The AI tool help lawyers detecting a particular contractual issue whenever a dispute arises and do a contract comparison to choose which forms and terms should be utilized.
- Performing Due Diligence
An AI system can review huge amount of data of all the corporate transaction to perform the due diligence in a faster and cheaper way.
What role do these tools have in the practice of law?
Legal practitioners may quickly examine and explore vast databases of rules, legislation, practice areas, jurisdictions, case laws, and more using machine learning and legal research tools. As a result, it saves time for attorneys and money for clients.
Now a lawyer can upload his case summary and his pleadings, and the software will go in and work out who the key players are and link them together, and establish a timeline of key events and an explanation of what is happening on which dates.
Although artificial intelligence (AI) can increase efficiency and eliminate manual chores, it will not replace attorneys anytime soon. Effective legal practice necessitates a complicated range of human relationships. Artificial intelligence and machine learning are still unable to replicate these human-to-human interactions. While lawyer AI can automate many of the duties that attorneys perform, it will not automate lawyer.
AI Legal Issues
- Data privacy
Since the AI system have to access into a massive amount of data, its very important to know how the AI system provider protects and uses the data.
- Legal Ethics
Many lawyers ask how can we make sure that the lawyers that use an AI system and providing legal services will comply with the legal ethics rules.
- Lack of Regulatory Framework & Standards
Since AI is still very much in its early stages there is lack of an AI regulatory framework or standards can create some confusion and ambiguity.
As more lawyers use AI systems to provide legal advice to clients, it is unavoidable that such systems may make mistakes that may result damages. In such cases, how will liability be determined?
Legal Tech market size revenue worldwide 2019 – 2025
Legal Tech market will significantly grow in the next years, the global legal tech industry is a growing and diverse market at different stages of development.
The artificial intelligence revolution is still in its early stages. This is nothing new, but it continues to raise questions about the consequences of AI in our society: how should we build our relationship with AI? What is the ethics of its application to ourselves, as individuals, and in our private lives? What assistance is there in educating AI for future professions?