Legal AI: An Automated Versus Autonomous Future
Corporate legal departments have historically been resistant to automation and technology adoption, but the effects of the pandemic forced many to shift gears and pursue, or at least actively consider, more automation for legal activities. Artificial intelligence (AI) has been the cornerstone of this strategy, and mapping key investments to business outcomes remains a challenge.
Similar to how email and the internet changed how legal departments functioned, AI is growing its impact. This cusp of a revolution will transform the practice of law. Corporate lawyers will drive the behavior of law firms and legal service providers. AI will automate standard functions, freeing up trained legal practitioners for higher-value work.
State Of Legal AI
Legal professionals and legal technologists see 2021 pushing the boundaries of AI adoption. The fees generated as an outcome of billable hours and headcount have come under scrutiny lately, with customers demanding more cost efficiencies. AI has many critical areas that can reduce costs, protect revenue, optimize headcount, reduce risk and migrate hard assets into algorithmically driven intellectual processing. Areas such as legacy e-discovery have been disrupted the most in this era. As technologies continue to evolve and newer file types and data types are created, traditional ways of operating will be challenged.
CBRE surveys revealed 61% of the companies are using AI to generate and review legal documents, 47% are using it for due diligence purposes and 42% are using it for research.