Benefits of AI for your law firm

Benefits of AI for your law firm

One of the main goals of Artificial Intelligence has always been to simplify human life by handling repetitive tasks and freeing up our time to focus on more meaningful projects.

Lawyers know more than anyone how important and crucial time management is in legal practice. This great importance has motivated legal professionals to seek innovative solutions that help them better manage their time.

That is why an increasing number of law firms began to pay attention to Artificial Intelligence (AI) and Machine Learning (ML) solutions. A recent study found that attorneys using artificial intelligence were able to complete their legal research 24.5% faster than those who stuck to traditional research.

Today we will explore in more detail how Artificial Intelligence can help law firms be more efficient.

Contract review 

AI is the best solution to eliminate routine tasks like reviewing contracts. With the ability of Natural Language Processing (NLP) and Deep learning, legal firms can let the AI-powered system to pre-work the contract before the professionals do the final revision. 

This process cuts your expenses and also speeds up the process as your staff will have more time to focus on more important tasks. It is also important to note that speeding up this process through automation does not mean less quality work, on the contrary, AI-powered systems are highly precise. 

45% of lawyers using Artificial Intelligence tools noted that the system was able to find details that would have been lost in the case of a traditional research.

Contract management

Lawyers know the real struggle of managing and maintaining contracts. The AI-powered system not only stores contracts securely, it makes access to information smooth and fast. 

Attorneys won’t have to manually go through stacks of papers to find contract termination dates or other vital information. Instead, Artificial Intelligence software can review your documents in minutes, track all necessary data, and store it in a way that makes information retrieval as quick as possible.

Force majeure clauses

Force majeure AI

2020 showed us the real value behind the saying “Hope for the best and prepare for the worst”. Unfortunately, the case was that many companies and businesses were unprepared for the pandemic situation which, apart from the obvious problems, created additional legal headaches.

When the pandemic began, lawyers had to review mountains of contracts and documents that included force majeure clauses. 

The real problem was the fact that these clauses are located on different pages, which means that they had to manually go through the pages and identify the exact places by mentioning force majeure.

However, those who used AI solutions were able to quickly identify not only texts that directly refer to force majeure, but also those that indirectly discuss situations that would apply to the pandemic.

Predicting the outcome 

There are a large number of court records available to the public. Thus, data on trials, verdicts, and case details can be extracted and fed to Machine Learning algorithms. What does this give you?

Based on historical data, Artificial Intelligence can predict certain outcomes. Therefore, when analyzing similar cases and verdicts, AI can cross-reference your current case and give your probability of winning the case. Similar AI technology was used and was able to predict the decisions of the European court of human rights with 75% accuracy.

Conclusion 

Artificial intelligence  attorney

As we mentioned earlier, machine learning and artificial intelligence are already tackling important tasks like predicting case outcomes, reviewing and managing contracts; However, as technology advances and the data available from previous legal cases increases, we will undoubtedly see more innovative ways to use artificial intelligence in the legal sector.

Why not schedule a free consultation call with our artificial intelligence experts and see how MaxinAI’s custom solutions can make your law firm better, faster and stronger?

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© 2021 - MaxinAI | All Rights Reserved