The Current Use Case of Artificial Intelligence in The Legal Field (1/2)
How Artificial Intelligence Will Benefit The Legal Field
How Artificial Intelligence Will Benefit The Legal Field
One of the most time-consuming aspects of working a legal case is the research that comes with it. Artificial Intelligence works by analyzing specific patterns in a grouped dataset through an intelligent and iterative collection process. This will usher in a new age and change many aspects of the legal groundwork; over the past few years there have been many changes to the way lawyers and paralegals approach the discovery process, but none as consequential as this. The two of the most recent changes to legal exploration, as it regards the advancement of Artificial Intelligence, are its direct impact on cutting down the time spent on a case, and how it relates to operational cost. The use of AI in legal research will reduce the time spent doing manual analysis, and will lower the cost of Human Resources for law firms.
The most beneficial incentive of implementing Artificial Intelligence is a reduction in research time spent doing manual analysis. This happens because Artificial Intelligence allows legal workers to find precedent quickly, using only keywords to query against a database of hundreds of thousands of cases, books, and legal libraries for an immediate result. Which reduces the time spent doing tedious manual labor which scales back on the amount of people/workers needed to complete research on any particular case. With this new advancement, paralegals and lawyers are now equipped to lessen their workload and save time on the many hours spent sifting through case laws and other sources in order to find a precedent.
The use of AI will lower the cost of human resources due to the reduction in research time needed to complete discovery, this means that there will be less workers on a case, less payroll as a result, and less hours spent doing research, which means less capital spent on payroll. The incentives of using AI means scaled back human resource expenditures, while boosting the accuracy in data. This budget surplus from cutting back on human resource spending means the implementation of Artificial Intelligence in a legal setting is not only more prudent, but justified financially.
These facts will be the driving force behind mass adoption. As research time is reduced, law firms can then spend the surplus on other business activities. Activities such as Recruiting, Market Research, Loyalty Programs, or even Marketing. These are all the more reasons for companies to adopt Artificial Intelligence in their daily operation. From a business point of view, this will not only maintain the bottom line, but also push revenue over the top. These recent changes to the legal system will only stand to be beneficial for all parties involved.