There was an experiment conducted in 2017 in London, with 100 lawyers participating in the event. The experiment involved finding accuracy in credit card irregularities in applications sent to the Finance Ombudsman. Where lawyers predicted an accuracy of 66.3%, a trained AI program achieved the accuracy of 86.6%.
Imagine a lawyer doing research for a case. Where humans may take weeks or even months to complete a particular research, AI will complete the research and provide results in a matter of seconds. Here, Artificial Intelligence will be able to perform better than experienced lawyers.
The role of Artificial Intelligence in legal
Artificial intelligence is shaping every part of our lives as its applications are now transforming many industries, including Legal.
AI and ML tools are definitely going to affect how the law is going to be practiced in the next decade. Automation with the help of AI solutions can help legal firms to increase the effectiveness and speed of tasks, and reduce costs.
The amount of data available these days promises the most exciting technological advances, especially in the legal industry. In the future, this industry is expected to channel the power of AI and perform every task with greater accuracy.
Here are a few areas in legal where the application of AI is promising:
AI is increasingly making its way in legal research. It used to be a highly manual process, with junior associates in law firms going through physical cases to find important leads. Although the process has now gone digital with computer programs conducting researches, it still cannot function beyond normal search functionalities.
However, in the coming years, Machine learning and Natural Language Processing (NLP) is expected to completely transform the process of legal research. Startups are now building research platforms that are much more advanced and have the capability of understanding legal opinions and their meanings.
These platforms are not just about keyword matching, they go beyond to understand the law and provide unique perspectives to different cases.
Legal contract analysis
Machine learning models have the ability to learn from large amounts of data and extract valuable insights. They can help with contract analysis and increase the efficiency and productivity of the process.
The process of negotiating and finalizing contracts is tedious, with a team of lawyers required to sit and review the contracts. This can be done at a much faster pace with machine learning software. Mistakes due to human errors will also be reduced. It would also be possible to find large amounts of contract data rapidly, increasing the number of contracts that can be negotiated.
There are a number of startups working towards automating this process through machine learning. In the future, AI software would be able to automatically scan the contracts, analyze them completely using NLP (Natural Language Processing), and decide portions of the contracts that are acceptable and those that are not. With the advancement of NLP capabilities, it would also be possible to carry out the process end-to-end by ML programs, without human intervention.
Once the contracts are finalized, it is important to stay on top of the agreed terms. Since large organizations may have millions of contracts with several companies, AI can help them be more aware and responsive toward their contractual agreements. NLP solutions can extract key information across a number of contracts, making it easier to understand the business commitments.
Some companies that are already using AI-powered contract review services are eBay, Home Depot, and Salesforce.
Artificial Intelligence has the ability to predict the outcomes of legal cases. Machine learning models can be trained to find patterns in cases, understand complex decisions, and balance out the evidence as right or wrong. With more training and increased data, it will be possible to improve algorithms and make them more sophisticated. This will have a major impact on the law as AI will be able to help experts in speeding up the decision-making process, and clear up pending cases at a much higher speed.
Law firms have started to use these models to plan their litigation strategies. It can help with negotiations in cases, fast-track settlements, and minimizing the number of cases that need to go in a trial.
An example of AI being used in litigation is the setting up of an AI advisory group in the UK, in March 2019. This group has been set up to advise the judiciary on AI developments, which shows how the role of AI and predictive analytics is being considered highly important in the UK litigation.
The impact of AI on the legal industry is going to be huge. The decisions lawyers and judges make are only as good as the information they receive, and AI has the capability of increasing the quality of that information.
Skyl.ai provides machine learning solutions that can help lawyers make complex tasks easier and focus on doing more valuable work for their clients.
Check out the various solutions that can be built using Sky Platform here.