Artificial Intelligence is the theory and development of computer systems able to perform tasks normally requiring human intelligence, such as speech recognition visual perception, decision-making and translation between languages. Artificial Intelligence comes with learning which involves garnering the rules and information for using the data provided for obtaining better results in a cost effective and less time-consuming manner.
Artificial Intelligence is a relatively new and growing technology that is impacting our lives in a positive manner and which is also taking part in our daily issues like a reminder for meetings, suggesting articles & news of our interest. In the near future, its impact is likely to spread on entire database industries across all sectors of work.
In recent times we have seen artificial intelligence being implemented at a small but highly effective scale in various industries, from database maintenance in hotels to automated entertainment or in mobile phones. Artificial intelligence has changed the shape of multiple industries. The Indian legal sector has seen very little innovative in terms of technology and lawyers these days are still comfortable and relying on the methods and solutions that were designed years ago. Artificial intelligence can play a big part in changing the way lawyers operate and the law is looked at in India.
One of the biggest advantages that can be caused by Artificial Intelligence in law is that in the field of legal research. The Indian legal system is vast and constantly changing and with the use of Artificial Intelligence, lawyers can get unparalleled insight into the legal domain within seconds. Currently to get legal research done a significant number of manhours are required and this significantly reduces the profit-making ability of a law firm, however, with Artificial Intelligence the entire legal fraternity can be balanced. An artificially intelligent platform for research can get research done in seconds and be it a law firm with 100 lawyers or single practicing lawyer, artificial intelligence can balance the expenditure required for in legal research making the quality of research uniform. It can provide lawyers with highly efficient and advanced tools helping lawyers become better in advising clients or litigating.
Future Law Firms would be completely different from what we tend to see these days. A few characteristics of what the advanced law firms could be like is explained hereinbelow.
Law Firms would approach their clients with some innovative ideas and more authentic and economic legal solutions. Nowadays, in India, Law Firms bill their services based on the time taken for it to produce the services or in alternative words, the billable hour method, however, this billing method would go obsolete in the future. To service their clients better, law firms would look at innovating their pricing strategies and implement say a Performance-Based Pricing Strategy (PBPS).
In future law firm would focus heavily on their brand presence. A piece of sloppy or negligent advice from just a few people can easily damage a firm’s reputation therefore in order to develop the brand value law firm need to rely on A1-based legal solutions and platform and tech savvy lawyers. On the other end law firms also need to organize more and more conferences and make their appearance on cross border seminar and workshops.
In the last few years, we have noticed a significant introduction of new A1-based solutions aimed at making the legal sector more efficient and client friendly. From eDiscovery solutions to automation in contract drafting, trademark search, various legal tech startups have come up to improve the lives of a lawyer or firm. Artificially Intelligence based legal solutions help law firms become more efficient and possibly reduce costs and gain higher profits.
A-1 legal software are proving to be helpful and time effective to review a contract, conduct legal research or performing electronic discovery functions to do due diligence.
Artificial Intelligence provides for the data points from past case laws, and also provides judgments and precedent law to be used by lawyers in their present cases.
By just submitting the required documents which you wish to incorporate in your legal document get your documents ready within minutes.
Tools of artificial intelligence helps in providing the insights into the IP portfolios i.e. search and registration of a trademark, Patent, Copyrights etc.
Artificial intelligence legal software also helps the lawyer and Firms in preparing the invoices as per the work done by them. It makes for accurate billing for the work done by a lawyer. Thus, helps both lawyers and clients.
The legal sector has seen the introduction of many new solutions where technology has improved the efficiency of lawyers, contract analysis, trademark search software, legal research software and much more. However, none of the A1- based software or program target to take a lawyer’s job and all the 1A based software and programs are increasing the authenticity, accuracy of research and analysis and the same are more result oriented now.
The legal profession is highly driven by analysis, decision making and representation which cannot be automated. A1-based software and programs can reduce a lawyer’s time and effort considerably and can help the lawyers and firm give a more authentic and result oriented suggestion to their clients.
Tags: S. Jalan & Co.
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