March 12, 2024
Author: Lalitha Janarthanan
“You can have a job if you
wanted to have a job for personal satisfaction. But the AI would be able to do
everything,” quoted Elon Musk which squarely summarizes the challenge that AI
could pose to all professionals including lawyers in the corporate world as of
today.
Though AI has taken the entire
world by storm and has all potential to become the “most disruptive force in
history”, Eliezer Yudkowsky, co-founder and research fellow at the Machine
Intelligence Research Institute has rightly pointed out that “By far, the
greatest danger of Artificial Intelligence is that people conclude too early
that they understand it.”
AI is widely used by all
departments in the corporate world, and the legal industry is no exception to
this technical advancement. Though we still have not hit the stage where AI
could replace the involvement of lawyers completely, it is steadily transforming
the practice of law.
In areas such as contract
review, legal research, and document review, AI powered tools can rapidly
increase productivity. Done through faster automation, the analyzing of
contracts, identifying of relevant cases, statutes, and regulations, providing
insights to help legal professionals make better-informed decisions, and
keyword searching in e-discovery, all become significantly more efficient,
accurate, and streamlined, transforming the landscape of legal practice.
As these complex, and heavy lifting tasks become efficiently managed by
AI tools with more speed and accuracy compared to human intervention, the
requirement to hire and train associates in a law firm may slowly reduce. Also,
as it is cost effective, the large law firms may prefer to use AI rather than
investing on human intelligence where the consistency cannot be promised, and
the accuracy rate of the output can be fluctuating.
An important reason for the growing significance of AI in the legal arena is
its ability to process and analyze vast amounts of legal data while providing
insights quickly and accurately that can assist lawyers in constructing their
case and identifying the authorities and precedents that are relevant to the
case. While a human-in-the-loop strategy may be necessary for handling
complex legal concepts and nuanced tasks like contract drafting, negotiation,
and forecasting legal outcomes, AI possesses the potential to render various
roles obsolete in the near future. Nonetheless, this shift also opens
opportunities for specialized roles in the industry. Lawyers who possess both
legal and technical expertise, capable of assessing AI outputs and
comprehending complex algorithms, will find themselves in high demand in the
near future.
To meet market requirements, law schools will have to include training and
courses on AI, which will allow law students to stay relevant and enhance their
skill set to match market standards. Prior knowledge in using AI powered tools
will not only assist students to stay abreast of competition but will also help
them to assess the accuracy of the results and understand the necessity to
protect the confidentiality of the data shared by the client. Interestingly,
Clare Hart, CEO of Williams Lea opined, “AI won’t take your job… someone who
understands how to use AI will.”
The excessive promotion of AI tools in the market, could lead to misleading the
clients into believing that legal research can be conducted without the need
for a lawyer, overlooking the potential risks associated with AI. This can
reduce the number of clients that may approach a lawyer for their legal needs.
In the coming days, there will
be less administrative work performed and a large amount of research work and
drafting will be removed from the lawyer’s responsibility due to AI usage.
However, there could be an abundance of copyright and noncompliance cases,
where AI is predominantly used without complying with the regulations and
policies. Furthermore, legal advice could become more cost-effective,
potentially reducing the number of associates needed per case. This might
narrow the fee gap between larger and smaller law firms.
Currently, the major concern
over the utilization of AI tools is whether it is accurately and responsibly
used by the lawyers without compromising the ethical standards. Though AI has
made the review and research tasks easier it comes with its challenges as well.
Privacy and data security emerge as major issues when employing AI, due to the
lack of transparency about which external parties might access the confidential
and sensitive information we upload to third-party platforms.
In addition, the application of
AI must be monitored and there needs to be a structured process for application
as it could go wrong and one needs to have a system of checks and balances to
validate the output of AI. Proxiio Global Solutions Pvt Ltd understands this
and has structured and defined a validation plan outlining the best practices
and guidelines. Its robust team has prior experience and expertise finalizing
data sets for training. Constantly monitoring and redefining searches to
enhance results, a summaries report is also maintained to document these
results. After carefully understanding and finalizing the requirements of the
client, Proxiio customizes a roadmap highlighting the guidelines, deviations,
validation methodologies and other stringent methods that need to be followed
to streamline the effort. In an era where AI's role in legal services is
rapidly evolving, Proxiio's forward-thinking approach ensures that your firm
not only meets the current demands of the market but also anticipates future
trends. Our holistic AI solutions are designed to optimize your legal
operations, reduce costs, and secure a competitive edge.
Proxiio is your partner in
transforming legal practices through AI. By embracing our comprehensive AI
solutions, you equip your team with the tools necessary for success in a
technology-driven world. Join us in leading the legal industry into a new era
of innovation and excellence.
“Success in creating AI would be
the biggest event in human history. Unfortunately, it might also be the last,
unless we learn how to avoid the risks” mentioned Stephen Hawking, Theoretical
Physicist, Cosmologist, and Author. While it's premature to forecast the
trajectory of AI adoption given the market's ongoing maturation and its
eventual effect on legal professionals in the corporate world, there's a
consensus that lawyers must integrate AI more responsibly into their daily
practices. Doing so is crucial for maintaining competitiveness in the
ever-evolving legal landscape.
Unlock the full potential of AI
in your legal operations with Proxiio Global Solutions. Contact us to discover
how our AI services can revolutionize your practice and prepare you for the
future of legal services.
March 12, 2024
In today’s emerging digital age, collecting customers’ personally identifiable information (PII) is part and parcel of running a business. As data collection technologies evolve, so do regulations designed to protect a consumer’s personal information. One such regulation is the Data ...
April 05, 2024
“Predictable pricing” is a phrase heard often when it comes to alternative legal solutions providers. In fact, it is used so often and without any merit that it has become meaningless to clients of outsourced legal solutions companies. We hear ...
August 20, 2024
With changing timelines and erratic data volumes, law firms and corporate legal departments are always challenged when trying to ascertain the overall cost for a legal project. Even when they outsource to an alternate legal services provider (ALSP), one major ...
March 11, 2024
Proxiio’s partnership with Relativity provides access to many technology-assisted review tools that are incorporated into the RelativityOne platform. One of the most widely used tools, Active Learning, serves as a technology-aided solution designed to efficiently analyze large datasets and predict ...
April 15, 2024
In today’s complex global legal landscape, having a dedicated and experienced team behind you can make a difference in the results your organization achieves. At Proxiio, we take pride in our exceptional legal team, who bring a wealth of qualifications, ...
August 26, 2024
In the evolving legal landscape, the need for a diverse skill set among legal professionals has become increasingly crucial. While strong legal expertise remains fundamental, today's legal environment demands much more than this from the practitioners. Here is an overview of ...