1 / 5

AI in LAW - Google Docs

The law has an impact on every aspect of business. . Virtually everything that companies do sales, purchases, partnerships, mergers, reorganization they do through legally enforceable contracts. Innovation would stall without well- developed intellectual property legislation. Day in and day out, whether we recognize it or not, each of us operates against the backdrop of our legal regime and the implicit possibility of litigation.<br>

Harika95
Download Presentation

AI in LAW - Google Docs

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. What is Future of AI in law industry ? The law has an impact on every aspect of business. . Virtually everything that companies do sales, purchases, partnerships, mergers, reorganization they do through legally enforceable contracts. Innovation would stall without well- developed intellectual property legislation. Day in and day out, whether we recognize it or not, each of us operates against the backdrop of our legal regime and the implicit possibility of litigation. The Role of AI in Law industry E-discovery . This was the first use of artificial intelligence in the law and is quite well established. Essentially, e-discovery is software that allows you to sift through vast numbers of documents and identify those relevant to your search criteria at a fraction of the cost, in a fraction of the time, and

  2. generally much more accurately than when the same research is done by teams of lawyers. or paralegals looking at computer screens. Automation expertise . This is the commoditization of legal knowledge that allows clients (as well as lawyers) to find answers to questions using software developed for specific areas of legal information that would once require interaction with a lawyer. Examples include software developed to allow individuals to make a will or to allow companies to give their employees access to answers to common questions in a particular area, such as employment law. Legal Research. Publishing companies, like LexisNexis or Westlaw, have huge databases of information including laws and regulations in multiple jurisdictions. They have developed software packages that enable clients (or lawyers) to do fast, accurate (and therefore cheap) research that would have taken individual lawyers much longer (and more expensively and, probably, less accurately) in earlier times. Some of them even offer services that will do the work of answering questions using the software and providing the solutions directly to clients’ legal departments without an outside lawyer. Contract and Litigation Document Analytics and Generation . There are now numerous AI tools that help lawyers draft consistent, appropriate, and up-to-date documents both in the transactional and litigation spheres, by reference to huge databases of precedents. In addition, there is a growing group of AI Services that provide what are

  3. essentially do-it-yourself tool kits to law firms and corporations to create their own analytics programs customized to their specific needs. Predictive Analytics . There are two main groups of AI tools that fit within this category. The first are the tools that will analyze all the decisions in a particular sphere, input the specific issues in a case including factors like the individual judge assigned to hear the case, and provide a prediction of likely outcomes. This is the group that the French have recently decriminalized The following are the benefits of artificial intelligence in LAW Automatic reminders Breaking down the legal procedures or duties traditionally handled by legal practitioners and embedding some of those parts into technology is how legal automation is achieved. The most popular legal automation is complex, work-intensive, and routine and repetitive duties, and these are most common in data collection, review, repetitive processes, and high-volume document generation. Contract review and analysis in less time Lawyers should analyze contracts wholesale and provide comments and red lines to advise clients. Imagine a company with thousands of reviewed contracts and you need to keep a copy of their financial commitment,

  4. renewals, expiration dates and more. AI is capable of handling these jobs effectively in a law company. The procedure for using AI-powered document evaluation is straightforward: The system identifies the required papers, analyzes and identifies the required terms and clauses, after which they are ready for review. Ease of legal research Lawyers and law firms now have unparalleled access to information about lawyers, judges, courts and damages, to name a few. Anecdotes and firsthand knowledge have been displaced as the main sources of knowledge by data-driven knowledge. AD Role of artificial intelligence in Law industry , you will be able to create an even more effective plan. These AI-powered tools help you understand previously ambiguous aspects of your case, such as how often your judge makes summary judgment motions or which court is ideal for your client's case. Elimination of time-consuming tasks Artificial intelligence and automation can take over 23% of a lawyer's daily tasks. Many of these activities are routine, document-based duties that distract legal professionals from the strategic demands of the case. High quality work Software that is innovative and not worn out or confused can deliver work that is error-free. . Specialized document software can improve the organization of documents and maintain that organization, including all internal cross-references, throughout the life of the document. Contract comparison tools detect missing clauses, erroneous terminology, or

  5. ambiguous terms through document comparison and machine learning, both within a single file and across similar documents. Automation of lower level tasks Automating specific tasks helps lawyers free up time for client interaction and complex case analysis. It helps law firms operate more effectively. Interaction with clients is an integral part of the lawyer's profession. Automated document review allows attorneys to discuss important matters with their clients, which helps obtain a favorable verdict. Conclusion : The benefits of AI in the legal department are substantial, and the future is already here. . AI has arrived in terms of helping lawyers do things faster, better and cheaper. Existing technology may be limited for now, but the possibilities are intriguing, and availability, quality, and price will soon combine into products that are too useful for in-house legal services to resist. AI is currently touching many internal workflows—legal research, contract development, and many more to come. To implement Ai in your business of LAW, talk to our experts of Artificial intelligence development company . For your reference Check out : How Much Does Artificial Intelligence Cost

More Related