Artificial Intelligence offers solutions to completely transform traditional legal practices. Legal-Tech takes care of the tedious and mundane activities, allowing lawyers and legal officers to process data more quickly and assist in their decision making.
NATURAL LANGUAGE PROCESSING
Legal Research
As part of legal research, law professionals have to search through various sources that include legal dictionaries, legal encyclopedias, legal periodicals, annotations, and treatises etc, most of which are digital these days. Text search methods give exact matches but most often miss the researcher’s intent, and most often very time consuming. AI provides a smarter solution to this problem, easily identifying related documents while taking context into consideration. NLP can help find significance and relevance between the text or string input with these documents, where regular text search would fail. This vastly improves the speed, accuracy, and efficiency of retrieving the most relevant information.
NATURAL LANGUAGE PROCESSING
Electronic Discovery (e-discovery)
During the e-discovery process, attorneys have to wade through tens of thousands of digital files in their databases and provide relevant information to satisfy the discovery request. Traditional keyword search methods are time-consuming and risk missing crucial information. AI can be implemented to maximise both precision and efficiency of eDiscovery. NLP can reveal relationships between the discovery request text data and assets in the database, while also massively decreasing the effort involved. This saves the organization time and money that would normally be spent on legal professionals to perform this same function.
NATURAL LANGUAGE PROCESSING
Legal Contract Analysis
Lawyers and paralegals analyse contracts to ensure their satisfactory execution for their clients. With hundreds or thousands of contracts, this can be a slow, expensive, labor-intensive, and error-prone process, even with a contract management system. Using AI, legal teams can easily analyse large amounts of contract data in a time and cost effective manner. Natural Language Processing can identify and extract relevant information like aggressive clauses, legal anomalies, future financial obligations, renewal or expiration dates, and even summarise contract data down to concise points. This eases review bottlenecks that delays deals or arrangements and their associated revenues.
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