•
March 19, 2024
.png)
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.
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur.
Block quote
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.
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.
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.
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.
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:
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:
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.
.svg)
.jpg)
