In the legal industry here everything is set to start a new revolution by the introduction of the artificial intelligence system in this industry. Many Indian companies have already started investing in artificial intelligence systems. The legal profession is going through a technological revolution. From online legal research to the apps which are developed for performing general tasks of lawyers many are introduced. The legal industry has been developed from traditional bound and labor heavy legal industry into the artificial intelligence system in the legal industry. Artificial intelligence system is which have the ability to perform tasks for which an ordinary human intelligence is required. But it does not change the way in which legal system performs but allows the lawyers to focus on the technical work like drafting contracts and advising clients rather than doing manual.
Artificial intelligence technology replaces a few tasks like documentation, contract reviews, tracking the developments, updates etc. artificial intelligence can also help in reducing the work time. The number of repetitive tasks that can be done away with the artificial intelligence and increase in the efficiency and customer service is not imaginable. Artificial intelligence can hugely impact on the legal retail market by providing easy reach and low legal costs by facilitating global access and contracts. It is often argued that with the artificial intelligence performing legal tasks the robot lawyers could soon replace the legal professionals.
But Artificial intelligence can never do the work of a complete human intelligence. And the complex nature of human disputes and transactions. It is not designed to replace lawyers but to assist and allow the lawyers to spend less time on clerical or manual work and spend more time advising the clients.
Trends of artificial intelligence in legal industry:
Big data analytics:
There are many forms in analyzing like descriptive, predictive and prescriptive analytics which are having the greater impact on law practice. In descriptive analysis legal trends are identified over time and analyses the behavior of participants in litigations.
Lawyers can use the information to better determining the outcomes of the cases, developing winning legal strategies, estimating the value of a case, estimating the ligation costs and help in making crucial decisions like to settle or proceed for a trial about the case. Law firms can also use predictive analytics to gain the deeper understanding of judges. It makes possible to predict how they will behave in a particular case. Judge analytics enables information for lawyers to understand the judge who involved in the case and to develop the best strategy for their clients.
Chatbots have been making a splash and drawing attention in the legal industry. Legal bots don’t require sleep or vacation and work every minute continually to provide a client with the legal help on demand. When they are used appropriately including oversight by legal professionals, they are a great way of optimizing specific work process to save lawyers time and money
The general counsel is mostly involved in all the businesses. Lawyers are becoming leading initiatives and providing legal and business advice. It is been common for lawyers to manage parts of few departments in the business. The general counsel is making few decisions regarding the business. In the corporate world, that innovation depends on technology adoption.
The future law school, law firms have to include technology in their subjects. Law students should be smart enough to become tech literate as their ability to analyze data and operate the legal software. The main concept is for the legal leaders in the department and law firms who find their traditional value is replaced by the competitors who are using artificial intelligence to maximize data and improve services.