Artificial Intelligence (AI) is the new ‘buzz’ word. Increasingly, companies across various industries are investing in AI for efficiency and accuracy.
Artificial Intelligence (AI) is the simulation of human intelligence processes by machines, especially computer systems. These processes include learning (the acquisition of information and rules for using the information), reasoning (using rules to reach approximate or definite conclusions) and self-correction. Applied to algorithms, AI allows computers to interpret data, recognize patterns, and form conclusions.
The current surge in Artificial Intelligence research and real business applications have been exceptional. The inclusion of AI technology has been apparent across various major industries.
In healthcare, one of the uses of AI is for data mining of patients to identify patterns, and then carrying out more accurate diagnosis and treatment of medical conditions. In the retail and e-commerce sector, AI has been used to enhance the customer experience. A couple of ways to achieve that has been by providing customers with a more personalized shopping experience, and chatbots available 24/7 to provide immediate responses to inquiries.
The legal profession is no exception – lawyers and law firms have started to adopt Artificial Intelligence to better manage work, with clients as the main beneficiary. AI assists lawyers by significantly reducing the need to spend endless hours on administrative work, giving them more time to focus on other important aspects of lawyering, for example, strategising for the case. With the assistance of AI, Lawyers can now provide a holistic service to their clients.
Here is how you, as a client, can expect more cost-effective and efficient legal services from a law firm that has invested in and are proficient at implementing AI technology for their scope of legal work.
Artificial Intelligence facilitates lawyers to make efficient use of their time. With the once necessary administrative and manual research tasks greatly reduced, lawyers can now allocate more time and effort to building better business relationships with their clients. Such will encourage greater attorney-client responsiveness and communication, more attention to their clients’ overall philosophy, priorities, and goals.
Using algorithms and data from past legal outcomes, Artificial Intelligence can find patterns in highly complex decisions, and in this case, the ability to make predictions about the outcomes of legal proceedings better than humans. This would be helpful especially when clients need to know the likelihood of winning a trial of similar nature, based on past legal battle outcomes.
With predictive AI technology, lawyers can better propose alternative methods to achieve the best-case scenario for his clients. With calculated risks, this would also help clients make wiser decisions.
Artificial Intelligence systems help lawyers perform legal research and due diligence quicker and more accurately. Traditional (and time-consuming) functions such as searching for records of clients, reviewing documents and contracts, and detection of ‘wrong-doings’, can be done within a shorter time frame, yet with a higher rate of accuracy. When put to test, AI averaged a 94% accuracy as compared to that of lawyers, at 85%.
With the data on hand, an algorithm is further applied to sift through the entire population of documents to identify and prioritise relevant documents using the fastest way possible. The time needed for the process of collecting, understanding and assessing all the legal risks associated with your case would be reduced significantly, giving your attorney more time to develop strategies.
Waiting for weeks and months for a legal solution would be an experience of yesteryear. Not only will you be presented with better strategies sooner, but legal fees would also be lower with the use of lesser man-hours.
Apart from the aforementioned functions of Artificial Intelligence in legal services, software is also used to increase attorney efficiencies, like online document creation of contracts and other legal documents. This translates to reduced costs to clients. Businesses and individuals can afford to engage attorneys more often as a result of lowered legal fees.
Being an early adopter of AI technology and one of the few legal firms in Singapore to implement it in legal practice, RBN Chambers has been providing efficient and cost-effective legal services to businesses and individuals. Contact us for proficient solutions to your legal concerns.
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