Uwais Iqbal • 2022-11-22
Legal AI solutions can bring about tangible benefits. This article explores some of those benefits.
As we have come to see, Legal AI can be used in many different ways - different whats, different hows, and different whys. A question that often comes up is around the tangible benefits of investing in Legal AI. There are a number of tangible benefits of investing in designing and developing Legal AI solutions that range from financial, to cultural and even social benefits.
Some of the benefits of Legal AI include:
In scenarios where there is such a large volume of data to deal with, Legal AI solutions can create and improve confidence in advice and outcomes so that legal professionals can rest assured that they haven’t missed anything.
For example, when carrying out legal research a Legal AI solution can provide assurance that no relevant cases have been missed in the process of legal research.
Legal AI solutions can reduce the time it takes to complete tasks where AI is used to accelerate tasks. There is nothing more valuable to a legal professional than time and AI can give back time that would have been spent on low-value high-volume tasks.
An obvious benefit of adopting Legal AI presents itself as financial cost savings by reducing the need for human capital. Instead of an army of ‘bums on seats’ for a contract review exercise a Legal AI tool can reduce the number down to a handful of reviewers thereby creating savings.
We often aspire to have a good quality of life but our quality of work is just as important. The legal industry tends to get a bad rep when it comes to work-life balance and quality of work.
There’s an endless amount of low-value high-volume grunt work that tends to get passed on down to budding associates. Legal AI done properly can help you move away from soulless mental labour to soulful meaningful work. There’s a big role for AI to play in making life better for legal professionals.
A consequence of an improved quality of work will mean employees are more engaged in the work they find meaning in. Legal AI will allow them to focus on more creative outcomes and more meaningful problems. Nobody wants to be slaving away doing manual grunt work when it can be offloaded to a machine.
One of the larger-scale social impacts that Legal AI and Legal tech can have is improving access to justice. The high cost of legal services means that a large part of the population doesn’t have the economic means to access the legal services they need and have a right to. Through the use of Legal AI, costs of legal services can be driven down and it can mean that access to justice is more affordable and accessible to a larger segment of the population.