Advantages and Disadvantages of AI in the Legal Sector

As our world becomes increasingly digitalised, as does the manner in which AI technology becomes utilised by firms to conduct their work. In this latest blog, various advantages and disadvantages of using AI in the legal sector is outlined.

ADVANTAGES;

Risk assessment becomes more accurate:

AI technology enables firms to utilise the data obtained in real time. In turn, the services that clients receive is improved as significant information has not been overlooked, which in turn allows firms to make the right decisions for their clients regarding an M&A transaction for instance. Also, reduced costs ensue here as the process is conducted in a more efficient, cheaper and quicker manner.

Higher Quality Work:

Law firms may use software to identity missing contract clauses for instance as it compares the current document with other precedents. In turn, this improves the quality of the work clients receive as key information is not omitted meaning the work becomes more accurate. Additionally, software which enable individuals at firms share calendars can also help improve the quality of the work clients receive - it makes it easier for individuals working on a matter to schedule meetings and collaborate.

DISADVANTAGES:

High cost:

For some firms, software installation costs can be extortionate, which can lead to discrepancies in the quality of services as some techologies become limited to the larger and wealthier firms. Further, the fact some software needs to be updated frequently so as to not make it redundant makes AI expensive and arguably untrustworthy. Potentially, this increases the possibility of outdated software encountering an unfamiliar situation, which could lead to them making inaccurate decisions, especially as it lacks the human understanding of how the law is constantly evolving. Furter, it is also important to acknowledge that should the technology become damaged the repair and replacement costs are extortionate too.

Unemployment:

Evidently, AI replaces manual work in law firms which could make some positions such as paralegal work redundant. Arguablt, damages the career prospects of those wanting to break into the legal field, which could also have a detrimental impact on the economy. However, it could actually increase the value of junior employees as AI has enabled individuals to focus on developing the skills needed to succeed in the legal skill such as advocacy and interviewing, rather than how to complete time-consuming admin work. In turn, this will make them into well-rounded, more respected young lawyers.

Anyhow, this is my take on the benefits and hindrances of adopting the AI technology in the legal sector, which I hope you’ve found useful and enlightening to read.

DelveIntoLaw.