3 salient perks Artificial Intelligence offers to Law Sector

Apr 20,2019 by Rahul Garg

For a middle-class person, legal trouble is nothing less than a nightmare because it not only leads to the financial crisis but also gives the worst memory for life. But as we know, when you’re right, it gets essential to give everything you’ve got to get the justice.

For a layman, understanding law terminologies is nothing but rocket science. That’s why getting an experienced lawyer on board gets important in this context.       

When the talk is going over the law sector, one image is created in our mind, which shows lawyers fight tooth and nail to win the case for their respective clients. But you might not be familiar with this fact that attorneys also engage in an intense competition outside of courtrooms. It means barristers interview witnesses multiple times so as to gather every small information related to the case, collect shreds of evidence by using their sources, etc.

Thinking the life of lawyers is quite difficult? This is where artificial intelligence comes into the picture as this ever-growing technology lends a hand to attorneys in several ways. Here’re 3 salient perks artificial intelligence offers to law sector:

1. Towering revenue   

First and foremost, the thing that matters to businesses is how much profit has been made by the end of the day. Hence, law firm owners also have the same desire of witnessing high-profit levels. But as we know, you must limit unnecessary expenses in contemplation of soaring revenue.

Generally, law firms have a team of paralegals, legal advisors, and other attorneys to carry out time-consuming tasks perfectly. For the same, a big chunk of money gets invested. Here, applications of artificial intelligence come to rescue. AI has the potential to complete non-core business tasks in a few minutes, which humans may do in some couple of days.

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According to a report by Accenture, law businesses that invested in artificial intelligence have witnessed 38% revenue boost.

Evidently, artificial intelligence isn’t a replacement of human lawyers. Actually, AI-driven applications just free up the staff from doing non-productive tasks. It is writ large when your whole staff stays focused on productive tasks, the chances of securing better productivity are likely to amplify, which consequently, leads to high revenue.

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2. An enhanced level of client satisfaction

To keep business growing, securing high customer satisfaction has always been the key. Similarly, an enhanced level of client satisfaction is instrumental to keep thriving in the legal field.   

As we have already said, a huge amount of money gets involved when a case is taken to court. Thus, clients expect appointed lawyers to answer all case-related queries and share legal tactics that will be employed during court hearings. Barristers cannot overlook this, as clients have every right to know about further proceedings.    

Here, artificial intelligence comes to help as it frees attorneys from tedious and non-productive tasks, thereby, they get proper time to engage in a meaningful dialogue with clients. Needless to say, when you aren’t stuck in the weeds, odds of developing deeper relationships with clients are likely to snowball.

Besides an enhanced level of client satisfaction, lawyers also get peace of mind as they don’t have to deal with jejune tasks anymore. It goes without saying, when lawyers fight clients’ cases in court with a clear mind, the winning ratio is likely to increase.

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3. Top-notch quality work

In the law field, you can experience the real taste of success if you know how to do your homework with perfection. In simple words, you must ensure top-notch quality in your work. At this juncture, using applications of artificial intelligence could be handy. It is because AI-driven applications work faster and produce negligible errors in comparison with humans.

As per the study conducted by LawGeex, AI-powered applications secure 94% accuracy while identifying complexities in NDAs (non-disclosure agreements), and this is quite higher than top 20 corporate lawyers (85%).

Furthermore, AI-based software promises seamless organization of vital documents including all internal cross-references. In addition, such software makes sure that language is applied consistently, regardless of how many lawyers get involved in the drafting process.

What’s more, AI-powered contract comparison tools offer great help in identifying missing conditions or clauses and also shed light on misused terminologies. It is paramount as far as legal work is concerned.        

Final few words:    

Indeed, the applications of artificial intelligence have done wonders where they are brought into use. However, it is usually believed that AI can play no role in the law sector. But it is not true, and we have proved this by explaining the top 3 salient perks of artificial intelligence with regard to the law field.

Except for the above-listed ones, AI can offer numerous benefits to law firm owners such as:

  1. Due diligence reviews.
  2. Prepare contracts.
  3. Legal operations analysis.
  4. Litigation analysis.
  5. Wrong doing detection.

So, if you are an owner of a reputed law firm and willing to leverage applications of artificial intelligence for the sake of better business growth, Cyfuture can become your perfect partner!

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In any case, if you have some doubts regarding this write-up, you know where to reach us (comment section).

Thanks for reading!

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