In recent times, AI (artificial intelligence) has resulted in a progressive change in the field of law practice. A number of legal experts know that AI can significantly save cost and time, at the same time increasing accuracy. AI has a key role in faster and better delivery of particular legal services at a reasonable cost. Various legal departments and corporate law firms are executing AI for the equivalence and review of documents. From a legal perspective, AI is a technology that is intellectual and sharp but has certain limited functions.
Key Drivers of Global LegalTech Artificial Intelligence Market:
- Increased Funding for AI
- Rising Mergers & Acquisitions
- Implementation of AI in Legal Companies
But despite all the factors, there is a regular need for software updates. Another issue is the adoption of decisions based on such prediction machines can lead to objectively unfair results—since they might be based on algorithms or data that might have partiality. Neither it is understandable when people say that software developers must “program” their machine learning systems to present logical explanations. While legal teams cannot alter the way AI technology basically functions, they can account for its constraints and work around them. The high-cost of technologies that are used in the law companies and offices might impact the global legaltech artificial intelligence market.
As long as AI functions with human oversight and is utilized completely for the specific tasks, for which it was developed and tested, such issues can be minimized. Roger Bickerstaff—Partner at Bird & Bird, UK—said, “To expect writing ethical concerns into the coding of AI solutions is just unrealistic. In most of the cases, ethics are with reference to the wider economic, political, and social concerns of circumstances, and AI solution is just not going to have the data available to take those concerns into account.”
AI in legaltech industry is extensively utilized to review the contract. In general, the law firms invest their valuable time in reviewing the contract prior to signing. But, with AI assistance that contract can be reviewed in less time and eventually save 20–90% time without compromising with accuracy. AI has a major role in the contract management system, eDiscovery, eBilling, legal research, and intellectual property. AI can aid legaltech to deliver quality services effectively with maximum customer satisfaction.
The key market players in this industry are JP Morgan, Thoughtriver, Justia, and eBrevia. Of late, JP Morgan launched an in-house program COIN that extracts 150 elements from over 12,000 business credit deals and contracts in just a few seconds. That is equal to 36,000 Hours of legal work by professionals. Similarly, the British High court selected AI technology “Technology-Assisted Review” to reveal how important a document can be for a particular case. This shows a positive approach toward AI technology.
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