The technology has become a part of all businesses, and generative AI is a powerful tool. Legal firms are incorporating AI into their practices to increase productivity and client satisfaction. In The Lawyer UK200 report, 57% firms surveyed said their AI implementations were successful.
All About Law estimates that new technology can automate 23% of the time of a lawyer. This means they save 2 hours on a 10 hour working day. Over half of lawyers now use some form of AI according to a University of Oxford study. This number will continue to grow over the next few years.
The worldwide legal tech market is expected reach $37.9 Billion by 2027. – Ifourtechnolab.
Law Firms Setting an Example
Allen & Overy set the standard for law firms when they integrated their AI platform ‘Harvey,’ which is capable of performing in multiple languages and generating high-quality legal content. The platform automates several aspects of the legal work using natural language processing, data analytics and machine learning. Harvey can handle contract analysis, due diligence and litigation as well as regulatory compliance.
Macfarlanes, the second law firm in the UK to invest in Harvey, has now given 650 of its lawyers access to the technology. Harvey was used to perform research, analyse and summarize documents, as well as create first drafts for emails and memos. Harvey will also be reviewed by the firm’s lawyers.
Harvey will soon be implemented by many firms to improve client relationships and save time.
The technology as an instrument
Harvey is an example of AI. AI also includes chatbots and Natural Language Processing (NLP). Chatbots provide clients with quality information all the time, something that a lawyer could never do. Chatbots will be the fastest-growing consumer application in 2023. In the legal industry, Chatbots and NLPs are being used to interact with clients 24/7 for legal questions. It improves service to clients, and allows attorneys to concentrate on complex cases.
Blockchain technology provides high-level security. This technology ensures the integrity of transactions while enhancing data security. This technology could help your law firm increase client safety while also enabling seamless communications. The substantial cyber threat to law firms could make 2024 the year of the blockchain. This would allow for easy client confidentiality.
VR and AR is changing the legal argument. Virtual reality (VR), which recreates crime scenes and accident locations, provides judges and juries an immersive experience that they can understand. By overlaying digital data onto exhibits, augmented reality (AR), makes courtroom presentations for juries more engaging.
Grand View Research reports that the VR and AR industry is expected to reach $597.54 Billion by 2030.
AI won’t replace you.
Many people have been concerned that AI development would lead to a loss in jobs. This is not a concern for the legal industry as AI has been integrated into the team and not as a replacement. As firms require someone to oversee the technology and make sure the software is working correctly, more opportunities have arisen. AI was introduced to make the lives of lawyers easier by reducing the amount of labour-intensive tasks. It is not the technology that should concern us, but rather other lawyers who can use technology efficiently. Employers will be increasingly looking for those who have a tech-savvy approach.
The latest technology will increase the number of talent the company can hire. Top talent in the field wants to work where administrative tasks are kept to a minimum, and using technology is a way to do that.
What you can expect
It is not surprising that AI will continue to grow in popularity in 2024. In 2024, more law firms will introduce innovative technology and use them to their maximum potential. The use of these devices will require a high level of quality and security. New ways to achieve this, as well as the correct usage of technology will be at the top.
Lawyers will be required to use technology more often in their daily work and to receive training on how to make the most of it. AI will be used in the legal field more and more, transforming how lawyers work.