AI Catches Up with the Law
Want to reduce a significant amount of time reviewing contracts and answer the most basic questions of the review process much faster? That is, easily answer these questions, "Can I sign this? What is the risk? The issues? The legal liabilities?"
The legal profession, presumably one of the more difficult bastions of hopelessly boring intellectual gymnastics, once appeared immune to the threat—or promise, depending on your viewpoint—of AI.
No more. AI is making inroads into legal due diligence, ranging from contract review, legal research, discovery of relevant legal documents, IP protection, expertise automation (what, in the beginning days of AI was called Expert Systems), billing (seriously, did you expect lawyers to forget about this?), legal analytics, determining probable outcomes of cases, and as yet unidentified use cases.
The benefits of AI technology include 20-40% of time savings on routine tasks, predicting court rulings with over 90% accuracy, reduction of trademark search time by 50%, and so on.
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