From Luxury to Necessity, AI is Altering the Way the Legal Industry Operates
Utilizing Artificial Intelligence is an upward trend in businesses and legal operations alike. AI-powered software is seeping into everyday workflows and the results are extraordinary. Those at the top of organizations and firms are seeing increases in efficiency and accuracy, while simultaneously lowering costs for clients. By welcoming AI and wielding it proactively and productively, users can solve many day-to-day problems in less time, while also improving their organization’s bottom line.
AI is Here to Help Lawyers, Not Replace Them
In a 2019 Artificial Intelligence and Machine Learning ILTA Survey, made up of the International Legal Technology Association (ILTA) members and legal professionals, 55% of respondents predict that only 0-10% of work done by attorneys is replaced by AI in the next 5 years. Artificial Intelligence cannot replace lawyers; the need for a lawyer’s services is indispensable. AI simply reduces the time it takes to complete tasks, which assists lawyers in doing their jobs more efficiently and gives them more time to focus on higher-level objectives.
Why Should Lawyers Use AI & Why is it Important to Apply this Technology?
The same 2019 ILTA Survey noted that ”understanding the need for tools” is the biggest challenge for advancing the adoption of AI in the majority of respondents’ organizations. This is a significant statistic – organizations are unaware of the ways that AI can help them. Implementing AI-powered legal software increases efficiency and accuracy tenfold. Small tasks can take a fraction of the time to complete. Casepoint’s CaseAssist Active Learning (CAL), as one example, allows you to avoid manually reviewing documents that are near certain to be non-relevant, saving potentially thousands or even millions of dollars in review time. What may have previously taken 3 attorneys 450 hours to review, can now be done in 40 hours or less. By saving this time, attorneys are able to focus on higher-value work beyond reviewing, such as case strategy. Artificial Intelligence that is included in the DNA of legal software can benefit an organization by performing tasks quicker and generating valuable metrics in the process. If anything, lawyers are praised for saving time and money.
How Are Organizations Implementing AI in Their Organizations?
A whopping 90% of the ILTA survey respondents said they are purchasing legal technology tools or customizing existing tools rather than developing them in-house themselves. This speaks volumes about how many firms and organizations have found that working with a third-party vendor or service provider has proven to be the best option. These organizations have done the research – it takes a lot of resources, time, and energy to maintain an in-house solution compared to working with a strategic partner who can do the heavy lifting for you. 36% of the same ILTA survey respondents also stated that multiple departments are utilizing AI-powered software, rather than simply one department. This demonstrates that technology solutions can create efficiencies across multiple departments, not just one.
AI is powerful and useful, and it will only continue to be more pervasive in business and in the legal industry. These tools have gone from being “nice-to-have” to a business and legal necessity. Take a look at this brochure for more information on how AI and advanced analytics in your legal software make an impactful difference.
Advanced Analytics & AI