Artificial intelligence has gained popularity across various industries in recent years, and the legal sector is no exception. AI brings several benefits to the legal industry, including automating time-consuming tasks and saving costs.
In this blog post, we'll explore the benefits of AI in law and insights into some of the latest and most powerful tools available.
The benefits of AI in law
AI can accelerate litigation processes and generate efficiencies for legal professionals in several ways.
Extra efficiencies
One of the most significant benefits of AI in law is increased efficiency. AI can automate mundane and repetitive tasks, including contract analysis, document review and due diligence.
Automating these tasks can free time to focus on more complex and strategic work. AI can also process large amounts of data accurately and quickly — an essential in litigation and eDiscovery processes.
Improved accuracy
Using AI can significantly improve the accuracy of legal work. AI-powered contract analysis tools can accurately extract key contract terms and clauses, reducing the risk of omissions or errors.
Similarly, AI-powered document review tools analyse thousands of documents in a fraction of the time it would take a human reviewer, meaning substantial time savings you can invest in other areas.
Cost reduction
AI can also reduce the costs of litigation practices. By automating time-consuming tasks and improving accuracy simultaneously, AI can decrease the number of billable hours required for a project, leading to cost savings and the opportunity to take on a larger workload.
There's also less need for manual data entry, a common error source. Without these errors, you're less likely to incur additional costs for your business.
Increased consistency
The introduction of AI can also bring consistency to legal work. Humans are prone to errors and inconsistencies when working on repetitive tasks, but AI can perform tasks with the same level of accuracy every time.
Plus, by using AI, you can predict how long a project will take more accurately. Software can estimate how long it'll take for a particular project, meaning you can scope projects accurately and be consistent with your timings across the board.
