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You already know that artificial intelligence (AI) has become an essential part of the world of technology. But other professions are catching up. In the world of law, AI is increasingly used as a tool to help legal offices conduct a variety of tasks. Here’s why you should consider it for your legal startup.
1. It Speeds Up Document Review
Reviews of relevant documents take up a massive amount of time when preparing a case. For instance, you might need to sort through thousands of emails looking for conversations on a specific topic. Artificial intelligence makes this process faster. And thanks to machine learning, the AI gets even faster and more accurate over time. When a lawyer reviewing the AI’s findings tells the AI which findings are relevant, the technology gets better at understanding what documents it needs to find. Much like a human, AI needs some experience to learn what it’s supposed to do. But once it learns, it’s incredibly accurate and efficient.
Because AI is so efficient, it can also be used to help you find new potential cases. You can talk to professionals who have access to AI tools that allow them to do a legal case search to find legal violations in existing cases. From there, you can formulate your own case, develop different strategies, and even predict outcomes.
2. It Can Predict Outcomes
If you’re at all familiar with law, you already know that lawyers often rely on predictions. For instance, when helping a client decide whether to take a plea or take a case to trial, the lawyer needs to predict which path will result in a better outcome for the client. Experience in the field generally makes these predictions more accurate, but of course, there’s no way to predict with absolute certainty.
Artificial intelligence has the power to analyze far more data than any human ever could. So when it comes to predicting outcomes of court cases, AI is sometimes even better than lawyers. Investing in this type of technology may improve your startup’s results in the courtroom and help ensure you stay in business.
3. It Can Analyze Contracts
Traditionally, law firms have seen time-consuming tasks as a good thing, as the increase in billable hours means the firm makes more money. But for smaller startups, efficiency can be a good thing. And one of the best ways to save time and avoid tedious tasks is using AI to conduct contract reviews.
Having AI complete this task allows attorneys to focus on other things in the office. But it has another advantage, too: it helps eliminate human error from the equation. Especially when associates spend hours reviewing contracts, they may run the risk of missing key details. Provided the AI technology being used is precise, it can be a great way to ensure your contract reviews are fast and accurate.
4. It Can Draft Certain Documents
Part of the appeal of using AI in the legal sector is allowing the AI to complete dull, repetitive tasks. This allows lawyers and other personnel to focus on what else needs to be done. Artificial intelligence is certainly capable of drafting routine documents. After the AI-written draft is completed, it can be read over and approved by a human employee. However, since many legal documents are drafted from templates, the risk of error is fairly low.
5. It Can Save You Money
Earlier, you saw that some firms are hesitant to adopt AI because it would disrupt their existing billing method. But even if your startup would rather avoid fixed-rate billing, adopting AI technology can save you money in other ways. When you use AI to review documents, analyze contracts, etc., you don’t need as many associates. So if your startup uses AI, you may need to hire fewer people. Plus, if AI helps you get better results in the courtroom or elsewhere, you may find that you have more clients coming in!
Part of ensuring your startup is successful is making sure you harness the power of available technologies. And as you can see, AI can make your employees’ lives easier and allow them more time to focus on meaningful, engaging tasks.