Hours of paperwork per week aren’t one of the main draws to a career in law or the legal field. Still, there are plenty of other reasons to consider doing so. Legal practitioners spend many hours navigating their convoluted and compartmentalised file systems in search of the information they need.
Paralegals, lawyers, and compliance and contract experts need to be able to swiftly sift through massive amounts of data to find the specific pieces of information they require to carry out their numerous duties.
Where does ai legal research fit in?
With artificial intelligence (AI) techniques like natural language processing (NLP), legal practitioners may instantly surface ideas from millions of unstructured data sources, including books, legal websites, commercial databases, and old case files. If paralegals and lawyers can use ai legal research to supplement their manual labour, they will have more time to devote to client interactions and other high-value activities.
Let’s look at some of the primary functions of lawyers and the most prominent applications of AI in the legal sector.
- Conducting Legal Research and Drafting
When making judgments, legal teams spend a lot of time combing through paperwork and searching databases for applicable case law and legislation. This is not only a tedious procedure that requires attention to detail but also runs the risk of missing valuable resources if the right terms aren’t utilised. AI search techniques, such as Natural Language Processing (NLP), may assist legal teams in accomplishing billable work more rapidly by facilitating the retrieval of relevant material, identifying developing patterns, and revealing hidden connections.
Paralegals and lawyers may also use AI to check that their legal documents are complete and properly formatted, citing all applicable laws, statutes, and case law. The companies providing the AI solution have developed a model tailored to the language and principles of the law. In less than two minutes, the software helps legal teams prepare paperwork for the first step of a response.
- Management of the Entire Life Cycle of a Contract
Businesses in the legal industry generate, revise, and archive a mountain of contracts during the course of their operations. It takes a lot of time and money to keep track of all the contracts an organisation has on file, whether they number in the hundreds or the millions, and are spread out across several repositories for easy access.
Legal practitioners may save time on contract reviews by using AI to find and highlight contracts that are up for renewal. In addition, AI can assist teams cut down on time it takes to negotiate by providing suggestions for routine updates and renewals.
In-depth inventory analysis is only one of the many services many legal tech companies provide as part of their comprehensive contract management solution. Clients have reported time savings of over 50% regarding renewing contracts. The system is designed to enable legal counsel to handle any contract quickly and cost-effectively throughout its lifespan.
- Assistance to customers
Providing quick and cheap online legal services, digital subscription services are being tested by certain law firms to cut overhead and expand their capacity to serve more small customers without compromising on quality. By using ai legal research, teams may provide customers with a more convenient method to get their most frequently asked questions addressed without having to wait for a human to respond. Legal teams may allocate more time to strategic work by, for instance, using AI-powered chatbots with search skills to uncover important material, present it to consumers, and carry out other mundane duties.
Conclusion
To streamline their processes, legal departments are looking at artificial intelligence (AI). Artificial intelligence (AI) helps businesses save money by improving efficiency and boosting the pleasure of both customers and staff.
