Historically the legal industry has been slow to adopt technology, whether it’s new software or new processes. With Artificial Intelligence knocking on the industries door, a change in mindset is needed. While its not common practice yet, AI is already revolutionising the operation of law firms. With an estimation that 100,000 legal roles will be automated by 2036.
Artificial intelligence (AI), is the development of computer systems able to perform tasks normally requiring human intelligence. Read through to find out how the AI will transform the Legal industry.
1. Process automation
One way that AI technology is transforming the legal industry is in the process automation. Law firms are needing to prioritise their focus on growing their business, reducing overheads, and improving customer experience. By automating common processes, managers can free up their time for other business growth opportunities.
An example of AI automating a process is something as similar as email filing. Rather than manning an enquiry inbox, an AI program can automatically filter emails and send them off to the correct people. Not only saving time, but potentially saved costs on the hiring of admin staff.
2. Due Diligence
Due diligence is an essential task for all legal professionals, providing clients with vital information concerning their matter. While due diligence is vital to avoid risk, it can be very time-consuming.
Artificial intelligence tools are helping legal professionals conduct their due diligence more accurately and efficiently. AI technology has the ability to analyse large amounts of documentation in order to determine their relevance to a matter. This means that lawyers will only have to review documents that have been flagged with uncertainty.
With the introduction of AI in the legal industry we’ll be able to work faster to meet clients’ needs.
3. Time Management
Good time management is not working longer hours; it is about working smarter and more effectively. AI optimizes processes to take the least amount of time. Its a common perception that AI will replace lawyers or conveyancers, however it’s used to free up time so they can focus on higher value non-routine tasks.
For example, using AI to take over the enquiry-answering function of your firm could save you a lot of time. Using AI Chatbots on your website is a hands-off and efficient way for you to filter through enquiries and get back to your clients right away. Chatbots look for keywords in their enquiry to provide answers or push them to the right people.
Law firms should embrace the opportunities brought on by AI technology. With the development of new software solutions and document management platforms, AI will transform the working environment and structure of the legal industry, making the day-to-day much easier.