One of the latest topics of 2018 is artificial intelligence. It is an automated tool that streamlines various time-consuming legal tasks. Instead of wading through piles of paper, lawyers can manage and store their documents electronically. Contract review and management, which is one of the most sophisticated legal tasks; now with the help of AI it is being processed faster and in a thorough manner than what lawyers may be able to do so on their own.
The Law Society has produced a new horizon scanning report on Artificial Intelligence (AI) and the legal profession. Over the next few years, AI will start to have a noticeable impact on the legal profession. This report explores the use of AI in legal practice, in areas such as document analysis and delivery, legal advisor support and case outcome prediction. It considers the likely implications on legal jobs, types of legal work and the impact on fee structures and costs. The report also examines the legal issues arising from the increased use of AI systems, including issues around transparency, ethics and liability.
Did you hear the one about the affordable yet efficient human lawyer and its robot counterpart? One is complete myth and will never happen while the other might be just around the corner thanks to artificial intelligence (AI). Everybody loves a silly lawyer joke but the joke may be on us because the lawyer or barrister is one of the professions least likely to be replaced by automation and it may also be one that will benefit most from AI and machine learning. There is an interesting website called willrobotstakemyjob.com where you can enter various jobs and see the probability that automation will, at some point in the future, render certain professions obsolete or not. This is calculated using a methodology developed by Oxford University researchers looking at the future of employment.
The first industrial revolution witnessed the emergence of mechanical production and the second was fuelled by electrically powered mass production. The third industrial revolution was driven by the internet and automated production. All three revolutions focused on scalable efficiency (doing things right) and moved towards scalable adaptability (doing the right thing). The fourth industrial revolution will be different. It will bring significant changes to the way we live, interact and do business.