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Artificial Intelligence Artificial intelligence is adding efficiency and transforming businesses everywhere, and legal practices are no exception. General counsels and executives which are hiring lawyers need to realize that this technology is available now, so that they could make sure their lawyers leverage the most recent technology tools, says Christian A. Farmakis, shareholder and chairman of the board at Babst Calland. AI may increase speed, increase efficiency and lower costs for customers if the law firm has the right tools, but even more important knows how to use those tools. Smart Business talked to Farmakis about the advancement of AI technology in the legal space, which business executives might want to take benefit of. How's AI technology disrupting the legal industry? AI is a term usually used to describe computers performing tasks typically viewed as requiring human intellect. AI legal technology won't replace lawyers, but these tools will dramatically change the way lawyers provide services for their clients. While estimates vary, 23 percent to 35 percent of a lawyers job might be automated. Consequently, lawyers will need to be more strategic and supervisorial, able to act as project managers and supervise the info being placed in systems, and knowledgeable about the assumptions underlying the machine learning algorithms. To date, projects that classify data have been influenced the most, allowing those projects to do more quickly and more efficiently. Including: E discovery. Due diligence. Research. Law firms can already pass these savings on to clients, however this is just the beginning of the transformation. What will be the next wave of AI legal technology? The next generation, which is beginning to hit the market now, will be the automation and legal research and writing tools, as well as predictive technology tools. For instance, a contract can be submitted to an algorithm in order to identify how dangerous it's. It might be utilized to determine how likely is it to go into litigation or if it complies with the companys internal contract procedures and policies. Another use is analytic tools that may measure efficiency and price of the legal services. E billing and practice management tools could measure whether a service contract should cost $2, 500, not the $7, 500 thats being charged. Whilst the AI legal technology revolution is still in its infancy, the turning point is around the corner. And a lot of the products pricing models don't yet meet the market needs. While pricing adjustments are already starting to occur and integration should happen over the next five years, AI technology is nothing more than a tool. Exactly like other technology, buying the new tool is just a small part of what needs to happen to gain efficiency and affordable prices.
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