Artificial Intelligence Gaining Traction in Legal Industry
It’s no secret that artificial intelligence is transforming a number of industries. As someone who saw an opportunity in my field and developed an AI solution to address it, it’s been a fascinating journey to introduce – and sometimes, re-introduce – AI as a business solution to potential clients. Like any technology, AI comes with positive and negative perceptions, but the reality is, as always, much more nuanced.
The benefits around strategic implementation of AI are already being proven in the legal industry. Contract review is a lengthy, time-consuming process, that is nevertheless vital. Many hours are spent reviewing the minutiae of contracts, including sales agreements, leases, license agreements and vendor documents to search out clauses that could materially affect a deal or are otherwise important for compliance or business purposes.
When mergers, partnerships, cases or important business objectives can hinge on one clause, legal teams need to be 100% certain they’ve left no stone unturned – as a former corporate attorney, I’ve been there. For instance, in an M&A transaction, a critical concept like Change of Control can be expressed using language like “change of control,” “assignment by operation of law,” or “sale of all or substantially all of a company’s assets.” Reviewers need to be able to identify this concept no matter what specific words are used or where it might be buried in a contract.
Today, AI solutions can identify and extract these legal concepts, regardless of the vocabulary used to express them.
That being said automating contract review does not eliminate the need for legal professionals’ involvement. AI is a tool that helps legal teams work more efficiently while increasing accuracy, and it delivers the greatest value in conjunction with human expertise. At the same time, the automation frees up attorneys to do higher-value work – what clients are truly hiring them for.
AI has already become a major business driver as a key partner to professionals, and its applications will, no doubt, continue to evolve in the coming years.
I work in my own way-reading, writing, travelling,attending social units & helping domestic work
4yThe fact that legal dealing has been defined as legal industry is hardly known ; it seems that in modern parley everything is renamed under industry. Education, Health have been commercialized and thus these may be placed under Education Industry and Health Industry. Judiciary deals legal matters and this has now been called Legal Industry. It is now proposed that the artificial intelligence will play a second fiddle to original human intelligence. It is not known to us how this artificial intelligence is going to be applied in legal matters. Human made computers have artificial memory varying from machine to machine according to the capacity of hard disc. As far as is known these machines have no intelligence to deal with and these machines can not do anything suo motto by applying intelligence. Experiments are being made to use artificial intelligence in robots which are unlikely at present to deal legal matters . It is not known if such machines with artificial intelligence have been marketed to use it as a tool to the legal practitioners . In all legal documents use of words, composition of sentences and punctuation are very rigidly controlled as a minor variation may alter the meaning and the documents then will suffer stricture and will not meet the purpose for which it was made. It is often seen that even very good draft gets punctured by opposition lawyers and loose benefit . Can artificial intelligence ( if that type of advanced machines have been invented ) match human intelligence to stem the downfall . This complex matter needs further clarification .
Client Advisor @ ISG
4yIsabelle Holland
Attraction and Assessment in Technology | Managing Director | Board Member | IT Recruitment | Diversity Advocate
4yJoe Brown
Technical Lead
4yAnne Brown I tend to think it'd do best as a clever assistant able to summarise and make preliminary decisions but ultimately deferring to a human. I mean to err is human, and without that there'd be no need for a legal system, so correcting it should always involve somebody, if at least to set precedents and update the law for new scientific breakthroughs!
Product Marketing
4yVinodh Kombissan