AI-Powered Legal Software and Legal Services | Examples
We are often asked how legal process outsourcing (LPO), claims management software and general legal software utilizes technology to outperform traditional business models. Here are a few examples:
Reviewing documents: both AI and machine learning are highly beneficial in reviewing legal documents and assessing their significance. We use machine learning in our claims management software, for example, to identify areas within invoices that need to be flagged for billing guidelines errors. Same goes for our legal bill review service. Our sister company has a legal billing software that does something similar.
Due diligence: going through background work is a task that lawyers may find rote and, for lack of a better word, dull. Cross-checking facts and statistics is an area where machine learning can thrive. With machine learning, for example, you can upload “rules” that subsequent data must comply with. For example, we implement dates within which invoices may be presented to our clients, but outside of those dates, we will flag those invoices as subject to dispute. Just one example of where AI can make manual work not only easier but also more accurate and profitable.
Reviewing contracts: another hectic task is reviewing contracts and finding out if there are mistakes or compliance risks. For example, does the contract contain provisions to work with politically exposed people (PEP)? AI can make identifies these risks less tedious. It can analyze both individual and bulk documents quickly and accurately. Many software companies have developed AI tools, particularly for contract review. A good example is LawGeex, which utilizes AI to review contract and flag contract guideline errors.
Prediction of legal outcomes: algorithms in AI can also be applied to case precedent and law to come up with insights regarding hours required for similar cases and the likely outcome. By finding patterns in complex questions and analyzing evidence, AI can offer invaluable insight to view the attractiveness of taking on (or not) certain legal cases. Similarly, the technology can provide insights into the attractiveness or settling a case or going to trial.
As the world is reaping the benefits of advanced technologies, all sectors have been given a boost. AI becoming increasingly popular amongst law firms, it can inevitably change the face of the legal technology sector for the better.
For more information, please reach out to [email protected], we’d be happy to discuss how AI can apply to you.