In recent months, artificial intelligence (AI) has made significant strides in its efficiency and accuracy – and has caught the attention of the world as a result. With all the buzz surrounding new and emerging AI technologies, you may be wondering: What is the impact of artificial intelligence for law firms? What’s already out there, and how do I use it for my practice?
With any technology, it’s important to know what your options are and what is going to be the best solution for you and your practice. Read on for more information on AI in the legal tech space and the impact of artificial intelligence on your current legal technology.
What is artificial intelligence (AI)?
In short, AI is being widely defined as cognitive computing. Computers are being taught how to learn, reason, communicate, and make decisions. Cognitive computing uses “training” instead of programming to ultimately learn how to find patterns in data, test the data, and provide results based on that data. AI’s ability to process such a large amount of data within such a small time frame is what makes this tech so impressive and helpful to us. As AI technology improves, so should our collective productivity while driving costs down.
Where does AI fit within the legal industry?
Similar to other industries, artificial intelligence technologies are aiming to improve efficiency for our most time-consuming tasks. For legal professionals, this could look like better keyword search tools or the drafting of documents. Ultimately, solos and small law firms can anticipate using AI to deliver better and faster legal services, while also lowering the cost of doing business.
The impact of AI on your current legal tech
According to legal tech’s leading experts, the demand for AI products will continue to increase in 2023 and, as a result, they predict vendors will make significant investments in AI technology. Meaning, the current legal tech that attorneys already know and love will likely be making significant improvements to their current software in order to keep up with the popularity and demand for AI technology. So, while your current legal tech might not currently provide AI services, this may be something that they will offer in the near future.
We can also expect AI to “continue to bolster human lawyers by providing semi-autonomous lawyering-oriented capacities” according to Dr. Lance Eliot, Stanford Fellow, Stanford University.
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