How AI is going to affect the legal industry?

AI is An Ideology, Not A Technology

Yes, it’s not technology because, At its core, AI is the Ideology of teaching computers how to “learn, reason, perceive, infer, communicate, and make decisions like humans do.” The initial goal is called machine learning, where the machine (a computer) begins to make decisions with minimal programming.

Instead of manually writing rules for how the computer should interpret a set of data, machine learning algorithms (i.e., sets of instructions for solving particular problems) allow the computer to determine the rules itself. Beyond machine learning lies an even bigger goal, deep learning. Deep learning uses more advanced algorithms to perform more abstract tasks such as recognizing images and detecting the early stage of the disease and saving millions of lives.

Before we talk into technical pieces of stuff let’s think about how the law works and what is the process involved in the legal system and later we substitute all the parts with AI ideology.

1. Litigation Document Review
2. Legal Research
3. Due Diligence
4. Litigation prediction

All the above ideologies are part of Natural Language processing in the trends.

Importance of AI in legal firms –

AI empowers attorneys and legalists with more time to advise clients, appear in courts and negotiate deals. It has the potential to lessen the repetitive process of analyzing and managing the stereotypical procedures with legal contracts, which usually is a significant part of the work that law firms do to support their clients.

AI can also aid in streamlining many of the unnecessary, time-taking processes with highly predictable outcomes. It helps the law firm to meet its primary goal, which is to identify risks and issues with how contracts can be revised to shun negative impacts for clients. Finally, AI systems can help in notifying businesses with alerts in advance or crucial dates in a contract, thereby helping firms to manage their businesses efficiently.

Future trends in AI and law –

With the emergence of so many new technologies over time, the future of law is undoubtedly going to be about the adoption of these advancements. Let us look at some of the changes that the legal industry may be witnessing shortly.

• The entire legal sector, including the senior judges, are expected to depend on legal AI technology to fetch essential data for effective decision-making. Technology is presumed to help in the prediction of cases and non-automated dispute resolutions. However, lawyers will still play a vital role in litigation.
• Legal firms have started creating attractive websites to help tech-savvy customers who want to chat with their lawyers. Chatbots assist clients by answering questions quickly, setting up meetings and building relationships with the clients.
• The newly established legal AI technology, which encompasses predictive coding and machine learning has facilitated the conversion of huge amounts of data, including contract reviews. Law firms have started using AI software to streamline their daily functioning.
• Software developers have now started concentrating on the conception of tools that can help lawyers run their firms productively. With excellent legal software, law firms can gather and process data about their clients easily, adhere to data protection laws and mine their legal issues. They can also use this data to improve their operations and remain ahead of the competition.

There are precisely two main areas of utmost attention that businesses should focus on related to AI. Firstly, firms need to use algorithms and online tools for both writing and handling existing business contracts. They can use the available data from already prepared contracts to identify issues and modify them accordingly.

AI and legal technology in the legal industry can enable businesses to compile and provide information from various sources like tablets, mobile phones, computers, and third-party services. However, this will need powerful IT management tools to help law firms code information and provide only relevant information in a more cost-efficient manner.

But, with all these progressions still to come with AI in law, the ability to be nimble and make expeditious reactions during unforeseen circumstances at trial can never be superseded by a machine.

Facts about AI that will prove AI’s capabilities in Legal systems:

Only 4% of the law firms in India are using AI completely. The first law firm to start using AI for analysing and improvising legal documents is Cyril Amarchand Mangaldas.#https://www.cyrilshroff.com/

Former Chief Justice of India, Dipak Misra and the Current Chief Justice of India, SA Bode has strongly advocated and vouched for the use of AI in the legal system for more accuracy and less wastage of time. They strongly believe that AI has the potential to transform many sectors for the betterment.

It is said that AI is 24.5% faster than human intelligence and 21% more relevant than human research. This proves the potential of AI in any sector.

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If you want to learn more about machine learning, continue reading my blogs:

1. Audio Data Augmentation: https://vijay-anandan.medium.com/lets-augment-a-audio-data-part-1-5ab5f6a87bae
2. Sentiment Analysis On Voice Data: https://vijay-anandan.medium.com/sentiment-analysis-of-voice-data-64533a952617
3. Resample extremely imbalanced datasets: https://vijay-anandan.medium.com/how-to-resample-an-imbalanced-datasets-8e413dabbc21
4. How Do Neural Networks Really Work in the Deep Learning:https://medium.com/analytics-vidhya/how-do-neural-networks-really-work-in-the-deep-learning-72f0e8c4c419
5. Sentiment Analysis in Five Steps using AutoML: https://medium.com/analytics-vidhya/sentiment-analysis-in-five-steps-using-automl-d16feeab2a36
6. Custom Named Entity: https://medium.com/analytics-vidhya/custom-named-entity-recognition-ner-model-with-spacy-3-in-four-steps-7e903688d51
7. Word Embeddings — https://medium.com/@vijay-anandan/how-to-cook-data-for-nlp-computer-vision-audio-processing-works-part-1-571e5963048f

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