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Legal AI

March 19, 2024

A Guide to Legal AI in 2024

In today’s legal world, a first-rate lawyer cannot afford to ignore the power of Legal AI if he wants to continue to provide excellent results for his clients. Therefore, a proper introduction is long overdue. In order to familiarise lawyers with the tools that are currently transforming their occupation, let us take a look at what Legal AI is exactly, and what it can do for lawyers in 2024.

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Legal AI: What is it and What can it Do? A Guide to Legal AI in 2024

Legal Artificial Intelligence (AI) has the potential to transform the legal profession. While Legal AI is steadily gaining popularity in the legal industry, the immense transformative potential of legal AI remains largely untapped. The reason for this is the legal professional’s unfamiliarity with data analytics and artificial intelligence, subjects which were historically quite distant from the legal profession. Traditionally, a good lawyer should be capable of thorough research, analytical thinking and intelligent oratory. In 2024, the parameters for excellence have shifted. In today’s legal world, a first-rate lawyer cannot afford to ignore the power of Legal AI if he wants to continue to provide excellent results for his clients. Therefore, a proper introduction is long overdue. In order to familiarise lawyers with the tools that are currently transforming their occupation, let us take a look at what Legal AI is exactly, and what it can do for lawyers in 2024.

What is Legal AI?

Some might consider the term “Legal AI” a buzzword that is rendered meaningless because it is thrown around without a proper understanding. Let’s break it down.

Legal AI is Intelligent

The first component of the term “Legal AI” is intelligence. Intelligence is not just one trait or capability but a combination of multiple capabilities, such as reasoning, the ability to interpret meaning, solve problems and - most importantly - the ability to adapt based on new information. Because all of these capabilities were formerly unique to human beings, the term “Artificial Intelligence” is used to refer to a non-human tool that is capable of these abilities: something that is intelligent to a certain degree, but artificial. AI is a technology that involves machine learning and natural language processing. Concretely, this means that an AI tool is a system that is capable of reasoning, interpreting meaning, synthesising information and learning from past experience. Humans can interact with AI using their natural language and delegate laborious tasks, thereby vastly increasing productivity and simultaneously significantly decreasing the cost of delivering legal services.

Legal AI is legal

The second component of the term “Legal AI” is the word legal: i.e., text-based machine learning put to use in a legal context. Legal work is particularly susceptible to AI application, because text generation and review are at the heart of the legal profession. Legal research involves the interpreting and synthesising of precedent and legislation. Basically, the law is a text. The word text comes from the Latin textum, meaning a weave, a web, a framework. The law is the complex interconnected framework in which meaning constantly evolves through new legislation and jurisprudence. This is an environment in which AI can show its strengths: it can write custom contracts, streamline contract negotiations and condense huge amounts of legislation and case law. Similar to a legal expert, Legal AI learns the language used in legal documents by identifying patterns through algorithms. AI can recognise key terms, phrases, and concepts within legal documents. The automation of these tasks allows lawyers to focus on the more high-value and complex parts of their job.

What can Legal AI do?

Now that we understand what Legal AI is, a new question arises: what can it do? Legal AI encompasses various AI-powered tools that offer different advantages throughout legal operations. Here are some examples of Legal AI use cases:

  1. Contracting
    Generate and review legal contracts in seconds based on provided information. Customize contracts to meet the specific and particular needs of the client.
  2. Data extraction
    Instantly extract any financial or transactional data from a wide range of legal sources for data processing or tax reporting.
  3. Compliance Monitoring
    Monitor changing laws and regulations and guarantee compliance by using legal AI to interpret and understand laws and regulations.
  4. Legal Research and Analysis
    Automatically analyse relevant legal research topics and find the legal sources required to solve complex issues. Streamline legal research and ensure comprehensive and accurate analysis.
  5. Due Diligence Risk Assessment
    Legal AI can reliably detect abnormalities in legal documents, such as contracts or policies, which allows legal professionals to further investigate them. Instead of going through documents page by page to painstakingly weed out risks, legal AI can examine any type of document instantly.
  6. Document Management
    Streamline the entire legal workflow with end-to-end functionality. Collaborate on legal documents in real-time, set automated approval workflows, instantly query documents and track key dates and deadlines.

How to Implement Legal AI in your Firm

Most legal councils today have more work than ever before, yet at the same time they are pressured to spend less on legal providers. In other words, the legal profession is dealing with a productivity problem. Legal AI can help tackle this challenge. More and more lawyers are realising the productive potential of legal AI. This begs the question: how to implement legal AI in your firm?

When looking for a legal AI provider, legal professionals should beware. Legal AI’s capabilities are so new and innovative, they make a strong appeal to the imagination. However, not all legal AI providers will be able to handle legal tasks in an adequate way. Not all Legal AI solutions are created equal. Here’s why LegalFly's AI Copilot stands out:

  1. LegalFly values Privacy
    Data privacy is one of the major risks of implementing legal AI. Corporate legal departments should carefully consider what data they are sharing with the legal AI provider they choose. LegalFly has set data privacy as an absolute priority. We prioritise data security and comply with all relevant regulations to protect your sensitive legal documents.
  2. LegalFly is an all-in-one Legal AI Copilot
    Manage your legal operations from start to finish in one place without switching between tools. Experience a seamless process from contract drafting & review to legal research and compliance.
  3. LegalFly lets your legal team set the guardrails
    Maintain control by setting your own parameters for AI assistance in legal tasks.

Want to discover more about LegalFly?

LegalFly is an AI-powered Legal AI Copilot that empowers legal teams to handle legal operations with unprecedented efficiency and accuracy. Trusted by law firms and legal professionals, LegalFly is the go-to solution for supercharging legal practices.

Supercharge your Legal Team

Screenshot of LegalFly's review feature interface, showing options for users to personalize their contract review settings.