The legal industry is a unique combination of longstanding principles and ever-changing practices. Today, legal professionals are constantly seeking ways to optimize processes and improve practices while building on established methods.
In recent years, and particularly in the last six months, artificial intelligence (AI) has shown great potential in revolutionizing the delivery of legal services. AI has already disrupted various industries, from journalism to manufacturing, and is now making a similar impact on the practice of law.
As the General Counsel at G2, I have been particularly interested in how this innovation is affecting the legal industry. During my time at a large law firm, I worked on major M&A deals that involved producing contracts hundreds of pages long and required reading through thousands of pages. It made me think: there must be a better way! Could AI be the answer?
AI software has already started making its mark in the legal industry, from legal research and document analysis to contract review. The possibilities for future innovation are endless. Let’s delve deeper into the impact of AI on the legal industry and explore the potential benefits and challenges of this transformative technology.
Understanding the evolution of AI
The term “artificial intelligence” has been around for many decades, but it has made significant advancements in recent years through the use of neural networks, particularly a type called a “transformer.”
Neural networks are computer program architectures loosely based on the neurons in the human brain. They consist of nodes and neurons that work together to reach conclusions or understanding.
In 2017, the introduction of the transformer architecture significantly advanced AI technology. It enabled the development of large language models (LLMs).
LLMs take a series of words and predict the next word repeatedly. They have learned from the vast amount of text available on the internet, allowing them to generate text similar to human-generated content. This is remarkable because, for the first time, AI can communicate naturally through written language, which is crucial for the legal industry.
The positive effect of AI on the legal industry
In-house legal practitioners now have access to numerous AI-integrated tools, particularly in contract lifecycle management systems.
AI tools have greatly impacted in-house legal practices. Contract lifecycle management tools can summarize contracts and offer suggested contract language, saving a significant amount of time. These tools also help identify anomalies in contract terms compared to standard forms.
Law firms are also benefiting from AI software tools tailored to their needs. These tools can accelerate the work of senior attorneys, producing work comparable to that of junior associates. This allows senior attorneys to leverage AI, resulting in a more cost-effective business model for both clients and the firm.
AI has been a part of the legal discovery process for a long time. eDiscovery software solutions have helped attorneys filter through extensive amounts of discoverable material with greater speed and precision.
The future of AI and law
While there are examples of AI attempting to replace lawyers, such as DoNotPay, it is unlikely that AI will ever fully replace the role of a lawyer. Instead, AI will enhance the lawyer’s job, enabling them to utilize higher-level thinking skills strategically based on the products generated by AI.
As AI continues to improve in the legal space, it is an exciting time to practice law and take advantage of all the innovation happening.
The final verdict
AI adds significant value to the legal industry, just like it does in other industries. Its integration has the potential to revolutionize the delivery of legal services. However, achieving successful integration requires finding a balance between leveraging the benefits of AI and addressing its challenges.
If you want to learn more about the ethics of AI and stay compliant, check out this article on AI moral principles.
Source link
