Worldwide, businesses in all kinds of industries are
benefiting from the revolution in artificial intelligence (AI). The legal
sector is no exception. Yet, lawyers have, at times, been notoriously slow to
adopt new technology.
Regardless, the advancement and implementation of technology
is inevitable, and we are now seeing AI legal assistants emerge in the
marketplace. And what exactly are those assistants doing for their human
employers? Simply put, they’re automating basic tasks and improving efficiency,
security, and compliance. Here’s how they’re doing it:
Automating Repetitive Tasks
One of the most significant impacts of AI legal is its
ability to deal with the monotonous and tedious tasks that take up too much of
a lawyer's time. These basic tasks often involve the review of extensive documents,
the analysis of contracts, and the checking of compliance with applicable
regulations. Legal AI isn't just another productivity tool; it's a way to
rethink the legal process.
Enhancing Contract Management
Traditionally, contracts are handled and managed by humans,
and in the current climate, that often means they are managed by lawyers. The
legal operations function is responsible for ensuring that contracts are
negotiated and managed in a way that serves the business well.
However, while it is an essential aspect of legal
operations, it is also an extremely inefficient use of an attorney’s time. An AI legal assistant removes this burned from the lawyer, allowing him/her to use
their time more productively.
Improving Legal Research and Compliance
Another area where artificial intelligence is making a
substantial difference is legal research. Traditional legal research demands
that lawyers sift through case law, statutes, and regulations, doing much of
the work manually. In contrast, tools driven by artificial intelligence can
analyze immense databases of legal material and deliver precise, relevant
insights in seconds.
They do the work of numerous researchers - and do it better,
faster, and with fewer mistakes. AI is also being used to create powerfully
smart compliance tools that help business stay up to date with the kind of
regulatory changes that used to drive corporations to hire small armies of
lawyers.
Reducing Legal Costs
For many companies, especially small and medium-sized
enterprises, the expense associated with legal services can be a considerable
weight. AI legal assistants lighten that load and help decrease legal costs by
automating multiple routine tasks that would typically require billable
attorney hours.
With these virtual paralegals
working for their attorneys, companies can better invest their resources in the
kinds of legal services that help pave the way for more strategic endeavors.
Enhancing Decision-Making with Data Analytics
Valuable data analytics support informed decision-making in
the world of business law. Tools such as predictive coding, for example, can
assess legal risks, using history to forecast outcomes and recommend the best
course of action.
Insights like these, generated by ever more sophisticated
algorithms, allow companies to make more strategic legal decisions, mitigate
risks, and optimize their legal operations.
How Could an AI Legal Assistant Improve Your Business Functions?
Business legal operations are undergoing a transformation,
thanks to AI assistants. They are allowing legal operations personnel to more
efficiently do their jobs and do so in a more cost-effective manner.
This technology accomplishes this mainly by automating legal
research, managing contracts more efficiently, and performing functions that
are necessary during the discovery process.
. The legal sector is no exception. Yet, lawyers have, at times, been notoriously slow to adopt new technology.)
