As the ways to utilize artificial intelligence (AI) grow, so do the amount of people implementing this cutting-edge technology to their work.
According to Statista , the rate of adoption is quite high — global revenues from AI for enterprise applications is projected to grow from $1.62B in 2018 to $31.2B in 2025. Its popularity reaches every sector and is substantially affecting the legal space as well.
The possibilities for lawyers to benefit from AI are endless. Many automated and machine-learning features enable lawyers to complete a number of tasks faster and cheaper. For cost-conscious clients, AI provides a ready means of evolving the way you extract efficiency. It is already being used in various ways.
Still hesitant? This article is intended to help litigation attorneys looking to utilize AI to maximize their outcomes with minimal additional effort or expense.
“Artificial intelligence” is a bit of a buzz word, but generally it refers to cognitive computing by which a machine learns how to complete tasks that were traditionally done by humans. AI mimics certain operations of the human mind like recognizing speech, translating languages, and making decisions based on data and patterns.
Companies that operate in the legal space are applying this technology to improve analytics, and to manage and reduce risk.
As a litigator in particular, think of AI as a way to gain more access to big data to make better decisions, create actionable intelligence, and tell your story better.
It’s impossible for a litigator to have complete knowledge of all relevant data. When it comes to predicting case outcomes, Harvard Law reports that, “because AI can access more of the relevant data, it can be better than lawyers at predicting the outcomes of legal disputes and proceedings, and thus helping clients make decisions. For example, a London law firm used data on the outcomes of 600 cases over 12 months to create a model for the viability of personal injury cases. Indeed, trained on 200 years of Supreme Court records, an AI is already better than many human experts at predicting SCOTUS decisions.”
Productivity and efficiency are the key here. Time spent completing tedious and menial tasks can be avoided with AI solutions.
Not only does this make better use of your time, but it will also enable you to offer more transparency to your clients. And, with an increase in available time, you can spend more time taking on more cases and ensuring wins, which in turn will make profits rise. […]