Legal Firms should stay ahead of the curve by using New-age Technology

by PracticeLeague

Buzzwords like Artificial Intelligence(AI), Chatbots, Bitcoin, Blockchain, Big Data are taking over the digital front page day by day. One fairly has an idea of what these buzzwords relate to and the debate of practical implementation has just started. Nonetheless, the disruption that these technologies and currencies are creating cannot be ignored.

AI(Artificial Intelligence) is successfully innovating new experiences and gathering overwhelming response and series of queries. AI, also known as cognitive computing, enables machines to learn the human process. Modeled after human learning, these smart machines analyze massive data to identify similar or repeated patterns. These patterns are then used to create an algorithm based on an analysis which allows machines to test hypotheses and find solutions based on the contextual model of the process.

Now, Is AI contemporary to Law Practices? So far, Artificial intelligence is making in-roads into legal practices, efficaciously connecting lawyers to consumers of legal services. Artificial Intelligence is a wide arena of innovare diverging into two type, strong AI, and narrow AI. Strong AI exhibits machines programmed with human-like behavior while narrow AI is built for a specific task, it is capable of very intelligent decisions within the context of its specifics, work that traditionally could only be completed by humans.

Over time, as expectations were lowered and research efforts became more narrowly directed, a shift towards narrow AI applications took place, focusing on providing intelligent tools and problem-solving resources to humans.

What curves away the AI in the Legal Departments and Law Firms is the general ignorance towards the massive analytical power it holds. Law Firms and in-house counsels foresee it as a threat which will bring traditional practices to an end. Many practitioners believe that their practice will become Silicon Valley’s next victim. Exploring the facts, the AI will end benefitting the legal community on the whole. For example, it is estimated that it may cut hours worked by lawyers on document review by 2.5 - 4% annually.

It is understandable why many legal and ethical issues surround the use of AI. The technology is still in its development stage where a lot of things might bring in concerns. In the course of the new few years, legal technology will be on the brink of a major revolution. It is inevitable to ignore the changes that smart machine predicting and automating can bring to your practice without putting a hinge on your bills.

Another formulation of AI coupled with Big Data forms the powerful solution to mandate Law practices overall. In traditional software, the possibilities are mapped out and predetermined which has blocked any further advancement to create a thoroughly integrated system. This arranged stagnancy can only have an impact resulting into devaluation to the age-old traditional practices to bring out another obsolete practice divulging into terminal technologies.

With time, the perspective on artificial intelligence has changed significantly and the urge of implementing the same in the practice is an obligation. Many legal departments are pouring money into AI as a way of automating tasks traditionally undertaken by support staff or interns or junior lawyers. Many believe AI will allow counsels to focus on complex, higher-value work. An example is PracticeLeague using IBM Watson to extract data from a contract to give an insight to the in-house counsels about the key terms or important dates and gives a more comprehensive view of the contracts. This allows counsels to not only save time but also ensures that every contract is summarised in a uniform manner and important dates are automatically earmarked.

As long as we only ring the jargon of AI, it might seem uninviting in the practices we are so used to course. But without our knowledge and consent, we have widely implemented AI in our day to day lives. Google, Apple, Mac, Ipad, Iphone, Android, all have the cognitive machine transforming our cyclic routine. Likewise, for the Legal administrations and practices, AI will largely help with keeping the mundane job in its effective check, while providing powerful insight by cumulatively forming the right structural pattern according to need and enabling the General Counsels and Lawyers focus on the bigger task.

The possibility of assessing risk more easily by effectuating PracticeLeague solution can rather help corporate clients focus on higher-value contracts and ignoring contracts under a certain value, While scanning and interpreting information from all other contracts under the same category.

As technology, not just legal technology, continues to advance at an exponential rate, consumers want their products and services to be faster, better, cheaper, and more efficient. The legal market stage has been set, by the clients themselves, for not just a revolutionary form of sustaining innovation, rather for a disruptive innovation that creates a new market.

About PL

Every legal contract is a knowledge base that contains critical data on organizational commitments, obligations, rights, remedies, and rules that reflect business decisions made in the past that will affect performance in the future. Without intelligence, this huge collection of data does not provide collective insight that can be used by the Corporate Legal Department to reduce risk and increase value for their enterprise

For Matters related to contracts and other documentation an artificial intelligence can scan through the terminologies, policies, rights, conditions, and extract the right data to summarize and derive insight, it will help in reducing the time taken to create a document, response time to pass different approval levels and help in increased efficiency.
AI has the power to not only digitize legal technology but also to transform information into a structured knowledge base. It can derive risk factors adhering to compliance to avert while managing the documents.

PracticeLeague is using AI in Legal technology to help build a high-level knowledge base about your documents in the form of a repository to gain high-level self-awareness of your Enterprise. The Machine will Analyze, extract, summarize and derive key intelligence to identify critical risks and latent opportunities. Summarizing gives the key information, dates etc which is an ultimatum for Enterprise Legal Departments. Legal Departments can begin to use the augmented intelligence to create, plan, predict, strategize and optimize decisions at improved efficiency and effectiveness level of their enterprise. Repeated or complex matrices of information are recorded to make the future process easier. Hence, improving the overall efficiency of the Enterprise Legal Department.

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