In the last decade legal tech has come on leaps and bounds and the number of tech companies has grown exponentially. COVID-19 appears to have led to the further adoption of tech to enable working from home (in particular communication applications) but what about AI tech? What really is AI, why would firms adopt it and what needs to be thought about from the risk side? Further, what are the risks in using communication applications?
What is AI really?
When some people think of AI they might think of a humanoid from a movie, a piece of technology masquerading as a human, doing what a human does. Alas (or not) AI in the legal world is not that exciting (or it may be to you depending on your viewpoint).
In terms of AI in the legal world, we are often talking about using natural language processing (NLP) software to perform a sort of ‘word search on steroids’ to find information contained in contracts and court records at speed and at little cost.
It’s called AI or ‘legal AI’ because the NLP is trained up using machine learning (this gives it the ‘artificial intelligence’ bit), whether assisted by a lawyer while using it, or prior to that by the software vendor, and in many cases both.
AI in law firms can relate to due diligence reviews, eDiscovery, legal research, knowledge management tools, review and red-lining contracts and more.
It may be that in years to come AI develops to be more of the kind found in movies, a sort of ‘artificial intelligence lawyer’ if you will, but we aren’t there yet.
Continue reading: https://www.lexology.com/library/detail.aspx?g=56e7d116-93f2-4021-85f9-f8cfc5b391fa
What is AI really?
When some people think of AI they might think of a humanoid from a movie, a piece of technology masquerading as a human, doing what a human does. Alas (or not) AI in the legal world is not that exciting (or it may be to you depending on your viewpoint).
In terms of AI in the legal world, we are often talking about using natural language processing (NLP) software to perform a sort of ‘word search on steroids’ to find information contained in contracts and court records at speed and at little cost.
It’s called AI or ‘legal AI’ because the NLP is trained up using machine learning (this gives it the ‘artificial intelligence’ bit), whether assisted by a lawyer while using it, or prior to that by the software vendor, and in many cases both.
AI in law firms can relate to due diligence reviews, eDiscovery, legal research, knowledge management tools, review and red-lining contracts and more.
It may be that in years to come AI develops to be more of the kind found in movies, a sort of ‘artificial intelligence lawyer’ if you will, but we aren’t there yet.
Continue reading: https://www.lexology.com/library/detail.aspx?g=56e7d116-93f2-4021-85f9-f8cfc5b391fa
