How is Artificial Intelligence changing the legal industry?
Artificial Intelligence (AI) might seem like it’s something out of a Sci-Fi movie, but the futuristic technology has already had a transformative impact on many industries, including the legal profession. Let’s read more about it.
Artificial Intelligence (AI) might seem like it’s something out of a Sci-Fi movie, but the futuristic technology has already had a transformative impact on many industries, including the legal profession. Let’s read more about it.
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<strong>How</strong> <strong>is</strong> <strong>Artificial</strong> <strong>Intelligence</strong> <strong>changing</strong> <strong>the</strong> <strong>legal</strong> <strong>industry</strong>?<br />
Gartner has predicted that by 2020, 85% of customer interactions will be<br />
managed without humans. We are <strong>changing</strong>. We are becoming a more selfservice<br />
economy. <strong>Artificial</strong> <strong>Intelligence</strong> or AI <strong>is</strong> helping us enable it and that too<br />
across industries.<br />
If some years back someone had asked me write about <strong>the</strong> impact of AI in <strong>the</strong> <strong>legal</strong> <strong>industry</strong>, I<br />
wouldn’t have bo<strong>the</strong>red. I mean, look at <strong>the</strong> <strong>industry</strong>. It has remained unchanged for years.<br />
Lawyers have been working <strong>the</strong> same way for years, without any change, buried under piles of<br />
documents and load of research work.<br />
Given <strong>the</strong> h<strong>is</strong>tory of <strong>the</strong> <strong>legal</strong> <strong>industry</strong>, it has been least effected by technology and been one of<br />
<strong>the</strong> most lazy industries to adopt anything new. Looks like <strong>Artificial</strong> <strong>Intelligence</strong> <strong>is</strong> set to change<br />
that about <strong>legal</strong> <strong>industry</strong> and that too in a big way. Let’s try to understand how that’s<br />
happening.<br />
But before we take a plunge into explaining how <strong>legal</strong> <strong>industry</strong> <strong>is</strong> getting impacted, let’s have a<br />
quick understanding of what <strong>Artificial</strong> <strong>Intelligence</strong> <strong>is</strong>.<br />
No, it’s not Arnold Schwarzenegger from The Terminator.
http://media.bemyapp.com/wp-content/uploads/2016/06/font-b-Terminator-b-font-Gen<strong>is</strong>ys-font-b-Movie-b-font-Fabric-fontb-poster.jpg<br />
But put simply, it <strong>is</strong> a computer science domain that helps machines to think and behave like<br />
humans (and be able to copy human behavior).<br />
As per Forbes (where it <strong>is</strong> explained better), AI can be thought of as simulating <strong>the</strong> capacity for<br />
abstract, creative, deductive thought – and particularly <strong>the</strong> ability to learn which th<strong>is</strong> gives r<strong>is</strong>e<br />
to – using <strong>the</strong> digital, binary logic of computers.<br />
What does <strong>the</strong> future of <strong>the</strong> <strong>legal</strong> <strong>industry</strong> with AI look like?<br />
One of <strong>the</strong> greatest fears, whenever someone talks about AI <strong>is</strong> that it <strong>is</strong> likely to take away <strong>the</strong><br />
jobs of some people in some industries. Yes it’s true, for example, in one of our blogs we<br />
d<strong>is</strong>cussed how AI <strong>is</strong> threatening <strong>the</strong> jobs of cashiers and store ass<strong>is</strong>tants. Experts predict that by<br />
2020 at least 5 million jobs are threatened by machines. While some feel that human<br />
interaction, input and judgement can never be replaced, we just cannot overlook <strong>the</strong> fact that<br />
machines are faster and way more efficient. Are jobs in <strong>the</strong> <strong>legal</strong> <strong>industry</strong> threatened? Most<br />
definitely, yes.<br />
AI can address <strong>the</strong> current pain areas of <strong>the</strong> <strong>legal</strong> <strong>industry</strong>. It can simplify analys<strong>is</strong> and research<br />
work within <strong>the</strong> UX while leveraging technology. It can collaborate data (public and private),<br />
and develop case strategy (after analyzing piles of case law data and d<strong>is</strong>cover material).<br />
Lawyers (who are early adopters of technology) feel that in <strong>the</strong> next few years, AI can take care<br />
of para<strong>legal</strong> and research work. It can scrutinize through <strong>the</strong> many <strong>legal</strong> records (which<br />
certainly <strong>is</strong> <strong>the</strong> biggest challenge for lawyers) and also assess previous rulings (in no time). For<br />
example, AI can manage repeatable and tedious tasks such as contract review, document<br />
review, <strong>legal</strong> research and analyzing growing volumes of data in e-d<strong>is</strong>covery<br />
Additionally, AI can help give a well-researched advice to <strong>the</strong> lawyer on <strong>the</strong> best way to<br />
negotiate <strong>the</strong> case and can save a lot of time that <strong>is</strong> spent in d<strong>is</strong>secting information.
http://static3.businessinsider.com/image/5739d833dd0895cd528b45e9-1190-625/law-firms-of-<strong>the</strong>-future-will-be-filled-withrobot-lawyers.jpg<br />
In one of <strong>the</strong> articles publ<strong>is</strong>hed on Future of Everything - Ask The Thought Leaders: What’s The<br />
Future Of <strong>Artificial</strong> <strong>Intelligence</strong> And Law?, our CEO R<strong>is</strong>hi Khanna said, “The <strong>legal</strong> <strong>industry</strong> has<br />
been untouched till now. Untouched by technology and it has had a low impact on th<strong>is</strong><br />
<strong>industry</strong>, it seems as if in spite of all <strong>the</strong> technology advances, it has remained unfazed. Experts<br />
believe that <strong>Artificial</strong> <strong>Intelligence</strong> or AI, however, <strong>is</strong> expected to have deep lasting impact on<br />
th<strong>is</strong> <strong>industry</strong>.” He added that <strong>the</strong> fact that <strong>Artificial</strong> <strong>Intelligence</strong> addresses <strong>the</strong> challenges of <strong>the</strong><br />
<strong>legal</strong> <strong>industry</strong> (which have been <strong>the</strong>re for years), which <strong>is</strong> what will make it irres<strong>is</strong>tible. Lawyers<br />
tend to spend a lot of <strong>the</strong>ir o<strong>the</strong>rw<strong>is</strong>e productive time in investigating documents for <strong>the</strong><br />
purpose of diligence, research, and investigations. On <strong>the</strong> o<strong>the</strong>r hand, <strong>Artificial</strong> <strong>Intelligence</strong>, for<br />
<strong>the</strong> same work will be much faster and accurate with <strong>the</strong> use of predictive coding in electronic<br />
d<strong>is</strong>closure. AI <strong>is</strong> capable of analyzing large amounts of data (<strong>legal</strong> documents) in no time.<br />
R<strong>is</strong>hi also added that lawyers are all excited about AI as it can predict case results. It can do so<br />
with <strong>the</strong> help of evaluating case h<strong>is</strong>tory and past records. Additionally, data mining and<br />
predictive analys<strong>is</strong> techniques will enable predicting <strong>the</strong> most probable outcome of a <strong>legal</strong> case.<br />
There <strong>is</strong> even a high likelihood of AI bots taking <strong>the</strong> role of web <strong>legal</strong> adv<strong>is</strong>ors.<br />
There have been a handful of law firms which have already adopted ROSS software. It uses <strong>the</strong><br />
supercomputing power of IBM Watson to comb through huge batches of data and, over time,<br />
learn how to best serve its users. The software can sort through something in a matter of<br />
seconds that would normally takes a human hours upon hours to review.<br />
There <strong>is</strong> ano<strong>the</strong>r major advantage that AI can enable. Today almost 80% of <strong>the</strong> people in US<br />
can’t afford lawyers. Why are lawyers so expensive? Primarily due to <strong>the</strong> time and energy <strong>the</strong>y<br />
have to spend on research. So <strong>the</strong> future belongs to AI enabled lawyers. They will be able to
eview contracts, find d<strong>is</strong>crepancies in documents, automating tasks like executing and filing<br />
NDA. Using AI lawyers will be most cost-effective (perhaps not as personalized) for such people.<br />
Do you still have questions related to <strong>the</strong> impact of AI in your <strong>industry</strong>? Speak to one of our<br />
experts to understand <strong>the</strong> impact of <strong>Artificial</strong> <strong>Intelligence</strong> in your <strong>industry</strong>.<br />
To read it online, please click here: http://www.<strong>is</strong>hir.com/blog/4644/artificial-intelligence<strong>changing</strong>-<strong>legal</strong>-<strong>industry</strong>.htm/