There are some crucial facts every legal firm needs to know when it comes to investing in the right technology. Legal Firms have seen a 66% revenue boost after implementing better data quality practices with A.I. So, in this blog, we want to uncover how A.I can help legal businesses to become more profitable and efficient.
What is Artificial Intelligence?
Well, there’s two main types of A.I, General A.I and Narrow A.I. General AI is when a machine or algorithm can take on characteristics of human intelligence. It can sort through data faster and with more accuracy. Narrow AI is another side of ‘human intelligence’. It’s more advanced and sophisticated, it allows computers to focus on certain types of tasks, especially those that are extremely time-consuming (eg: recognising an image or use a type of language within text)
Here is a quick video explaining what A.I and the different types in detail.
What are the benefits of A.I?
#1 Save Time
Review and extract information that would take weeks in minutes. A.I technology can scan documents thoroughly in a few minutes in comparison to a paralegal spending day’s or even week’s working on it. This just leaves the paralegal to check the A.I.’s work, making this a much more efficient and streamlined process.
It’s important for legal firms to keep moving, get things done faster so they can focus on the work that is valuable to their clients. As we all know, ‘Time is Money’ and using AI Technology, lawyers don’t have to waste their time on manual tasks and focus on what’s important. Not only will it make the clients happy but the lawyers too, making their job easier so they do what they love – winning cases!
#2 Better Quality
A.I. software can result in a higher quality output of work at a much faster rate. Everyone hates those little admin tasks we all must do and with A.I, users can focus on the work that matters.
Handing these over to A.I. means more time to focus on bigger issues and producing high-quality work for their clients. It also means that the case can be much better tailored for the customer as there will be more time to focus on the client relationship. This will benefit the Legal Firms success rates, efficiency and reputation. More than 75 of law firms that changed to AI saw increases in both profit and revenue (Wiel 2015). Happy Lawyers, Happy Clients and More Referrals! In this case, everybody wins.
#3 More Reliable and Accurate
Can A.I increase Justice? Surprising yes. There is such thing called Human Error and we can make mistakes without knowing. A.I is more reliable, objective and accurate. How do we know this? Well, a recent study found that an algorithm build using databases of Supreme Court cases was able to correctly predict 70.2% of the court’s decisions from 1816 to 2015, in comparison, a study in 2004 found that of human legal experts, there was only 66% accuracy rate. Within the legal sector, this increase could mean the difference between justice and injustice.
The Future of A.I for Legal Firms
According to Deloitte, 100,000 legal roles will be automated by AI. We’re not saying A.I will be replacing humans, but we think A.I is a great tool to be used alongside with. In the legal sector, it’s important to have human judgement, at the same time objectivity also needs to be maintained so there’s no bias. It’s about balance and we think A.I is a great tool that brings that balance. A.I is predicted to have the biggest impact on the future of the legal industry, because of the technology as it can reduce time in half.