Many law firms are investing in artificial intelligence technology. And there’s plenty of evidence that law firms that invest in implementing AI technology see numerous benefits. The more obvious benefits are significant savings in time, higher revenue, greater efficiency and more accuracy. Other benefits include increased creativity and less stress for lawyers.
AI is increasingly necessary in a world where the amount of data we deal with has grown exponentially. The increase in data in law means more time spent analyzing data. The good news is that AI and advances in machine learning have enabled software to complete data-intensive tasks and recognize patterns in data. Computers are able to identify relevant information and spot mistakes and inconsistencies much faster and more accurately than people. When thinking about the benefits of using AI in a legal practice, here’s a few things to consider.
1. Higher revenue
Revenue is often the most important metric to a business. Businesses that invest in artificial intelligence are seeing results that are translating into increased revenue, and not just in the legal industry. In a recent Accenture report on the future of the workplace, they found that businesses committed to AI and investing in human-machine collaboration could see an estimated 38 percent revenue boost.
2. Greater accuracy and higher quality work
AI has a few major advantages over humans—it can work faster, longer, doesn’t get distracted and produces fewer errors in its work. This is especially true in the legal field. Earlier this year, AI contract review platform LawGeex conducted a study where their AI solution competed against 20 top corporate lawyers in reviewing NDAs. They found that their AI tool achieved an average 94 percent accuracy rate at surfacing risks in NDAs compared to 85 percent for the lawyers.
3. AI and time savings
One of the most talked about benefits of applying AI to the law is time savings, which in turn translates to monetary savings. Computers are simply exponentially faster than humans at processing certain types of information, especially when it comes to specific, narrow tasks. Some examples of what a computer can do faster: Find and fix errors in documents, search through and identify relevant data, conduct legal research and analyze documents for errors, gaps in information and inconsistent language.
4. AI is better for the well-being of attorneys
With the time savings achieved through AI, attorneys are able to focus their time and mental energy on higher-level work that computers cannot do. Knowing that an AI has checked their work beforehand also gives them more confidence in their work, allowing them to take risks and be more creative.
Some of the tasks that AI are now able to accomplish, such as document review, proofreading and legal research, can be tedious and mind-numbing for attorneys. Allowing software to do these lower-level jobs reduces attorneys’ stress and lets them focus on creative work, intellectual analysis and strategic problem solving. The end result is that they are happier and suffer less from stress and burnout.
5. AI is better for client satisfaction
AI has the less obvious benefit of allowing attorneys more time to talk to clients and develop deeper relationships with them. They are able to keep clients better informed and spend more time explaining their legal strategy. In addition, AI lets them achieve better results in their work and leads to greater client satisfaction.