In today’s era, artificial intelligence (AI) technology is disrupting almost every industry, from manufacturing to hospitality to retail. Leading innovators in these areas are beginning to realize the power of automation and leveraging it to get things done faster and cheaper.
The effects of AI in our day-to-day lives are already pervasive. From intuitive voice assistants like Siri and Alexa that listen and interpret our commands to Amazon algorithms that predict consumer buying patterns, AI is all around us - and it is shaping the way we interact with the world around us.
However, the future of AI is still a murky field, and its effects on more “skilled” fields like medicine and law are still being observed today. Will AI reduce the number of jobs in these sectors? Will it prove to be a useful and worthwhile technology to integrate into these already complicated systems? The future of AI in the legal domain is becoming an increasingly popular area of discourse.
A prime example of what the future of AI may look like in the legal sector is Evisort, a contract management software. The company uses artificial intelligence to power its contract management software.
So, how is artificial intelligence used in the legal domain?
From what can be observed with Evisort and other AI-powered software, artificial intelligence does an extremely good job of categorizing data. Through a process called deep learning, AI technology can rapidly process and sort huge amounts of data with pinpoint accuracy. Deep learning is, in essence, a process where a computer uses any and all methods to solve a problem instead of having the process coded by a human. Typically, AI machines are “fed” a large number of documents that it analyzes and retains as knowledge, which it then uses when assessing future data. Deep learning means that the computers are also learning by trial and error, thus getting progressively more “intelligent” the more information it consumes.
Deep learning allows AI to continually improve accuracy and get better at analyzing and sorting data. In the context of legal tech, it also helps them familiarize themselves with the legal language.
AI technology can understand and interpret legal language and clauses. This eliminates the need for manual data entry or having someone read through legal documents and contracts. Any lawyer or legal specialist understands the painful amount of documents one has to sift through, from old cases to company files, to find the information they need for decision-making. Experts across the board agree that innovative technology is key in remaining relevant and competitive in the legal field. Companies that implement AI technology will see a much higher rate of productivity than companies that don’t.
The overarching theme of artificial intelligence’s implementation in the legal industry is this: machines can free up a considerable amount of time for humans to do human things. Contracts in it of itself are standardized documents used to outline terms of agreements, exceptions, deliverables, and other expectations. Contract management involves a slew of taxing and tedious tasks like data entry, documentation, contacting and following up with parties, and reading long documents. The glitz and glamour of being a TV show lawyer objecting in court is a far cry away from the realities of the day-to-day mundaneness of the field. Contracts and paperwork are the language of business and the bread and butter of lawyers, but that doesn’t mean that they can’t leverage technology to make the contract management process more efficient. Processes like file documentation to risk identification can easily be passed along to AI software.
The future of AI in the legal domain is a rapidly changing reality. Beyond contract management, legal professionals can benefit from new technologies in customer relations management (CRM) and internal communication software. As legal professionals, technology experts, and government officials begin to realize the potential of integrating AI into legal tech, the industry may see more and more software integrated into their day-to-day operations.
