In legal practices up and down the country, lawyers and paralegals are swamped with conducting due diligence. Discovering background information on behalf of their clients. Often a boring and tedious task. However, the load that could easily be lightened by using AI. Using technology to complete these tasks with greater efficiency and accuracy. Plus, AI doesn’t get bored so can plug away at due diligence all day long! This use of AI will also free-up lawyers so they can work on the more human elements of their job. Such as client relationship building. Analysing the resultant research. Applying legal statutes and precedents to the data that AI has uncovered.
There is automation potential everywhere in a law firm. One quick example is calendar booking and call forwarding. The biggest outsourced phone assistant provider Moneypenny are investing heavily into the AI solution space. They are utilising the IBM Watson platform. I would highly recommend visiting the Moneypenny head office at Wrexham and seeing their AI platform.
AI capabilities are now so advanced that their analytics skills are often much better than humans. AI-powered software has the ability to improve the efficiency of document analysis by reviewing and flagging documents as relevant. Which means it can easily find other documents that are similarly relevant quickly and easily. It can also review contracts to assess risks and issues either individually or in bulk. Which can save a lot of time for a legal professional. Legal Robot have had plenty of success in this area and are a good starting point for any firm looking to investigate this type of technology.
When it comes to data, AI really is king. Especially when it comes to mining large volumes of it – a frequent occurrence in the legal sector. Natural language processing and machine learning are highly applicable when it comes to data management and analysis. Both offer a number of benefits for the legal profession. Information gathered by AI technology can be used to predict case outcomes, develop winning strategies and forecast litigation costs. But perhaps the biggest benefit is the reduced risk of human error. This allows associates to present accurate, quality and mistake-free findings to their clients. 12% of large law firms are using AI in this area already in 2019, so this area of AI is something you can leverage immediately.
A lost opportunity
By introducing artificial intelligence into your legal practice NOW fee earners will have the ability to take on a more strategic role and perform the job they set out to do. They will also be able to better manage client expectations and provide quality documentation. All thanks to the increase in time they will have to perform on cognitive tasks. These are market differentiators and help to retain your clients and expand your firm.
If you are not utilising AI to maximise efficiency, engage with clients, get better results and maximise fee earning time – your competition is. At the speed AI in legal is moving, how long before you are left behind for good?
At Nasstar, our dedicated legal professional services team can help with fast-tracking your journey to harness the power of IT systems.