Navigant Managing Director of Global Legal Technology Solutions Jim Vint discusses three artificial intelligence (AI) trends that will affect legal professionals in 2018
Following Navigant's 2017 Law + Innovation program, hosted with the ABA Section of Litigation, Managing Director of Global Legal Technology Solutions Jim Vint discusses three artificial intelligence (AI) trends that will affect legal professionals in 2018.
AI may seem like a technology that belongs in some futuristic society, but this software — and the new efficiencies it’s driving — are affecting the legal community as we speak.
AI and machine learning technology organize vast amounts of data through identifying keywords and patterns, continuously acquiring subject knowledge, and analyzing relevant results. These capabilities will allow legal professionals to sift through large amounts of case data, creating new opportunities and questions for the industry. The following AI trends will have a significant impact in the years ahead.
1. Advancement of Analytics Capabilities
In order to harness the powerful potential of advanced analytics, legal professionals must cultivate an understanding of how to input the most precise information in order to get the most relevant results, as well as how to interpret the solutions AI provides.
2. AI Will Allow Lawyers to Take on More Strategic Work
While questions remain as to how many jobs AI will replace, one thing is certain: AI will start taking over the parts of lawyers’ jobs that are more routine and repetitive, such as drafting merger agreements and analyzing terms and conditions. This will leave lawyers with more time to focus on higher-level case strategy.
3.) AI Will Help Manage and Control Costs
AI applications will help general counsel of corporations manage and control operational costs. AI is well-positioned to meet the challenge of ever-increasing data because the software adapts and improves with each use. Additionally, firms won’t need large and costly IT departments to remain competitive.
By leveraging and harnessing AI tool sets now, legal professionals will be better equipped to meet the challenges of complex data, serve clients efficiently, and stay ahead of the competition.