Artificial intelligence mimics certain operations of the human mind and is the term used when machines are able to complete tasks that typically require human intelligence. The term machine learning is when computers use rules (algorithms) to analyze data and learn patterns and glean insights from the data.
Artificial intelligence, on the base level, aims to develop and find ways to reduce, manage and execute laborious tasks for different industries, automating many of the operations that would otherwise require human input. These solutions are found to greatly improve the speed as well as drastically reduce the errors, hence improving the accuracy.
Below, we describe some of the different applications that Law firms have found with AI.
Documents review
A great part of any legal proceeding is the amount of documentation that needs to be skimmed through to find the relevant material, which requires a team of paralegals and hours and hours of precious time.
Legal Research
Once the relevant documents are shortlisted and flagged, machine learning comes into work and uses the learned algorithm to find similar documents that can be of use, out of the millions of papers, proceedings, and dissents.
Due Diligence
This is hectic work, where legal professionals are required to perform exhaustive background checks and go to lengths to uncover information regarding their clients or on their behalf. These facts and data are then evaluated for better decision making and are used to support their cases and giving sound counsel to the clients.
Contract Management
Often, clients come for legal counseling to review contracts and to check and identify if any issue or risk is associated with that contract. Sometimes, contracts can be misleading and have a negative impact, and legal professionals assist their clients to avoid just that.
