Artificial Intelligence Law Firms: Issues and Advances
Artificial intelligence law firms systems embraced advances in AI technology. These have created lots of issues for law firms to grapple with, especially firms that use AI. Our firm utilizes AI, and we’re very proud of that.
It has streamlined our legal research. It streamlines our analytics. Also, it allows us to have data that we’ve never had before. But, we also have to train our attorneys and paralegals and clients on how to use that data. We have voluminous amounts of data to help us with decision making. Also for strategic planning. Whether it’s a litigation matter or a transaction. We have to use and execute that data for our benefit in an appropriate manner.
Making Operations More Efficient
On the practical side of being an AI law firm, it’s made operations much more efficient. And that has benefited the client. Not only for efficiency, productivity, and price point. But also with regard to the value of the legal services that firms like us are able to provide to the client. There are many companies out there that offer basic services to consumers. LegalZoom, MyCorporation, there are other ones out there. And they have a place in the system.
They can cater to clients who may not have the financial wherewithal to hire a firm. Having said that, there are implications now with AI that need the input of a human being. That would be a lawyer or a counselor to help the client. So you can not use AI direct by the client yet in a legal context. For example, having a software program spit out a contract. Also, advising the client what particular provisions should/shouldn’t be in that contract. That’s something that requires the input and finesse. You need the perspective of a professional and seasoned lawyer
Legal Services in Artificial Intelligence Law Firms
There is a place for those foundational businesses out there. Consider basic things like corporate formations. Competent counsel still needs to do the heavy lifting. Legal services is an interesting component of professional services in general. And AI has revolutionized the legal services industry. It’s streamlined processes that were very difficult to streamline.
For example, reviewing and analyzing hundreds of thousands of documents in a case. That is laborious and expensive, and it requires a lot of staff. AI has cut that time down in a significant way. Having said that, you still do need a human being to interpret the data. That’s generated by the computer or AI system.
You Still Need a Qualified Human
Having a good AI system with a seasoned paralegal or seasoned lawyer is critical. And the combination of that allows the client to enjoy efficiency and value. But you need both components in order for it to work. So AI will complement the legal industry. It will make certain laborious tasks much faster, but I don’t see it, at this point, replacing a lot of jobs yet. I do think that it’s going to benefit the client from an efficiency and value perspective.