The demand for legal services has remained steady in the last decade. At the same time, the introduction of artificial intelligence (AI) and the technological process are having a big impact on efficiency in the sector. Moving from Laborious tasks to efficient results. According to Frank Levy, an MIT labour economist technology is relieving lawyers around 2% of their laborious and repetitive tasks to instant results. Innovations like Lex Machina are able to analyze court cases and Apperio deals with matter management in an instant through automation, this not only means more time for lawyers to do what matters to their work but it is also helping them to keep up with the fast economy trend that is critical for industry survival.
Through automation, we are relieving lawyers of repetitive tasks enabling them to shift their focus on more thought-provoking duties! Cutting Cost, while doing more work. Adoption of Automation in the legal industry brings unrivalled efficiency in the delivery process while cutting costs. Running Legal process takes a fraction of the time with modern analysis tools. The industry can seem expensive with a lot of corporations and legal enterprises ending up spending a lot of money on hiring staff for repetitive tasks which can be done more efficiently with simple process automation. With this cost out of the way corporations can focus on building their business, on the other hand with reduced costs law firms can focus on taking in more client and closing matters more quickly and efficiently.
Human Intelligence and virtual work. In the wake of sad Covid-19 pandemic, the need of shifting of a lot of legal services in the virtual sphere has dawned on a lot of corporations and practitioners, even while everything slowly returning back to normal most of this services may permanently move to virtual delivery. Even as the legal industry continuously embrace legal automation, the industry still needs human intelligence and support at the centre of its framework. The best results in automation are merging both machine(AI) and human intelligence(HI) to provide more balanced productivity and quality assurance checks! This brings a whole new ecosystem in the legal industry, with more efficient productivity which spans into creating fantastic opportunities in the legal industry while still making the industry more affordable.
Adaption is taking shape - and it is necessary The introduction of legal automation in the sector is quite promising both for the benefits it will bring to businesses and law firms. Due to the opportunities and benefits, it has presented to the industry, major law firms and corporations are starting to adopt it with universities considering ways to teach technology to future lawyers. Deloitte Insight report suggests a 40% adoption of automation by 2025 with an upscale of 72% efficiency boost for businesses.
Powered by Froala Editor