by Analytics Insight
April 29, 2022
This article explores the future of laws in the light of changes that AI (Artificial Intelligence) already brings to legal services.
What does the legal field need to be successful this year? Law firms exist since our grandparents were children. But what does the future of laws look like? There are already extraordinary changes taking place, and all of them are a result of AI. The use of AI, analytics, Big Data, IoT, Cloud Computing, Business Intelligence, Chatbots, and other related technologies is something that the law industry has been talking about for years in a row. However, According to Forbes, the rate of AI adoption is quite high at this point. Artificial Intelligence was once a subject of people’s minds, mainly plotting of fiction for decades. Now, is no longer a piece of science fiction movie, but rather something that people depend on in their every day, whether they realize it or not.
AI refers to the possibility of a device or machine mimicking the capabilities of the human brain, which oftentimes learns from old experiences to respond to decisions, languages, and problems. These AI capabilities have become surrounded the law industry processes. Law firms have become prominent for AI adoption, but also other fields started to embrace tech advancements, like healthcare, pharmaceutical, high tech & communications, monetary amenities, and so on. Advancements in technology allow law firms to scan documents, assign casework to lawyers, and communicate easily with clients. A study made by McKinsey shows that about 23% of work done by law companies can be computerized. People wonder now if robots can be lawyers? Well, we’re not there yet, but existing technology is definitely replacing at least 2% of lawyers’ daily workload.
It’s understandable, somehow, that lawyers are worried about surviving the rapidly evolving legal industry and how they may quickly adopt technological solutions while sticking at the top of the competition. The best solution for law firms is to immediately start competing with tech companies by using artificial intelligence and automation. But before jumping in the crow, let’s first take a step back and think, “What do the clients want”.
Do customers enjoy interacting with humans or robots?
It’s difficult to imagine a robot counseling a person regarding personal injury claims. Might lawyers be entirely replaced by artificial intelligence? Well, there’s a lot of research required to answer this question. But we know for sure that studies have been made and most people prefer connecting to a real lawyer, rather than a talking machine providing legal information. Customers trust real and experienced lawyers more than online organizations, so they are likely to want to receive legal advice from people who have a good name and reputation. However, lawyers must use this advantage and mix it with technology. How to do it?
Methods lawyers can keep up with the legal tech boom
As legal technology continues to evolve, lawyers must think about how to use tech improvements to enhance their law companies, but also further the practice more sketchily.
Indeed, new tech developments make business and life run smoothly, also allowing you to operate more efficiently. This is the case in the legal field. Laws have always relied on traditions, but at the same time, lawyers adopt new technologies as it helps them move faster and avoid remaining behind with tedious tasks. Digital advancements are occurring rapidly on the market, proving more value than expected. The more reasons for attorneys to keep up with tech advancements, as failing means not being able to keep up with the competition.
According to research, legal departments will digitize their legal work by 50%.
Surveys have found that 64.7% of law companies allow their attorneys to communicate online. Setting up communication tools allow lawyers to work remotely, which is great – some people may need to travel miles to go to a lawyer’s office just to find out that they must come weekly for filing reports. By using these telecommunication solutions, lawyers communicate easily with clients using emails, voicemails, messaging, or web conferencing. They can talk over the internet instead of traveling to the law office.
Intellectual analytics help systematize time-consuming legal processes. Language processes are being used to examine tests and understand the context of difficult declarations in legal papers. AI is being used to analyze contracts or systematize the editing or approval procedure. Many law firms agree that using analytics reduces costs by 90%.
How do you keep up with it? New platforms and software systems are turning the law industry. Most law firms embrace digitalization. But making this transformation happen, law firms need a tech basis. So, make sure you partner with the ideal tech provider to give your law firm access to the exquisite tools you need. As a law firm, a cloud and data center is needed to allow your law business to run highly-advanced apps while protecting sensitive data. This way, lawyers will work more efficiently for their clients.
Implementing legal tech in your law firm
To ensure you stick ahead of your competition, you must integrate legal software into your processes as soon as possible – 56% of lawyers worldwide have already used legal software in March 2020, but a lot more still need to implement AI tools in their practices. Lawyers need to adopt these innovations in 2022. Law schools are also playing their role fine, training the following generation to use more tech innovations than ever before. So, make your law company a place where the next lawyers will want to work.
Although AI in law firms may not be extremely visible, it helps lawyers do their jobs better. The benefits of AI in law companies provide a better client experience. With AI tools creating more time and laboring efficiencies, lawyers can have more time to directly focus on clients and foster their unique needs. This allows lawyers to get to know clients better and truly understand what their legal desires are.
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Analytics Insight is an influential platform dedicated to insights, trends, and opinions from the world of data-driven technologies. It monitors developments, recognition, and achievements made by Artificial Intelligence, Big Data and Analytics companies across the globe.
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