Trends in the legal service industry – the rise of AI

While we hope it will not be lethal, the increasing use of artificial intelligenceArtificial Intelligence knows many different definitions, but in general it can be defined as a machine completing complex tasks intelligently, meaning that it mirrors human intelligence and evolves with time. in the legal services industry poses its own challenges. Law firms accustomed to using lawyers to perform certain tasks are now encountering technology, including artificial intelligence, that can perform tasks in seconds or minutes rather than the hours spent by a human counterpart. Although there are a growing number of firms using alternative fee arrangements, the majority of law firms continue to rely upon the billable hour as the source of their revenues. As technology and artificial intelligence continue to improve and threaten the traditional revenue model, law firms must assess how to use these technologies and consider other means of billing. What exactly is artificial intelligence?