What is Artificial Intelligence:
This is a computer system able to perform tasks that ordinarily require human intelligence. Many of these artificial intelligence systems are powered by machine learning, some of them are powered by deep learning and some of them are powered by very boring things like rules. This comes with learning which involves garnering the rules and information for using the data. Due to data-based service industries, it has become very popular and a necessity. AI is an emerging focus area of policy development in India.
How is AI impacting our daily life:
Artificial Intelligence has the potential to immensely modify the manner in which humans interact, not solely in the digital world but also with one another, through their work and through other socio-economic institutions, for better or for worse. Artificial intelligence is a technology that is impacting our lives in a positive manner and simultaneously affecting our daily problems.To ensure that the impact of artificial intelligence will be beneficial, it’s essential that all stakeholders participate in the debates surrounding it.
How is AI helping the Indian legal framework:
The Indian legal sector has seen very little innovation in terms of technology and lawyers these days are still comfortable relying on the methods designed years ago. Artificial intelligence can play a big part in changing the way lawyers operate and the way law is looked at in India. One of the biggest disruptions that can be caused by Artificial Intelligence in law is t in the field of legal research. The Indian legal system is vast and constantly changing. Using Artificial Intelligence, lawyers can get unparalleled insight into the legal domain within seconds. Currently to get legal research done a significant number of man-hours are required, significantly reducing the profit-making ability of a law firm, however, with Artificial Intelligence the entire legal fraternity can be balanced. An artificially intelligent platform for research can get research done within seconds, be it a law firm with 400 lawyers or a single practicing lawyer. It can balance the expenditure required in legal research making the quality uniform. It can provide lawyers with highly efficient and advanced tools aiding in litigation or advising clients. Several Indian legal tech startups i.e. SpotDraft, CaseMine, NearLaw, Pensieve, Practice League, etc are building ‘Natural Language Processing [NLP] based applications and introducing next-generation legal research platforms that help law firms go beyond simple, keyword-based research, thereby making it less time-consuming. Many legal startups are fast rising in Artificial Intelligence research capabilities, some of whom have their own research labs.
Impact on the future law firms:
- Innovations in servicing clients:
Looking at the future and the advancement of technological laws, law firms would approach their clients with innovative and different methods and legal solutions. For example, to serve their clients better, law firms would look at innovating their pricing strategies and implement a Performance-Based Pricing Strategy.
- Focus from Revenue to Higher Profits:
The future of law firms would focus not just s on revenue but on higher margins and profits.
- Making technology as the foundation of growth:
Since the past few years, it has been noticed that a significant introduction of new AI-based solutions aims at making the legal sector more efficient and client-friendly. From E-Discovery solutions to automation in contract drafting, trademark search, various legal tech startups have come up to improve the lives of a lawyer or firm. Artificial Intelligence-based legal solutions help law firms become more efficient by reducing costs and gaining higher profits. The future law firm would not only adopt these technologies but will also work in synergy with various companies to build AI-based solutions that could further improve the legal sector.
- High focus on brand value:
The future law firm would focus heavily on its brand presence. A piece of sloppy or negligent advice from just a few people can easily damage a firm’s reputation. Therefore in order to develop the brand value law firms need to rely on AI-based legal solutions and tech-savvy lawyers. On the other end, law firms also need to organize more conferences to make their appearance at cross-border seminars and workshops.
Is Artificial intelligence the replacement for lawyers:
Despite its benefits, t no AI-based software is capable of taking a lawyer’s job even though these programs have been increasing the authenticity, accuracy, and analysis of the work. This work is driven by analysis, decision making, and representation which cannot be automated. The AI-based automated assisting tools and software is not going to replace the lawyer’s job where analysis, decision making, and stratification are required but would simply hone efficiency & competence while automating various clerical tasks.
How is AI helping the legal industry:
This field is seen to help the legal industry in various ways and has a great scope for the legal sector. It will witness immense growth in the future. As of now, it is flourishing in the sectors mentioned below::
- Due Diligence: To review a contract, conduct legal research, or perform electronic discovery functions to do due diligence, AI legal software is proving to be helpful and time-effective.
- Prediction Technology: Artificial intelligence legal software also predicts the probable outcome of the cases being adjudicated before the Court of Law.
- Legal Analytics: Artificial Intelligence provides for the data points from past case laws, and also provides judgments and precedent law to be used by lawyers in their present cases.
- Automation of Documentation: By just submitting the required documents which you wish to incorporate in your legal document get your documents ready within minutes.
- Intellectual Property: Tools of artificial intelligence helps in providing insights into the IP portfolios i.e. search and registration of a trademark, Patent, Copyrights, etc.
- Electronic Billing: Artificial intelligence legal software also helps the lawyer and Firms in preparing the invoices as per the work done by them. It makes for accurate billing for the work done by a lawyer. Thus, helps both lawyers and clients.
The Contribution of AI a boon or a bane to the legal sector:
It is assumed that AI will become a threat to lawyers and law firms by taking up their job. This is clearly a misconception by people. The evidence, from other industries and verticals such as e-commerce, healthcare, and accounting is that Artificial Intelligence will only enable lawyers and law firms to do more with less, and become more productive than their predecessors.
This could rather be merit to the field and make the jobs of the lawyers much easier while finding Statues and Acts sooner thereby resolving the cases on the subject of the law pertaining to any dispute.
Sanchali Bhowmik, a 2nd-year law student (L.L.B Hons.) at Jindal Global Law School