Artificial intelligence (AI) is adding efficiencies and transforming businesses everywhere, and legal practices are no exception. Lawyers need to understand how they can make sure they are leveraging the latest technology tools as AI can increase speed, increase efficiency and lower costs—if the law firm has the right tools, but more importantly knows how to use those tools.
While AI legal technology won’t replace lawyers, these tools will drastically change the way lawyers provide services for their clients. Estimates suggest that 23% to 35% of a lawyer’s job could be automated in the near future.
So far, projects that classify data have been impacted the most, allowing projects such as e-discovery, due diligence, document management and research to be done faster and more efficiently. The next generation of AI, which is starting to hit the market now, will be document automation and legal research and writing tools, as well as predictive technology tools.