×
ShiftCentral / AI moving beyond the build-up cycle in the legal market

AI moving beyond the build-up cycle in the legal market

Real world implications of AI usage in the legal sector.

The benefits of AI to legal services have been spelled out by analysts for some time now, but presently the talk is moving from hype to actual real-world implications. AI is evolving from a concept that will create efficiencies for lawyers to an actual tool, legal service providers and law firms can use to differentiate themselves from their competitors.

Most mundane, low-value work can be handled by the right algorithm. While that may raise some alarms about the implications for the workforce, this should be viewed as a tool to complement a litigator, not as a substitute to be left unchecked. AI-powered legal research is the norm at this point with incumbents like Westlaw integrating it into their services, and start-ups like ROSS Intelligence disrupting the market.

AI Moving beyond the build-up cycle in the legal market

As the technology has matured beyond its initial hype, discussions are currently turning from its potential to the moral and ethical principles of its use. Questions being raised include the type of necessity behind developing rules of conduct and requirements around notifying a client when AI has established the legal advice they are receiving.  Examples of this include an Association of Corporate Counsel roundtable, which recommended the rules of professional conduct should guide the use of AI. As well, a High Court judge in the U.K. affirmed that an ethical and legal framework is essential for the technology to reach its full potential.

Whether your firm was an early adopter or just initiating a roll out of artificial intelligence into their operations, it is vital to stay informed, of not only the latest technological developments, but also any new or updated regulations that will guide its use. While it may take an investment of time and money to start incorporating AI, the long-term benefits and costs savings that can be passed on to clients certainly outweigh the risk of being held back by a lack of innovation.

 

 

Don’t miss your 5- Minute Weekly Podcast on legal innovation, highlighting key points from the legal industry.
Connect with us on LinkedIn for more updates from legal services, and the wider market intelligence industry.