Artificial intelligence (AI) has trickled into every aspect of our existence, significantly impacting how we live, work, and communicate.
Perhaps the biggest value added of new and improved technology is the convenience it creates. Using a machine to complete a labor-intensive task frees a lawyer from the most tedious or mundane tasks and permits the lawyer to focus on analysis, counseling, and advocacy.
Artificial intelligence is not a replacement for lawyers. It is a tool for facilitating greater productivity and efficiency. More importantly, by comparing information to other relevant information, while also considering the lawyer’s skills in identifying issues or the effect of otherwise obscure facts on the events at hand, the work product improves. The key is knowing when and how to apply these emerging technologies and to recognize their limitations. Achieving that balance will be essential to positively transform the legal profession.
Applying AI for legal applications
AI technology creates more time for attorneys to advise clients, appear in court, and work to negotiate deals. It has the capability to take away the monotonous process of reviewing and managing “boilerplate” within legal contracts, which is a huge part of the work that law firms do on behalf of their clients. After all, much of the law is based on predictability and precedent. AI can help streamline many of these processes and repetitive tasks with high predictable results.
In the business world, artificial intelligence can serve as a guide to determine which provisions of a standard contract to include when a customized version is required or when doing business with a new customer. An AI system can also notify with alerts in advance of critical dates in a contract—like renewals and options. These pop-ups always help a business manage an agreement more effectively. Of course, the main goal is to always identify risks and problems with how contracts may be revised to avoid negative impacts for clients. AI can often help sort out problems faster with fewer mistakes that are often overlooked by the human eye.
It’s vital for critical points that are included in all contracts to be crystal clear and transparent to both parties. At the same time, as a litigator, it’s imperative to realize that different people can read and interpret contracts in different ways. As business contracts are becoming longer and more complex in our multifaceted economy, AI can help both parties in drafting those contracts by pulling standard clauses for application to a given situation. Then, the attorney can focus their time on the most important new points when constructing a mutually beneficial agreement.[…]