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.
"Time is Money" wrote Benjamin Franklin in a 1748 essay titled Advice to a Young Tradesman. Franklin was a polymath--scientist, statesman, publisher, inventor and diplomat. Is it coincidence that he was almost everything except an attorney? Lawyers have a different take on time than other industries. The legal profession uses it as a price gauge--more is better.
The legal sector is more advanced in use its use, understanding and application of AI technologies, a New CenturyLink study suggests. Before 2015, the legal sector was one of the least technologically ept professions. But since then it has undergone an automation transformation. In history and practice, law has largely relied on lawyers and legal aids sifting through copious documents seeking evidence or precedents. A precedent is defined as'an earlier event or action that is regarded as an example or guide to be considered in subsequent similar circumstances', according to Google.