Artificial intelligence is an intelligence exhibited machine which is one the innovation technology that is used in various industries. It is in the form of program which is utilized for performing the particular task including various activities such as electronic trading, medical issues, remote sensing, and others. It is used in various industries such as education, finance, legal work, transportation, and healthcare.
Artificial intelligence is applied in the field of legal works helps to increase the productivity and improve the speed of work on monotonous work. According to the CEO of ROSS Intelligence, artificial intelligence is used by the lawyers to build ROSS in order to build artificially intelligent lawyer (Nemitz, 2018).
It enables to provide the opportunity to legal expert for representing to everyone. It serves the lawyers to be on front lines which improve the legal process. It stimulates the cognitive process on the mind of humans which enable the computers to complete job functions. It allows interpreting the data which is used to develop conclusion. There are various benefits of implementing artificial intelligence in the field of legal works including:
Contract and documentation review
The documentation review can be done with the help of artificial intelligence where machine learning algorithm provides relevant documents that are related to the case. It also reduces the burden of lawyers and also improves the case findings by analyzing more documents.
It helps t review the contract and highlights the clauses for different applications more efficiently. It improves work accuracy by finding out error that might be neglected by human eye. It provides consistency in making contract and also alerts them for contract dates. The documents automation is one of the most convenient factors provided by the artificial intelligence.
The software templates are used by the law firms which are used to fill out the documents on the basis of data input. The data pointers can be used by the lawyers from previous cases which help to support the current case. It is also beneficial in calculating billable house automatically.
Conducting legal research and due diligence
During legal research ROSS can be used for reading million pages in a second who enable to find the appropriate passages that is required for finding the conclusion. It is the example that shows how the implementation of artificial intelligence speeds the legal process.
It also save the fee charge by lawyers for reading million pages as it eliminates legal research (Hallevy, 2015). Thus it reduces the time and cost during the legal process. It can be used by the lawyers during discovery phase where background information can be determined that enable to accelerate litigation and arbitration proceedings.
During due diligence process the application of artificial intelligence helps to determine uncover information in order to collect relevant information related to specific case. The results can be generated by the use of artificial intelligence that enables to forecast the litigation outcome.
The primary task of lawyers includes conducting due diligence process for confirming the facts related to the case study. It is mainly required for intelligently advising clients related to the options taken by the clients with specific actions. The impact of conducting due diligence process is long term shareholder returns.
A comprehensive research needs to be conducted by the lawyers for presenting the case on behalf of their client. The implementation of artificial intelligence helps to improve the efficiency of process in order to predict more accurate findings. It is founded in the research study that there is lack of efficiency in performing due diligence process because Lawyers can be tired and cranky which impacts of case findings.
The Leverton Institute for Artificial Intelligence state that the artificial intelligence is more capable to read documents 20 times higher than human reading (Adadi, 2018). The company is performing due diligence process where the software tool helps to determine maintenance costs, payable rent, and expiration dates which are extracted from thousands of documents in few minutes.
It is considered as a natural language processing machine which is used to extract textual data from legal contracts. It improves the decision making on the basis of relevant information collected by using artificial intelligence software. There are various high complex cases which require in-depth information for analyzing the case in an appropriate manner. It enables to collect relevant information which can be used by the lawyers for defending the case on behalf of client.
The application of artificial intelligence is useful for creating high volume contracts. It is also helpful in flagging risky contracts automatically. The software also helps to change the legal language into numeric form. It is also used for scoring the document on the basis of complexity in language, enforceability, and legal phrasing. It also provides the suggestions for improving the legal document including the improvement in contract compliance, readability, consistency, difference in jurisdiction and risk factors.
Finding legal outcomes
The implementation of artificial intelligence in legal works helps to store legal data which can be used by lawyers to provide history of cases win by the lawyer. It helps to use information for relevant cases and answer the queries of clients related to the case.
Artificial intelligence improves the efficiency of legal work by handling multiple tasks at a time which improves the legal process. It empowers the lawyers for improving the process of counseling, court visit, and negotiations. The legal industry is completely changing with the implementation of artificial intelligence.
It is adopted by the legal firms faster. According to Deloitte there are 100,000 legal roles which will be automated by 2036 and the implementation of new talent strategies will be done by 2020. It is also predicted that the implementation of technology contributes towards the loss of 31,000 jobs but there is increased in 80,000 highly skilled labors (Konar, 2018).
The work need to be streamlined by the legal firms to improve the process with the application of legal work into various categories such as automating creative process, providing shortcuts as well as insights through analytics, and support lawyers for conducting due diligence process. It has been predicted by the researchers that the trend of artificial intelligence will be grow in the coming years.
Thus the artificial intelligence is the most useful software which is used to provide convenience to the lawyers as well as clients. It implements human intelligence which helps to analyze the data in order to provide the summary of important facts that will be helpful for lawyers. It improves the efficiency for conducting document analysis for providing better outcomes.
It reduces the workload of lawyers and enables to complete legal work timely. It also reduces the payment done by the clients as due diligence process can be done by machines in few seconds. The overall legal process can be improved with the closure of cases timely with justified results.