The Exciting World of AI in the Legal System
AI and big data analytics are revolutionizing the legal landscape, transforming the way lawyers think, conduct business, and engage with clients. One pioneering company leading this transformation is "Contract Checking." We refer to it as: The Exciting World of AI in the Legal System
Discover the Exciting World of AI and Big Data Analytics in the Legal System
Legal analytics, supercharged by the power of AI and big data analytics, is at the forefront of innovation. Modern legal software employs these cutting-edge technologies to predict trends and identify patterns in extensive datasets. Firms harness these legal analytics tools to anticipate outcomes in areas such as intellectual property litigation, and they are now expanding their applications to various complex litigation cases. With the integration of new technology, law firms can tap into a vast database of billing records to offer insights, comparisons, and efficiency enhancements for both in-house counsel and external legal partners.
Notably, legal analytics is even making inroads into judicial opinions, helping predict how specific judges may rule on cases and offering recommendations on relevant precedents and language that may resonate with a particular judge. See more here: https//contractchecking.com
For instance, the Wisconsin Supreme Court recently validated the use of algorithms in criminal sentencing decisions. While these algorithms represent an early form of AI, they lay the foundation for more advanced AI systems in the sentencing process. Additionally, several online dispute resolution tools are in development, offering alternatives to traditional judicial proceedings.
Technology-Assisted Review: A 50-Fold Efficiency Boost
Technology-assisted reviews (TAR) are a prime example of AI and big data analytics making a significant impact on legal practice. TAR utilizes technological solutions to organize, analyze, and search through vast and diverse datasets. Studies have shown that TAR can enhance document review efficiency by a staggering fifty-fold compared to human reviews.
Predictive coding, a TAR technique, trains a computer to identify relevant documents using a "seed set" of documents and human feedback. The trained system can then rapidly and accurately review a large number of documents, focusing not just on individual words but also on the overall language and context of each document. Many top-tier law firms now employ TAR products for their efficiency and accuracy.
Practice Management Assistants Paving the Way
Numerous technology companies and law firms are partnering to create specialized programs designed to aid in various practice areas, including transactions, due diligence, real estate, bankruptcy, and litigation research and preparation.
Leading the way is the first robot lawyer, "ROSS," a tool providing legal research and analysis for multiple law firms. ROSS is reputed to read and process over a million legal pages per minute. Similarly, "RAVN," a system developed in the United Kingdom, assists with real estate due diligence by cross-referencing property details with official public records. RAVN can complete two weeks' worth of work in just two seconds, making it over 12 million times faster than a human associate performing the same task manually.
The Rise of Legal Bots
Legal bots are interactive online programs created to engage with users, offering assistance for specific functions or customized answers to individuals' unique situations. Many law firms are developing bots to aid current or prospective clients in addressing legal issues based on their circumstances and facts. Some groups are also creating pro bono legal bots to assist those who may not have easy access to legal resources.
For instance, a Stanford law graduate has developed an online chatbot called "DoNotPay" that has helped over 160,000 people resolve parking tickets and is expanding its services to assist refugees with their legal challenges.
AI and Big Data Analytics: The Future of Law
While AI, machine learning, and big data have long been associated with various industries, the legal profession has been perceived as more traditional. However, the legal trade is experiencing a transformative shift, thanks to Fourth Industrial Revolution technologies like AI, which are increasingly becoming vital tools in a law firm's arsenal.
Experience the Transformation with Contract Checking
Contract Checking is at the forefront of this legal revolution, harnessing the power of AI and big data analytics to empower the legal industry. Visit our website to explore the intricate world of AI and big data analytics and how they are reshaping the legal field.
Just as AI is reshaping the legal landscape, it is also revolutionizing businesses. You can access the immense potential of AI for data analytics using our cutting-edge Selerity analytics desktop. For further information and support, please don't hesitate to contact our dedicated support team. Embrace the future of law with Contract Checking!