A white paper by a specialist tech firm has found that a law firm using Artificial Intelligence (AI) can create, review or redact documents 4-5 times faster than normally.
The paper Artificial Intelligence in the legal profession by Swiss-based Logol says the rise of artificial intelligence will radically transform the world of law.
“In legal practices, both large and small, there are many processes where AI can help today’s lawyers carry out tasks faster and with higher accuracy. These include collecting information, preparing cases, predicting litigation outcomes and automating document management.
“In general, a firm implementing the right technological instruments can create, review or redact documents 4-5 times faster than before. Moreover, there are also processes where artificial intelligence can work autonomously and in these areas the increase in productivity is truly remarkable.”
Contract review, the paper says, is one area that could benefit hugely, and lawyers can review 100 times the number of documents they did before in the same amount of time, and with a level of precision previously unattainable.
However, it notes, traditional ‘human’ lawyers are not in danger of disappearing any time soon. The paper says law firms will reap equally important benefits from AI, which will bring enormous competitive advantages to its early adopters.
“Recent developments are accelerating the trend that sees unprecedented levels of automation permeating the legal profession,” says Marco Farina, Founder and CEO of Logol.
“This AI-driven revolution is redefining the business scenario, with early adopters of expert systems benefiting from enormous competitive advantages.”