Technology is changing the way we live. Artificial intelligence, in particular, has made major strides forward in recent years. Law firms are now using legal artificial intelligence to help them with their work and to improve their client service levels. This article will look at how this technology is transforming law by looking at some of the benefits it offers lawyers and clients alike.
1. Review Automation and Assisted Legal Discovery
The first benefit of legal AI is that it automates review processes. It can be anything from reviewing contracts to identifying potential legal issues in a document. Automated reviews can save law firms time and money and improve the accuracy of reviews.
2. Simplification of Legalese
Legal artificial intelligence can simplify legalese. It is important for both lawyers and their clients as it makes information easier to understand. Lawyers will be able to spend more time on strategy and the delivery of legal advice while avoiding misunderstandings between them and their clients.
3. Expedite the Due Diligence Process
Legal artificial intelligence can also help to expedite the due diligence process. It is especially important when it comes to M&A transactions where time is of the essence. By using legal artificial intelligence, lawyers can quickly identify potential issues and risks that need to be addressed to move forward with a deal.
4. Administration Automation
Another benefit of legal artificial intelligence is that it can also automate a number of administration tasks. It means lawyers will be able to spend more time on their core activities, such as strategy and case management. It can also help to improve the accuracy and consistency of data entry.
5. Predictive Analytics for Prediction of Legal Outcomes
One of the most exciting benefits of legal AI is that it can be used to predict legal outcomes. This is done by using machine learning algorithms to analyze past cases and data. This information can then be used to provide lawyers with predictions about how a particular case is likely to play out.
6. Smart Automated Contracting
Legal artificial intelligence can also be used to create smart contracts. These are contracts that are self-executing and self-enforcing. They can help to speed up the contracting process and reduce the chances of disputes arising.
So, there you have it! These are just some of the ways that legal artificial intelligence is transforming law. If you want to learn more about how legal artificial intelligence can help your law firm, get in touch with a legal outsourcing company today!