Artificial Intelligence, (AI) in simple terms is the ability of a computer to perform tasks that have been traditionally fulfilled by human beings. AI is technology that enable machines to learn from experience, adjust to new changes and perform tasks by analyzing historical data patterns which is also called Big Data.
It is no surprise that technology has been rapidly changing, and so are the industries who are adapting to technological changes to remain competitive. Digitization has been top priority for firms today and technology is playing an imperative role to fulfill client demand.
The legal industry’s progress with technology albeit rather slowly is now demanding LegalTech. In particular, Artificial Intelligence (AI) to transform the practice of law.
However, there are several roadblocks and challenges that LegalTech experts face in order for the technology to be implemented in the legal industry. The biggest challenge ‘Buy-in’. Since lawyers and legal practitioners have been embedded with the ideology to resist change that has made them comfortable with traditional style of practicing law, AI technology seems like a complicated concept. To help overcome this, it is critical for LegalTech experts to make legal practitioners feel comfortable with the idea of AI, explaining to them the bigger picture and a larger impact in the industry. Introducing them to automation systems that will help them focus on legal tasks instead of the mundane administrative ones.
Second big reason of the hesitancy towards adapting to AI is ‘Risk’. Traditionally, lawyers have been taught to divert from anything involving risk. Due to this, legal practitioners get used to and comfortable with avoiding risks, which undoubtedly eliminates element of innovation that is particularly important in the practice of law nowadays. Included here is ‘Technology-related risk’, legal practitioners are used to practicing law the traditional way they overlook that in the digital era, traditional law can lead to one of the biggest risks, the risk of human error.
The rise of LegalTech and realization of importance of workflow automation, the future of generation of lawyers are already tech-savvy and demand AI to be implemented in law firms for daily use. With younger lawyers being comfortable with AI, the legal industry will witness and experience a reformed manner of practicing law and satisfying client requirements. Moreover, AI will also instill the factor of creativity and innovation in the legal industry, as lawyers and legal practitioners will have more time to solve legal tasks. AI technology will dramatically help legal practitioners with tasks such as performing due diligence, contract review / management, and much more.
In the previous year COVID 19 severely impacted the industries. While other industries managed to cope, the legal industry soon realized the importance of LegalTech. Legal practitioners were stuck in quarantine, struggling to practice law and meet clients’ demands without the use of advanced technology. It was during this time Automation systems and AI was recognized as it helped manage cases while working remotely. Legal practitioners now demand the use of this type of technology in their daily work life, spiking the need of technology and transforming the legal industry swiftly.
AI is the future of law and it is important for us to help prepare the lawyers and legal practitioners of today cope up with the ever-advancing technology. It is time to introduce them to AI that will expose them to an abundance of benefits and advantages. Law firms and legal departments should now welcome the idea of technology and embrace the current phase of data science and ongoing automation happening around the world. By being familiar and engaging with the current stage of technology, it will be an easy transition to move on to the next step of AI technology.
Artificial Intelligence is currently the foundation of the digital revolution taking place in the legal industry and the demand for LegalTech will only increase in the future.