AI Catches Up with the Law
Want to reduce a significant amount of time reviewing contracts and answer the most basic questions of the review process much faster? That is, what if you could easily answer questions such as, "Can I sign this? What are the risks? What issues could I face? What could be the legal liabilities?"
The legal profession, presumably one of the more difficult bastions of hopelessly boring intellectual gymnastics, once appeared immune to the threat—or promise, depending on your viewpoint—of AI.
No more. AI is making inroads into legal due diligence, ranging from contract review, legal research, discovery of relevant legal documents, IP protection, expertise automation (that, in the beginning days of AI, was called Expert Systems), billing (seriously, did you expect lawyers to forget about this?), legal analytics, determining probable outcomes of cases, and many more use cases.
The benefits of AI technology include 20-40% of time savings on routine tasks, predicting court rulings with over 90% accuracy, reduction of trademark search time by 50%, and so on.
Visualize this landscape interactively (hover over any node with your mouse for popup of a brief description; click on any node to center it; zoom in/out with the mouse wheel; hold left mouse button down and drag to pan):
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