Power Up: Is Artificial Intelligence Part of Your Law Firm’s Future?
Learn how Artificial Intelligence can improve your business practices
Artificial Intelligence (AI) is one of those concepts that still feels vaguely futuristic – like it’s better suited for a science fiction story than office applications. However, AI is already a practical tool that improves your daily life in major ways. From personal assistants powered by voice, like Alexa and Siri, to the predictive suggestions of Netflix and Amazon, the concept of machine learning and AI is currently more common than many realize. The future is here whether you’re ready or not; instead of fearing the foreignness of new technology, learn how to use AI to your advantage in your law firm.
The wisdom of AI
AI is a system that can learn on its own by compiling and analyzing data; it can make connections and conclusions without relying on a programmed algorithm. True AI can improve on past mistakes and become more aware, enhancing its abilities and knowledge.
It sounds a little intimidating, doesn’t it? Have no fear, though, the machines haven’t taken over – they’re just here to help. Empower yourself by harnessing the magic of AI and putting it to use for the benefit of your business.
Adaptation enables growth, and acting as an early adopter of AI in the legal industry could increase productivity and reduce errors – and both are beneficial to your bottom line.
The implementation of AI
The legal industry has been slow to embrace new technology, and AI is no exception. Between the learning curve, uncertainty about best practices, and a reluctance to disrupt an already established workflow, law firms are generally behind the curve when it comes to implementing AI.
According to a report titled, “Law Firms Need AI to Stay in the Game,” “The initial step in bringing AI into the law firm is not a consensus on making an investment in AI, but rather answering one question: What problem are we solving for? Do we want to increase efficiency with certain tasks? Improve the quality of work? Differentiate from the competition? Once the law firm identifies the problem it is solving, it can proceed with determining what the solution is. For the questions posed above, AI can be the solution or part of the solution.”
What problems can AI solve in your practice? Current applications appear to fit into one of the following categories:
- Research: Due diligence is time-consuming, tedious, and absolutely essential. It’s also a task that’s prone to user error. Contract review, legal research, and electronic discovery can all be enhanced by AI, reducing time and user error.
- Litigation Prediction: AI software can be used to forecast the outcome of litigation. Professor Daniel Katz of Michigan State University analyzed Supreme Court decisions from 1816 to 2015 and found that their algorithm achieved a 70.2 percent accuracy on case outcomes.
- Document Preparation: Law firms can increase efficiency by using software templates that assist in filling out documents based on data. Work automation is one of the areas in which AI has the greatest potential to streamline tedious business-related tasks. Forms that can take days to research and fill out manually could be completed in minutes thanks to machine learning.
- Intellectual Property Research: Doing research related to securing patents or investigating copyrights or trademarks can be time-consuming and could involve looking into hundreds or thousands of results. AI can analyze large portfolios of work and draw conclusions on the content quickly.
- Client Invoicing: Getting paid is important, and keeping accurate records is imperative. Paper-based invoicing reduces inconsistencies and is more easily searchable and organized. The ability to compute billable hours automatically has broad-reaching benefits.
The above examples of AI in law practices already exist. As AI continues to evolve, so will its uses. Will your business be ready for the future?
An extensive analysis by Deloitte predicts that up to 100,000 legal roles may be automated by 2036. Prepare your practice to embrace AI as part of your growth mindset, and improve productivity and profit by committing to the idea of incorporating this valuable – and inevitable – new technology.
Looking for more technology-related tips? Check out the Boss Reporting Blog to better serve your business.