In 2017 Artificial Intelligence or AI as it is called was all the rage and took the spotlight with it outgrowing the phase of all the experimentation and hype. Now the Artificial Intelligence is changing the way lawyer thinks, the way they do business and the way they do business and the way they interact with the clients. It is more than legal technology. In 2018 the companies will increasingly realize that, rather than being a vague cure for anything and everything, the value comes from its ability to solve practical, real-world business problem. In fact, AI will become less visible in many cases as it is more integrated into the application that people use every day.
Technology industry leaders and consumers will find it valuable to integrate disparate AI technologies, according to Wallqvist as AI becomes less siloed, they will discover that when these different AI technologies are integrated, they can deliver more than the sum of their parts.
More AI Technologies will no longer be called AI
Just as previous technologies like Google Translate, Alexa’s speech recognition, and Netflix’s recommendation engine are no longer perceived to be AI, newer technologies such as document classification and information extraction will become so integrated into our application that they will no longer be perceived as AI either. As AI technologies continue to proliferate, we will see people speaking about AI in more specific and tangible ways. This is a sign that technology is reaching practicality and maturity as it is increasingly used by a large general audience vs. niche ones.
A crucial role in security program
The organization will see more integration of AI into security and information governance technologies to lower risks of and damage from cyber attacks. When it comes to detection of breaches, AI will be increasingly utilized to automatically build rules to identify user pattern so that deviation in behavior in behavior that indicates a breach or malicious behavior can be detected.
Employee morale and retention will increase
Traditional industries like professional services, including law firms, insurance firms etc, who implement AI technologies will see a large increase in employee morale or retention. AI can improve in-house counsel and other legal service employee morale and retention by automating tedious, boring tasks, allowing them to focus on more interesting and strategic activities.Now AI-driven robots, in-house counsel, or the lawyers at their law firms and in-house counsel can now complete these tasks in a fraction of time then they did previously while securing more accurate results.
With AI-driven robots that can automatically organize extract information and summarise documents, legal professionals can cost-effectively automate simple cognitive tasks for thousands of document such as extracting a specific type of clause from these contracts that would take a team of lawyers days, if not week, to complete manually. In addition, AI will help legal professionals identify documents that are subject to compliance requirements, improving overall risk management for clients.
Why legal Industry need this?
AI robots can help corporate legal department and law firms become more efficient and spend less time more efficient and spend less, time on basic cognitive task. Without realizing it, the industry will find that AI makes them help reduce the risk or uncover new business opportunities. By delivering significant improvements in productivity and efficiency, and evolving the role of tomorrow’s law professional to be more strategic, AI will play an important role in digitalization transformation of the legal industry.