What is Artificial Intelligence?
A computer program can do tasks that generally require human intelligence. It has the speed of the computer and brains of a human. These Artificial Intelligence systems are powered by machine learning. The AI learns while performing tasks it is given. It can ‘think’.
Why Artificial Intelligence is important for the legal framework?
There is utilization of Artificial Intelligence in a small but effective scale in different industries; like robotics, hotels, automobiles, healthcare, and now recently in the legal system too. There is implementation of AI in the legal system. Still most lawyers are comfortable with the old methods of finding their legal solutions. If implemented properly, AI can change the legal world forever. The biggest disruptions which can be caused by AI are legal research. Every country’s legal system is so vast and it is constantly changing.
With the use of AI, the lawyers gain an unparalleled edge over others in the legal research. Currently, to do legal research, it takes a significant number of hours to complete the research. With Artificial Intelligence, this is balanced and costs get reduced. With Artificial Intelligence, the research is doable in seconds; whether it’s a law firm with 500 lawyers or a single lawyer, artificial intelligence provides the much-needed balance. Artificial Intelligence provides highly efficient and advanced tools that helps lawyers better in advising clients or litigating.
Many Legal Tech startups are gaining attention from people across the world. All because of their new methods of legal solutions with the help of Artificial Intelligence. They are building the Natural Language Processing [NLP] based applications and using the next-generation legal research platforms to help law firms go beyond their capacities, keyword-based research. Some of these legal firms have their own AI research labs.
What is the Future of AI in legal system ?
In the previous years, the competition among law firms has increased and there is a rise in new law firms. With the challenge increasing, the old firms must adapt to the new changes and work with them. Those who do not adopt the changes will sadly be obsolete in a few years from now.
Future law firms will be completely different from what they are now. Here are some of the major technological changes which will emerge in the near future.
Client service will change: In the future, the way to charge the clients will change. Currently, the billing of clients is on a per hour basis, however, this method has to change. The law firms need to innovate their pricing ideas and implement a Performance-Based Pricing Strategy [PBPS]. With this model, the client will only pay at the achievement of their target; consequently it will also strengthen the relationship between the client and the law firm. The pricing model will be extremely client-friendly as the client will only pay once after their work is complete.
Focus on Higher profits and not on revenue. Law firms nowadays are more focused on increasing revenue. However the need for legal services is stagnant which is making the revenue growth difficult. In the future, law firms will dedicate themselves to higher profits and margins rather than revenue.
Will Artificial Intelligence replace lawyers?
The burning question of today is whether artificial intelligence will replace lawyers in law firms? As the AI legal solutions will increase, it is obvious to think that lawyers might get replaced by artificial intelligence.
The legal sector has seen various tools that have improved the efficiency of lawyers. Also of contract analysis, legal research software, and many more things. The legal world runs on analysis, representation which cannot automate. The AI-based software only eases the lawyer’s work and increases accuracy. However, none of the AI-based software is made to target the lawyer’s job. They are just there to increase the accuracy. The AI can ease up the process of legal research. But the main job is still of the lawyer to select the accurate information which the AI cannot do.
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