You are already aware that artificial intelligence (AI) has become an essential component of the technological world. Other professions, however, are catching up. In the legal world, AI is increasingly being used as a tool to assist legal offices with a variety of tasks. Here are some of the reasons why you should consider it for your legal startup.
1. It Expedites Document Review
When preparing a case, reviewing relevant documents consumes a significant amount of time. For example, you may need to sift through thousands of emails to find conversations about a specific topic. This process is accelerated by artificial intelligence. And, as a result of machine learning, the AI becomes faster and more accurate over time. When a lawyer reviewing the AI’s findings informs the technology about which findings are relevant, the technology improves its understanding of what documents it needs to find. AI, like humans, requires practise to learn what it is supposed to do. However, once it has learned, it is extremely accurate and efficient.
Because AI is so effective, it can also be used to assist you in identifying new potential cases. You can speak with professionals who have access to AI tools that allow them to conduct legal case searches in order to identify legal violations in existing cases. From there, you can build your own case, devise various strategies, and even forecast outcomes.
2. It has the Ability to Predict Outcomes
If you know anything about the law, you know that lawyers frequently rely on predictions. For example, when advising a client on whether to enter a plea or go to trial, the lawyer must predict which path will result in a better outcome for the client. Experience in the field generally improves these predictions, but there is no way to predict with absolute certainty.
Artificial intelligence can analyse far more data than any human could ever do. So, when it comes to predicting the outcomes of court cases, AI can sometimes outperform lawyers. Investing in this type of technology may help your startup’s results in court and ensure its survival.
3. It is Capable of Contract Analysis
Traditionally, law firms have viewed time-consuming tasks as a positive because an increase in billable hours means more money for the firm. However, for smaller startups, efficiency can be beneficial. Using AI to conduct contract reviews is one of the best ways to save time and avoid tedious tasks.
Allowing AI to handle this task frees up attorneys’ time in the office. It also has another benefit: it helps to eliminate human error from the equation. When associates spend hours reviewing contracts, they run the risk of overlooking important details. As long as the AI technology used is precise, it can be an excellent way to ensure your contract reviews are quick and accurate.
4. It has the Ability to Create certain Documents
Allowing the AI to complete dull, repetitive tasks is part of the appeal of using AI in the legal sector. This frees up lawyers and other personnel to focus on other tasks. Routine documents can undoubtedly be written by artificial intelligence. After the AI-written draught is finished, a human employee can review and approve it. However, because many legal documents are created using templates, the possibility of error is relatively low.
5. It can Help you save Money
As previously stated, some businesses are hesitant to adopt AI because it would disrupt their current billing method. Even if your startup would prefer to avoid fixed-rate billing, implementing AI technology can help you save money in other ways. You don’t need as many associates when using AI to review documents, analyse contracts, and so on. As a result, if your startup employs AI, you may need to hire fewer people. Furthermore, if AI helps you achieve better results in the courtroom or elsewhere, you may find that you have more clients!
Making use of available technologies is an important part of ensuring the success of your startup. As you can see, artificial intelligence can make your employees’ lives easier and give them more time to focus on meaningful, engaging tasks.