Summary: Artificial intelligence is a permanent fixture in the legal profession, but is it helping the profession or taking away jobs?
Artificial intelligence has slowly been creeping its way into the legal industry. With its growing presence, those in the legal profession and those who rely on the profession are concerned with how AI technology will disrupt the profession, according to JD Supra.
Currently, AI technology is helping in the litigation practice by automating time-consuming tasks like contract review. But does AI technology have the ability to take on even bigger roles in the legal profession? Much of what an attorney does require free and abstract thinking, something AI is not able to do yet. Instead, it seems that AI will stick to the roles that do not require high-level strategic work.
According to McKinsey, a U.S. consultancy group, around 22 percent of a lawyer’s job and 35 percent of a legal clerk’s job can be automated. This is far from 100 percent and likely will not grow much more since AI is not able to do all that a human does. While adjustments to job roles and responsibilities are likely to occur, completely eliminating any position is not.
AI is able to scan documents, looking for humane-defined criteria and patterns in data. These capabilities have proven to be a time-saver, not a job-stealer. AI has the power to relieve attorneys from taxing, time-consuming work that does not necessarily require legal expertise. AI technology can go even farther to determine which litigation projects are worth taking on and which attorneys are appropriate for the tasks.
All of this gives law firms an ability to increase their competitiveness and profitability. Law firms that focus on transactional practices like M&A litigation spend a great deal of time and effort researching, negotiating, drafting, and advising. Utilizing AI helps them cut down on the time needed to complete tasks but hundreds of hours in a given year.
Clients are beginning to appreciate AI technology. Today’s clients understand technology better and the benefits current technology can offer at a better price since price and speed are the biggest concerns for clients. They know that AI is able to cut down on the time a task takes, thus cutting down the cost as well.
Perhaps the biggest challenge for law firms will be adapting to a new business model that embraces and incorporates AI. The hope is that an increase in capabilities by a law firm will result in an increased ability to take on additional legal projects.
Do you think AI is a good or bad thing for the legal profession? Share your thoughts with us in the comments below.
To learn more about the role artificial intelligence is playing in the legal profession, read these articles:
- Use of Artificial Intelligence in Legal Industry Can Change Billing
- ROSS Intelligence Gets a Big Boost
- Robots LISA and Billy Provide Affordable Legal Assistance in the U.K.
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