There is no doubt in the fact that AI is transforming how we view the world and everything in it. From driving down the time taken to complete a task to enabling complex mathematical, engineering, and legal problems, all get handled by this legendary technology. AI has been the flag bearer for advancement in this century and gets the credit for operating 24/7 without any hindrance, delay, breaks, or error. It has taken the job of risks which otherwise humans had on their shoulders. Breaking the shackles of mundane and redundant jobs, AI has allowed Humans to excel far greater in life.
AI in Legal analytics
AI excels far greater than expectations in legal analytics. It has spread its positive effects and is handling a plethora of tasks and roles. It helps the litigators to identify the legal issues in any case, analyze the risks, and study the exposure of a decision from a holistic point of view. By reviewing the documents, AI has impacted the legal field greatly. Reviewing the success rates, fallbacks, arguments, statements, and decisions, AI has taken control of all the major aspects. It is solely because AI is an intelligent technology that stays one step ahead of a problem or risk and helps humans to carry out their life decisions without any difficulty or complications.
Applications of AI in legal analytics
AI is continuously impacting the Legal analytics field with a transformative role. It plays a significant part in aiding clients and lawyers to make the correct decisions and carry out their work smoothly. AI is considered a smart solution in the legal industry and can streamline and enhance the productive outcome of the system.
- Contract Review and Research Augmenting
ROSS Intelligence is one of the companies that utilize artificial intelligence in the legal framework. It uses Natural language processing (NLP) during the analysis of the documents. It highlights the areas that are relevant and important for a particular case via programming. After the identification of specific information, it is extracted and utilized systematically. The process occurs quickly and without any errors hence maximizing the productivity and authenticity of legal work.
- Optimize research and review
For optimization research and review, eBrevia is a very popular legal business firm that is using AI’s advantage. The algorithm used in it sifts the data and documents to extract relevant and accurate information. The process is very fast and precise. The information gathered is used for due diligence, contract construction, and other services. It optimizes the task and eliminates possible human errors.
- Drafting legal text
Leverton is yet another law company that has AI as the most important aspect of its firm. By eliminating the need to draft a legal document by hand, AI has revolutionized this part as well. The time-consuming process which used to be fraught with errors and mistakes is now completed in very little time with no errors at all. AI can compile legal agreements, manage data, extract information and write leases all by itself.
- Virtual data room
It is a safe and secure storage place for users. The access is strictly controlled and is utilized for the storage of a large number of legal confidential data. The AI helps in saving time and money by proving a centralized database for the lawyers and users to access the legal documents along with minimizing the human error risk.
What is an Algorithm?
An algorithm in Artificial intelligence is an elaborated part of machine learning which tells the system about ways to learn and act on its own. In a crux, it is a formula or a procedure to build a framework to solve a problem. AI is an umbrella term and an Algorithm comes under it. An AI can have multiple algorithms working in synchronization for solving different problems.
Types of algorithms
AI systems are wrought with helpful algorithms that make everything possible for humans. These algorithms accelerate the pace of the work and filter out any error that may otherwise jeopardize the authenticity of the legal text. Let us look at some of the legal text document algorithms that make our work efficient.
- Natural Language Processing (NLP)
Natural Language Processing reads the text by copying the person’s ability to understand and grasp the natural human languages such as English, French, or German. Natural Language Processing has two branches namely Natural Language Understanding and Natural Language generation. It mirrors the human ability of speech and inferring the information or taking part in a dialogue. Through NLP, a computer gets the power to separate and create a human language from the given data.
NLP benefits utilized in Tools – Natural Language Processing for a computer helps to conduct multiple tasks. It deals with the learning ability of a system to understand the problem and find the solution. It can trace, tag and search the specific document or its parts.
- Technology-Assisted Review (TAR)
Technology-Assisted Review or TAR is reinvigorating the efficiency and accuracy in law practice. The tool has an AI algorithm that takes the advantage of its ability to evaluate and review electronically stored information (ESI). The algorithm is efficient and cost-effective. It can segregate scores of large volume legal text without any error or delay. The algorithm resembles a human-based review of the document. It accesses the document and makes a reasonable and effective workflow by carrying out the reviewing process.
Benefits of AI for companies
Here is how the legal industry and companies can take advantage of Artificial Intelligence.
There is no doubt in the fact that by utilizing the role of artificial intelligence and intelligent algorithms in your company, you will be able to save time. Since the machines operate at an unimaginative speed, the work is accomplished quickly.
- Higher revenue
The higher revenue with the use of AI in legal work is evident. It will not only increase the rate of work but will in return help to enhance the profits; which would otherwise be meager when relying on humans.
- Greater efficiency
The efficiency of the work will increase with the use of AI in legal documentation. All the work will be on time without any error and neglect.
- Higher accuracy
The human is bound to have an error in his work. However, with the implementation of AI in legal work, the error can be mitigated and the accuracy of the work can be improved.
- Less work stress
The greater workload can cause stress to the workers and affect the overall efficiency of the task. But with AI, the work can be taken up by algorithms that do not get tired no matter how much workload. The efficiency of work will not be affected.
AI has impacted greatly on all walks of life and will continue to do so in the future.