April 2018 Published in Forbes
If you were asked which sector today stands to benefit the most from artificial intelligence (AI), the legal sector is unlikely to be the first that comes to mind. Yet, despite being slow on the uptake of new technologies, that’s not to say that legal firms aren’t positioned to take advantage of AI. In fact, they are ideally placed to reap the full benefits on offer.
As it stands, in London almost half (48%) of law firms are already using some form of this technology according to CBRE. But this picture doesn’t hold true across the board; in the UK, 73% of law firms are not usingAI in any shape or form, and across the pond in the US, the legal sector was awarded last place when it came to the adoption of AI and machine learning (ML) technologies.
Why is it that legal firms are struggling to keep pace with the AI revolution?
Maybe it stems from the misconception that AI is prohibitively expensive, inapplicable outside the remit of the tech sector, or perhaps there is a lack of awareness about how this technology can be practically utilised.
To help address this knowledge gap and ensure that legal professionals can benefit from powerful AI toolsets, at Fountech we recently launched a legal white paper – the definitive guide for those seeking to practical understand how AI can be used by legal organisations.
Here are a few key snippets of wisdom from the paper…
Solve your data problems
One of the key attributes of AI is that it can be taught how to complete tasks where the main focus is looking for patterns and sequences in data. This is great news for lawyers, as it can take the headache out of scanning documents for information.
Legal professionals can instruct the AI to search through huge digital data stores in search of particular cases – all by conducting a ‘smart search’. Thanks to ML, the AI will also absorb human feedback and learn to revert the most relevant results. Beyond this, lawyers can also indicate what points they want included in a document they are drafting, with the AI compiling legally-worded paragraphs based on previous examples.
Predicting the outcome of cases
What if you could predict the outcome of a case before even taking them on? This is no longer a distant reality thanks to AI; the ability of algorithms to spot patterns in data is powerful for plotting and predicting the potential outcomes and consequences of different situations.
For example, it can analyse the particularly of a specific case and compare it to previous cases of a similar nature; this offers a detailed insight into the case, its chances of success, and even what possible arguments it can raise. Lawyers are then able to make an informed decision about how best to prepare.
Importantly, these examples have hardly scratched the surface when it comes to understanding just what AI can do for law firms. If you’d like to find out more about how AI is transforming the legal sector, or how Fountech can create tailored solutions to meet your needs, click here to download a copy of our new legal whitepaper.