What is Artificial Intelligence?
An AI is a computer programme that can carry out operations that would normally need human intellect. Some of these AI systems rely on machine learning, some on deep learning, and yet others on really dull stuff like rules. Learning is required for this, as it is through study that one acquires the knowledge and norms necessary to make effective use of the data. Its widespread adoption and use can be attributed to the rise of data-driven service companies.
How is AI affecting our daily life?
The development of AI has had a good effect on our daily lives, from meeting reminders to suggestions of articles and news stories that could pique our attention. Its influence is expected to grow in the next years, eventually touching all sectors of the database industry.
Artificial intelligence (AI) has the potential to significantly alter the way humans interact, for better or for worse, with the digital world, with one another at work, and with other socioeconomic institutions.
Participation from all relevant parties in the ongoing discussions around AI is crucial if we are to ensure that its effects will be beneficial.
Why AI is important for Indian legal framework?
We have seen AI used on a modest scale, but with great success, in a number of industries recently. This includes robotic concierges in hotels, automated entertainment systems, and even cell phones. Multiple markets have been disrupted by AI’s arrival.
Lawyers in India are content with and reliant on tried-and-true practises and solutions that were developed many years ago, as the country’s legal system has witnessed minimal technological innovation in recent years. The role of attorneys and the perception of the law in India are two areas where artificial intelligence might have a significant impact.
The topic of legal research is one that stands to be significantly altered by the introduction of AI into the legal system. Legal information in India is extensive and ever-evolving, but with the help of AI, attorneys may gain instantaneous, comprehensive, and accurate insight into the whole legal system. A large number of man-hours are now needed to have legal research done, which greatly decreases a law firm’s profit-making potential; but, with Artificial Intelligence the whole legal fraternity may be brought into harmony. Whether you’re a law firm of 400 lawyers or a solo practitioner, artificial intelligence can help you achieve the same high-quality results from your legal research in a fraction of the time it now takes. It has the potential to supply attorneys with cutting-edge resources that will help them better advise clients and litigate on their behalf.
SpotDraft, CaseMine, NearLaw, Pensieve, Practice League, etc. are just a few of the Indian legal tech startups that are developing and releasing Natural Language Processing [NLP] based applications and next-generation legal research platforms to assist law firms in conducting more thorough and efficient research than is possible with keywords alone. There are a growing number of legal tech businesses with strong AI research skills, and some of them even have their own dedicated AI laboratories.
What would be the face of future Law firms?
A great deal of new competition has emerged in the legal sector over the past several years, both in India and throughout the world. The legal industry is becoming increasingly competitive, making it more important than ever for firms to adapt to changing client needs and technological trends. Those who refuse to adapt will soon find themselves out of work.
The law firms of the future would look very different from the ones of today. Some of the distinguishing features of these futuristic legal firms should be elucidated.
- new methods of customer service:
Client service and treatment in the future would undergo dramatic shifts. Law firms would provide novel concepts and provide clients with genuine and cost-effective legal services. At present, legal practises in India use a billing model known as “billable hours,” which is based on the amount of time it takes to complete a given project. In order to better serve their clientele, legal services providers could use something like a Performance-Based Pricing Strategy [PBPS] to adjust their rates. This price model would benefit both the customer and the law firm, as the latter would only get payment upon the satisfaction of predetermined goals, as suggested by the name.
- Changing the emphasis from revenue to increased profitability
While growing income is a top priority for modern law firms, doing so has proven very challenging due to rising competition and flattening demand for legal services. That’s why going forward, legal firms won’t be concerned with numbers of clients served but rather with bottom-line revenues.
- Using technology as a springboard for expansion
There has been a dramatic increase in the availability of cutting-edge AI-based solutions in recent years, all with the same goal in mind: to make the legal industry more productive and client-friendly. Numerous new companies in the field of legal technology have emerged to make the life of lawyers and law firms easier in a variety of ways, such as via the development of E-Discovery tools and the automation of contract writing and trademark search. Legal solutions powered by AI can assist law firms streamline their operations, perhaps resulting in lower overhead and increased revenues. In addition to incorporating these innovations into its operations, the law firm of the future will collaborate with other businesses to develop innovative artificial intelligence (AI)-based solutions with the potential to revolutionise the legal industry.
- High regard for the worth of the brand as a whole:
In the future, legal firms will put more effort into building their reputations as authoritative institutions. To build their reputation, law firms need to invest in AI-based legal solutions and platforms staffed by tech-savvy lawyers. On the other side, legal practises should host more conferences and send more lawyers to international seminars and workshops.
Do we agree that AI cannot replace human lawyers in the future?
The subject of whether or not AI-based solutions and platforms would boost the efficiency and productivity of Firms and Lawyers has become a hot topic of discussion in the legal community recently.
Contract analysis, trademark search software, legal research software, and many more technological innovations have increased attorneys’ productivity in the legal industry. None of the AI-based software or programmes are designed to replace lawyers, but they are making their work more authentic, accurate, and result-oriented.
Analysis, decision-making, and representation are all crucial in the legal field, and these tasks cannot be automated. Lawyers may save a lot of time and energy with the aid of AI-based software and programmes, and clients can feel more confident in the advice they receive from their legal representatives and their firms.
India’s legal sector is still maturing and eagerly anticipates the introduction of additional IA-based and automated helping tools and software. These IA-based and automated assistance tools and software will not replace the lawyer’s job, which involves analysis, decision making, and stratification, but they will make lawyers more efficient and competent by automating certain clerical jobs.
Areas where AI are helping the legal Industry?
It is predicted that the intersection of AI and law would see rapid development in the near future, opening up exciting opportunities for the Indian legal sector. Artificial intelligence is currently proving beneficial in various areas of law, including but not limited to the following.
Due Diligence – Artificial intelligence (AI) legal software are proven to be beneficial and time effective whether reviewing a contract, conducting legal research, or executing electronic discovery activities.
Prediction Technology Legal software powered by artificial intelligence may also foretell how a case will be decided in court.
In the field of law, AI-powered “Legal Analytics” offers professionals with information about prior case law, as well as current case judgments and precedents.
Automation of Documentation — Have your legal papers prepared in minutes by simply uploading the necessary documents you desire to include in your legal document.
AI-powered search and registration services for intellectual property assets like trademarks, patents, copyrights, and patents are just a few examples of how AI is being put to use in the IP industry.
The electronic billing process is simplified by artificial intelligence legal software, which also aids lawyers and law firms in creating accurate bills for their clients. It ensures that a lawyer is paid fairly for their time spent on cases. Therefore, this aids both attorneys and their clients.
Among attorneys and legal firms, there is a false belief that AI and ML pose a danger to their livelihoods or, more simply put, that AI will eventually replace Lawyers. Artificial intelligence (AI) will allow attorneys and law firms to accomplish more with less, becoming far more productive than their forebears, as has been demonstrated in other sectors and verticals, like e-commerce, healthcare, and accountancy.
The conventional “Bar” is where I’d like to see AI first implemented, but I’d also like to see it reach the “Bench,” where judges might use natural language processing (NLP) summarization to compile a summary of the parties’ arguments. According to the Acts/Statutes and the most recent case laws on the subject of law relevant to the issue, judges might easily discern which section includes merit.
The foregoing explanation does not convince me that AI will replace human workers in any capacity. In reality, a programme based on IA will result in increased productivity, efficiency, quality, accuracy, and output focus among experts.
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Article by Deepa Bajaj