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Precedent, tradition, and highly trained professionals are the standards in the legal industry. But in recent years, technology has started breaking in. AI will make us more efficient and accurate with streamlining discovery and research, automating routine tasks, and so on. But is legal AI truly transformative, or are its capabilities overstated? Focusing on the present and future state of AI in legal solutions software, this article gives an analysis.
The Promise and Limitations of Legal AI
In general, AI is any kind of simulated intelligence used by machines to accomplish tasks that normally require human cognition. When applied to the practice of law, AI seeks to assist firms and clients in using technology to gain a competitive advantage. It is estimated that the global legal tech market (AI & analytics), which will soon mushroom from $27.3 billion in 2024 to $65.5 billion by 2028, will lead the market.
Two of the areas where AI is making its mark most are document review and contract analysis. Large amounts of contracts and case files can be rapidly read and extracted by machine learning algorithms. Such capabilities can greatly reduce the tediousness for lawyers. AI can help reduce 60% of contract review efficiency compared to the number alone.
Yet while AI excels at classification, prediction, and pattern recognition, it lacks human judgment, contextual understanding, and the ability to interpret novel situations. Nuanced legal arguments and strategy require a level of creativity and critical thinking not currently possible with AI. In terms of mitigating bias and error, the technology is onl… Read More
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