Artificial intelligence has influenced almost every aspect of our lives. Everything in our lives, from how we communicate to how we interact and engage in our work, is being influenced by AI. These innovations are highly tempting because they provide maximum efficiency, speed, and reduced reliance on people.
On the other hand, as AI advances, there are reasons to be worried about its outcomes. Aside from all of the other big threats to humans, the fact that AI has already displaced people by carrying out their tasks more effectively is alarming.
Like any other industry, AI has also entered the legal industry. The way it changed the legal industry is quite fascinating. Here is a rundown of how AI has transformed legal practices.
Legal Research
Legal research is the first step for lawyers when solving any case or advising their clients. Lawyers face several legal issues daily and providing customized solutions to each client is challenging. To provide customized solutions to their clients, lawyers must go through much work, starting with the case’s legal research.
Regarding legal research finding to-the-point information is very difficult and time-consuming as well. AI tools can provide the most relevant information to lawyers at this step. These AI tools can analyze documents and easily understand complex legal issues, allowing them to provide to-the-point information.
Contract Analysis
Contract analysis is an approach for lawyers to comprehend and investigate the terms and conditions of a contract. It used to be very hectic and time-consuming because they had to do it manually. But now machines can assist with contract analysis due to artificial intelligence (AI) improvements. GJEL has also integrated AI algorithms that can read and comprehend contracts.
They can determine important details such as who is involved, what has to be done, and when payments should be given. This is possible because machines are now trained to analyze contract language using Natural Language Processing (NLP) and machine learning techniques.
They can easily understand the contract by highlighting the key points. These AI tools are helping lawyers make better decisions for their clients by saving time for them.
Predictive Analytics
It is a technique in which an AI technique that analyzes the records or documents of a particular case. After a complete analysis, the AI tool generates a possible case outcome. Suppose there are many incidents in which persons have been accused of stealing.
The AI tool can examine these situations and determine what happened. It considers the evidence provided, the lawyers’ arguments, and the conclusions reached by judges or juries. The AI tool can identify patterns by reviewing all of this data.
It can detect similarities between cases that resulted in similar outcomes. For example, if the person is found guilty with strong evidence of stealing in most cases, the computer can use that pattern to forecast that the same might happen in a new case with strong evidence.
In simple words, predictive analytics in law is similar to having an intelligent computer that can analyze prior cases to assist lawyers in forecasting what would happen in new cases.
Document Automation
Another time-consuming process that has become quite simple is the drafting of legal documents. Legal documents can now be generated with AI by answering basic queries. For example, if someone wishes to prepare a will, the AI tool will inquire about him and his requirements.
After that, the AI program will build a fully legal document for that person, including all legal provisions. It not only saves time, but it also reduces errors. Because computers are extremely accurate, the chances of errors in the paper are greatly reduced.
Due Diligence and Compliance
AI may be quite useful in performing due diligence when individuals must carefully evaluate a large amount of information to identify any faults or risks. This is common when businesses wish to merge or obey particular rules and laws.
For example, if two businesses want to merge, the AI tool can analyze their data. It can determine whether they owe money to others, have any legal issues, and follow all the rules. This allows businesses to make better judgments because they are aware of any potential risks.
But due diligence is like a thorough investigation before making important decisions. And AI makes this investigation easier by going through lots of data and highlighting any problems or risks that might be hidden.
So, with the help of AI, businesses can have a clearer picture of what they’re getting into and can avoid many problems.
Will AI Replace Lawyers?
After seeing many transformations by AI in the legal industry it is the most common and frequently asked question: will AI replace lawyers? The main purpose of AI is to help humans, but it has already replaced many people. Regarding the legal field, AI has replaced some entry-level lawyers. Read more!!
We have already discussed how AI has transformed legal research, document automation, contract analysis, etc. Entry-level lawyers mostly do these kinds of tasks, so these AI innovations are alarming to them.
For Example: Nowadays legal proofreading tasks are done with the help of AI tools. But a few years before a lawyer did it.
Another important thing to focus on is that AI has only partially replaced entry-level lawyers. This indicates that the decision-making capabilities of experienced lawyers are still required and can’t be replaced.
Another theory says that AI will only make tasks easy for entry-level lawyers. These lawyers will not have to worry about basic tasks like proofreading and legal writing instead they will be able to focus on advanced-level tasks.
Final Verdict
The innovations done by AI in the legal field are fascinating. AI is the perfect option in this challenging industry where things consume a long time. Things are now more efficient and simple to manage.
There are some concerns too when it comes to AI, but it depends on us how we respond to them. The replacement of human resources is increasing and a major concern. Lawyers must stay updated and embrace all emerging technologies to stand out in this market.
