- Cognitive Computing technology is used to perform specific tasks to facilitate human intelligence. Cognitive AI analyses a huge amount of data to offer insights, suggestions, and even automated actions.
- Cognitive technologies help business leaders to make wise strategy and technology choices. With better data and better algorithms in order – Cognitive AI performs better analysis of a huge amount of information.
- Speech recognition, Text analytics, Face detection, and fraud detection are few examples of Cognitive applications.
- To understand the way a human brain works, cognitive systems use self-learning technologies using data mining, pattern recognition, and natural language processing (NLP). After analyzing data from various sources, cognitive systems provide suggestions and predictions.
- With huge structured and unstructured data in place, Cognitive systems learn to identify patterns and process data in such a way that shall anticipate new problems and model possible solutions.
AI Impact on Law Firms
- Around 20% of the attorney’s time is consumed by their legal research on previous judgments, case files, and recordings. A good part of the attorney’s workload is consumed by mundane and repetitive work that restricts them from being productive.
- By implementing automation and machine learning techniques and technology, time and effort-consuming tasks that were previously done manually can be replaced saving law firms more time and money.
- Not only time and money – with AI implementation, law firms now can improve their efficiency by drastically reducing the errors, hence also improving the accuracy.
- In recent years, AI is making a huge impact in the legal profession. Many Law firms have now slowly adapted to this new wave of technology and accept AI and machine learning in their daily operations.
- Law firms use Artificial Intelligence technology to manage their operations. By doing so, they are saving precious time and manpower that can be otherwise used for more productive tasks.
Legal AI Software – Market Prediction
MarketsandMarkets expects the legal AI software market to grow from USD 317 million in 2019 to USD 1,236 million by 2024, at a Compound Annual Growth Rate (CAGR) of 31.3% during the forecast period.
4 Key Benefits
1 – Due Diligence
- AI applications save time and that is considered as one of the biggest benefits for law firms. With cognitive AI in place, law firms are now able to analyze more information, with greater accuracy and details than humans can ever perform – all in a fraction of the time.
- One of the most tedious and hectic works, according to law firms is due diligence investigation. Law firms perform extensive and exhaustive background checks regarding their clients. They perform this investigation to make sure that needed facts and data are available to evaluate and use to support their cases and providing counsel to the clients.
- This tedious process is now being replaced by cognitive AI technology. With the help of this technology, law firms can perform most of the due diligence more efficiently and accurately.
- The entire due diligence investigation can now be automated using AI – be it finding specific legal concepts, litigation issues, key contract clauses, intellectual property, etc. – with AI in place, the process can be automated, thus saving time without compromising on accuracy quality of the output.
2 – Legal Research
- Another key activity performed in any law firm is Legal Research. In a pre-technology era, law firms must go through millions of papers, documents, proceedings, and dissents to find any similarity (or) key points that can be of greater value to addressing the current client/case.
- As soon as the relevant documents are identified and flagged – with AI-trained algorithms, law firms are now able to easily track/trace similar documents within minutes. Thus, saving them time, money, and effort.
- This ensures that all the legal research is done very efficiently and in a comprehensive way, covering a whole lot more data.
- NLP (Natural language processing) is further applied to analyze the documents – this ensures that all the legal research is done very efficiently and in a comprehensive way without missing out on any available data.
- AI technology not only saves time and money for law firms – but also provides them the luxury to analyze the problem and approach with the best possible legal references and analysis.
3 – Contract Management
- Most of the clients approach legal firms to review the contracts and potential risks associated with the contract. Historically, this process is done manually. Law firms go through the entire contract, trying to identify the hidden clauses that may have a negative impact in the future.
- With advanced technology such as AI, law firms now can analyze such contracts quickly, effectively with fewer human errors, avoiding any mishap.
- Not only analyzing a particular contract – with the help of AI, but the entire contract database can also be analyzed, and the agreements can be organized in a manner that would take months and months of human effort.
4 – Outcome Prediction
- Law firms deal with huge data set daily for references and other legal support/processes.
- With cognitive AI, law firms can take advantage of huge amounts of trial data and years of documentation. These data can be analyzed in no time, thus providing law firms insights into valuable information.
- Analyzing data with AI gives insights that are then used to predict outcomes for similar cases as well as finding answers that could have otherwise taken weeks and months to identify.