Modern technology has streamlined many industries, including the legal sector. In fact, according to the American Bar Association, many law firms around the globe have implemented automation and other technologies that make them more efficient and their caseloads go more smoothly.
In the legal context, automation often includes data collection, regulatory tracking, reporting and even court filings. Now, though, some firms are exploring the use of artificial intelligence. As technologies improve, AI not only might improve the client experience but also could lower legal costs.
Assimilating massive amounts of information
As you undoubtedly know, business litigation often comes with copious paperwork that attorneys, paralegals and legal assistants must digest. Paying for a legal professional to pore over this paperwork can be costly. Constantly improving AI technology, though, eventually may be able to assimilate massive amounts of information quickly and cost-effectively for business clients.
Picking out patterns and relevant details
It can take a significant amount of resources to identify patterns and pick out relevant details from business records and other documentation. Still, successful litigation often depends on getting through the minutiae. If AI can find the needle in the haystack, business clients are likely to save a small fortune in legal research expenses.
Creating predictive models
Much of the legal practice of any business lawyer involves keeping his or her clients out of the courtroom. AI can be useful here too. Indeed, as technology continues to improve, AI may be able to create predictive models for risk management and other business needs.
Ultimately, while legal AI technology is in its infancy, it may not be long before business clients realize some valuable economic benefits from it.