The legal field has long been an industry ripe for innovation and the incorporation of new technologies. In recent years, artificial intelligence (AI) and machine learning (ML) have made significant inroads in the sector, and the use cases for these technologies continue to expand. In this blog post, we will explore the current state of AI and ML in the legal industry, and highlight some of the top use cases of these technologies in the legal field.
12 Use Cases of AI for Legal Industry
1. Legal Research
One of the most common uses of AI and machine learning in the legal industry is for legal research. AI-powered legal research tools can quickly and accurately search through large amounts of legal text, helping lawyers save time and find relevant information more easily.
With the help of advanced NLP techniques, such as semantic analysis and ontology matching, these tools can help identify important concepts, relationships and patterns in legal text. It can also generate summaries, timelines and other forms of legal analytics to help lawyers understand complex legal issues more effectively.
2. Contract Review
Another common use of AI and machine learning in the legal industry is for contract review. Contract review can be automated by using machine learning algorithms that can identify and extract specific clauses, such as termination clauses, non-disclosure clauses and indemnification clauses.
Additionally, during the pre-signature review phase, AI assesses contract risk by reviewing and redlining legal documents against pre-defined corporate standards and checklists. It then summarizes the risks, highlights key issues, and recommends appropriate edits.
3. Predictive Coding
Predictive coding is an advanced form of machine learning that is used to classify and categorize legal documents. This can help lawyers identify relevant documents faster in the discovery process and quickly identify patterns in large amounts of data. With the use of algorithms such as k-means, clustering, and Naive Bayes, predictive coding systems can automatically classify large volumes of legal documents, reducing the amount of time spent on manual review.
E-discovery is the process of collecting, reviewing and producing electronically stored information in response to a legal request. With the increasing use of digital communication and cloud-based data storage, e-discovery can be a time-consuming and tedious process.
AI-powered e-discovery tools can help automate many of these tasks and speed up the e-discovery process. These tools can use techniques such as keyword search, concept search, predictive coding, and machine learning for document extraction.
5. Sentiment Analysis
Sentiment analysis is the use of natural language processing (NLP) to identify and extract subjective information from text. This can be useful for identifying emotions and opinions in legal documents, such as emails and witness statements, which can help lawyers understand the context and tone of a case.
Sentiment analysis can be applied to legal documents, such as contract reviews, legal research, and e-discovery, to help identify the underlying emotions and opinions of the parties involved, which can provide important insights into the case.
6. Predictive Analytics
Predictive analytics can be used to forecast future events based on historical data. In the legal field, this can be used to predict the outcome of a case, such as the likelihood of a settlement or the probability of a successful appeal.
Predictive analytics can be applied to legal data to identify patterns and trends that can help lawyers make more informed decisions and better predict the outcome of a case.
7. Fraud Detection
AI-powered fraud detection algorithms can help detect and prevent fraud in legal transactions by identifying suspicious patterns and anomalies in data. These algorithms can help identify fraudulent activities such as money laundering, insider trading and bribery by analyzing large amounts of financial and legal data. This can help legal professionals catch fraud more quickly and prevent it from happening in the first place.
8. Document Storage and Access
With the growing volume of legal documents, it can be difficult for internal teams to effectively manage and access the data they need. AI can be used to extract key data points from lengthy legal documents, which can then be encrypted as metadata and stored on the cloud. Additionally, AI can be used to process and extract key elements from digitized versions of legal documents, which can help organizations to quickly and easily access the data they need.
9. Client Communications
AI-powered tools like chatbots can help legal professionals manage client communications more efficiently by automatically scheduling meetings and appointments, sending reminders, and providing quick responses to common questions. This can help improve client satisfaction and save legal professionals time and effort in managing their communications.
10. Legal Document Automation for NDAs
Legal teams can save a significant amount of time and effort that would have been spent on manual drafting by automating the creation of NDAs. AI-powered tools can be used to populate certain key fields such as effective date, counterparty name, and so on. This eliminates the chances of missing out on important information and allows legal teams to create NDAs that are accurate and legally sound.
11. Notice Automation
AI can be used for the process automation of sending out notices, such as summonses and subpoenas. This can help lawyers save time and reduce the risk of errors. For example, AI-powered systems can be used to generate and send out notices on a case-by-case basis. This can help lawyers ensure that all parties are aware of important deadlines and requirements.
12. 360-Degree View of Data
AI can be used to transform raw, unstructured data into structured data with metacontext definition. This includes data from various sources such as documents, reports, sensor output, device logs, streaming data from online sources, enterprise internal document repositories, and user data from online behaviors.
The AI platform not only evaluates the data but also understands the context through a unique knowledge graph. The system can correlate all types of reports and historical data, which helps to make better decisions and enhances context for better results.
In addition to these use cases, the potential future implications of AI and ML in the legal field may include the possibility of automating more complex legal tasks, such as legal briefs, court filings and even legal advice, which may change the traditional roles of legal professionals and shape the industry in the long term.
However, it’s important to note that while these technologies can greatly improve efficiency and accuracy in many legal processes, it is also important to consider the ethics and limitations of these technologies before deploying them. The legal profession should strive to ensure that the use of these technologies is done in a responsible and transparent manner, taking into account its potential impact on the industry and society as a whole.