The Wikipedia definition of artificial intelligence (AI), sometimes called machine learning, is intelligence demonstrated by machines, in contrast to the natural intelligence displayed by humans. Colloquially, the term ‘artificial intelligence’ is often used to describe machines (or computers) that mimic ‘cognitive’ functions that humans associate with the human mind, such as ‘learning’ and ‘problem solving’.
AI in Legal is not overhyped. It is here to stay. Thirty-nine percent of the in-house counsel expect that AI will be commonplace in legal work in the next decade. AI will be affecting a significant amount of jobs done by the lawyers. AI analyses data to help it make predictions about outcomes of legal proceedings better than humans. AI can access more of the relevant data and it can be better than lawyers at predicting the future of a legal dispute. This helps clients take a decision as to settle the case or to go all out with the trial.
Whether it be contract review, or predicting the outcome of a potential litigation, AI is there to give a solution. AI can review contracts to identify risks for the clients. It can redline, add required clauses or delete risky clauses to make it all favourable to the clients and within the risk tolerance level. All these in a few minutes with fewer errors than experienced lawyers. AI can be applied to any type of documents, whether it be a simple NDA or a complex JV agreement. AI removes the human fatigue element in reviewing the documents which is very risky for high value transactions.
Now AI can even help out a typical divorce settlement with lesser cost. It will just be a few tweaks and selections that the couples have to do and it gives all optimal solutions for a typical divorce. The process becomes much simpler through AI than through the rigours of the court process.
AI is very useful for slow, expensive, labour-intensive and error-prone process. AI is very robust in such a process and its utility cannot be underplayed. Commercial banks and companies in the US which take thousands of lawyer-hours to interpret commercial loan agreements can now do it in seconds by embracing AI. AI helps lawyers identify, extract and analyse business information contained in large volumes of contract data.
AI helps in legal analytics. AI provides for data points from past case laws and provides judgements and precedent law to be used by lawyers in the ongoing case. AI helps in filing the documentation and recovering it when required. AI also helps in providing required insights in the Intellectual Property portfolio i.e. search and registration of patents, trademark, copyrights etc. AI even helps the law firms in accurate billing for the work done by the lawyer.
AI is not going to replace the lawyers. It is going to augment the lawyers in the decision-making process. It will improve the efficiency of lawyers in contract analysis and trademark search. It will increase the authenticity, accuracy of research and analysis and will be more result oriented. AI reduces the lawyer's time and effort considerably and helps to give more authentic and result-oriented solution to the clients.
Smart lawyers will adopt AI. AI is not going to replace the lawyer's job where analysis, decision making and stratification are required and will make the lawyers more efficient and competent. It is going to be a win-win solution for both the lawyers and the clients. AI is here to stay and we are going to see more companies and law firms embrace the AI and deliver best solutions to the clients.
K Satish Kumar is a keynote speaker, author, the Global Head of Legal and Chief Data Protection Officer of Ramco Systems. He has received the coveted ‘Legal Counsel of the Year -2018’ by INBA, and is also featured in ‘GC PowerList India 2018’ by Legal 500. He is actively involved in many pro bono activities through Chennai Lawyers. The author can be reached at email@example.com .