The term "artificial intelligence" conjures different meanings depending upon one's perspective. If you are Elon Musk of Tesla fame, you view artificial intelligence in apocalyptical terms, as something that could lead to "a fleet of artificial intelligence-enhanced robots capable of destroying mankind." While we hope it will not be lethal, the increasing use of artificial intelligence 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.

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?

Many day-to-day business processes could benefit from a better understanding of company contracts, which even for mid-sized companies often number in the thousands. The processes, procedures, and technologies that make up e-discovery are well-suited to delivering those benefits. The process starts with a foundation provided by e-discovery and its document review specialists, processes, and technologies, augmented by artificial intelligence (AI) that allows attorneys to teach analytics software to recognize and interpret contract provisions. An AI-powered contract review application applies this training to contracts it hasn't seen before, resulting in the extraction of key contract provisions. Technology-aided contract review is a natural companion to e-discovery and conventional contract management tools.