As artificial intelligence (AI) and machine learning (ML) continues to become more sophisticated, their profound impact has extended to virtually every industry in the world. The legal profession is no exception, and lawyers who fail to embrace AI and ML may soon find themselves at a disadvantage compared to their colleagues who do.
Lawyers can use AI in many ways to improve their efficiency and productivity. AI can provide indispensable help with managing caseloads, collecting data, researching cases, and more. In addition, AI can be used to serve and advise clients better. And yes, it can help to streamline various processes, including your contracts process. Let’s take a closer look at some of the ways AI is changing the legal profession.
Managing Caseloads
One of the most time-consuming and daunting tasks for any lawyer is caseload management. The once-daunting task can be made much easier with the help of AI and ML. There are now AI- and ML-powered legal platforms that can quickly and easily identify relevant cases and documents. In addition, AI and ML adeptly manages deadlines, keeps track of dates, and more.
Collecting Data
Another area where AI and ML can be extremely helpful for lawyers is data collection. This is particularly true in the field of e-discovery and contracts, where AI and ML can sort through large volumes of data much faster than a human ever could. In addition, AI and ML can be used to analyze data in support of making more informed decisions.
Providing Better Client Service and Advice
Perhaps most importantly, AI and ML can help lawyers provide their clients with better service and advice by leveraging big data analytics and other advanced technologies. For example, AI- and ML-powered platforms can quickly identify the best possible strategies for given legal situations by sifting through an unprecedented amount of legal data to spot trends and patterns.
Staying Competitive
Ultimately, the key to thriving as a lawyer in today’s digital age is being willing and able to embrace new technologies. Technology and innovation are here to stay. As such, it is crucial for lawyers to not only understand how AI works but also to stay up to date on new advances and developments in this rapidly changing field.
The full scope of the changes that AI and ML will bring to the legal profession is certain to be significant, but, by proactively embracing AI and ML, lawyers can ensure that they remain competitive and relevant despite any changes in the years to come.
As AI and ML continues to transform the legal profession, it is important for lawyers to embrace these changes and use them to their advantage. Whether lawyers turn to AI- and ML-powered platforms for managing caseloads, collecting data, or providing clients with better service and advice, staying up to date on new advances in AI and ML technology is the key to thriving as a lawyer.
The Bottom Line
It’s clear that AI and ML is changing the legal profession in a number of ways. Lawyers who incorporate AI into their work will be better positioned to survive and thrive in the years to come. Those who don’t may find themselves at a serious disadvantage. Embracing the seemingly endless possibilities of AI and ML technology is a necessary step for lawyers who want to stay competitive in the fast-changing legal landscape.
For more information on how AI and ML can drive lawyers in surviving and thriving in the legal profession, be sure to watch Season 4, Episode 12 of the Legal Talk Network podcast: “Why Legal AI Needs Lawyers to Act Now” with Wei Chen.
Olga V. Mack is the CEO of Parley Pro, a next-generation contract management company that has pioneered online negotiation technology. Olga embraces legal innovation and had dedicated her career to improving and shaping the future of law. She is convinced that the legal profession will emerge even stronger, more resilient, and more inclusive than before by embracing technology. Olga is also an award-winning general counsel, operations professional, startup advisor, public speaker, adjunct professor, and entrepreneur. She founded the Women Serve on Boards movement that advocates for women to participate on corporate boards of Fortune 500 companies. She authored Get on Board: Earning Your Ticket to a Corporate Board Seat and Fundamentals of Smart Contract Security. You can follow Olga on Twitter @olgavmack.
