Impact of Artificial intelligence on the legal system
Every time we come across state-of-the-art technologies, there are a lot of questions in our mind as to how that technology will solve daily operational setbacks, or will it even give any innovative way out or not.
Ai today is consuming almost all the industries, making the daily workflow better and results more accurate. The legal system/profession is no exception. With the demand for smarter, quicker and more transparent results, AI is beginning to transform our age-old legal profession workflow processes in so many ways. Ai marrying the Legal system, caters mostly towards augmenting what citizens do, giving them the freedom to take on higher errands; such as advising, negotiating and appearing.
It is not far when the law professionals will be Ai-powered. The system followed today includes a significant percentage of law firms, on the behalf of the authority of their clients evaluates contracts to point out risks around any contract. The legal authorities audit/edit the agreement/contracts and redline commended items. Their counsel helps the clients to shield themselves from unfavorable negotiate proceeding with more favorable terms. All these are done with manual review and total meticulousness, any miss out poses a big threat to the organization.
AI-powered software is improving the efficiency of contact (or any other doc for that matter) analysis because now machines review the documents, they find the similarity with any previous case, this relevancy makes it easier to go ahead with the resolution. It is needless to say, that machines are faster at sorting than humans, and also more meticulous data that are statistically validated.
Law firms who are struggling hard to reduce their costing, this is a blessing for them. For now, they can reduce their load on the workforce by progressing with the documents that are debatable; rather than consuming more man-hours in reviewing all documents. As important it is to get the work done faster and more accurately, it is also imperative for legal firms to research in a timely and all-inclusive manner, although it is repetitious.
AI support in Legal system offers -
Due Diligence with Accuracy:-
Conducting due diligence to reveal background info includes authorizing facts & figures. This is done by thoroughly evaluating the decisions on legacy cases to effectively provide current counsel. Here Ai helps legal support professionals to conduct due diligence more efficiently and with more accuracy.
Analyze and manage contracts:-
Reviewing docs brings the need for finding redline items that their client should go ahead or not. The application of Ai helps analyze contracts in bulk quicker and with fewer errors than humans.
Prediction leading to smarter decisions:-
AI brings in the capability of analyzing data and predict the outcomes of legal proceedings. Law firms can now predict the proceedings with the help of Ai and help their clients make confident business decisions, it was never this easier.
Reduce Divorce proceeding time:-
A usual divorce settlement takes more than a year, i.e. more time which is directly proportional to more money. Ai is now making every divorce amicable, letting couples outline their outcomes and a view of all the critical decisions that need to be made for their particular circumstances.
Faster Immigration decision-making:-
The government is now looking for using Ai for immigration officials enabling them towards data-mining and perks of Artificial intelligence. With this, it is now easier to assess the risks of sending a failed/outdated visa tenure and more. With the new automated decision-making system, the Government can now make these decisions after they quickly determine genuinity of an application, whether the person should be identified as a risk and more. With the help of Ai, human error will be much less in making these decisions now!
Because the time is now!
Originally published at https://www.terralogic.com.