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Artificial intelligence (AI) is becoming an increasingly popular topic in the legal industry and many firms are beginning to explore its potential applications. While some have embraced AI as a device to improve efficiency and reduce costs, others have been more sceptical, questioning whether it’s truly beneficial for law firms to use this technology.

What are the benefits of using AI?

One of the benefits of AI is its ability to automate repetitive tasks, such as document review and contract analysis. This can save law firms a significant amount of time and money and also reduce the risk of human error. By using AI to automate these tasks, firms can free up their lawyers to focus on more complex and higher-value work, such as client consultation and strategy development.

AI can also help law firms stay up to date with the latest laws and regulations by providing automated legal research and analysis. This can be useful for law firms that specialise in particular areas of law, such as tax or patent law, where the laws and regulations are constantly changing.

In addition, AI can be used to improve the client experience by providing more accurate predictions of the outcome of legal cases and helping law firms to identify patterns and trends in legal data. This can help law firms to provide more accurate legal advice to their clients, and also help them to identify potential business opportunities.

For more information on working with AI, read this Practice Area Profile.

What are the concerns about using AI?

Despite the above benefits, there are also concerns about the use of AI in law firms. Some lawyers are concerned that AI will replace human lawyers, and lead to job losses. However, this is unlikely to happen as AI can only automate repetitive tasks, it can’t replace the human touch in legal advice and representation.

Another concern is that AI can be biased, if the data it’s trained on is biased, which can lead to inaccurate predictions and incorrect legal advice. However, this can be mitigated by using a diverse dataset and regular monitoring of AI systems.

Read about the impact of using AI in the boardroom with this LCN Says!

So, should law firms use AI?

AI has the potential to bring significant benefits to law firms by automating repetitive tasks, providing accurate legal research and analysis and improving the client experience. However, law firms should be aware of the potential drawbacks of AI and use it responsibly. By using AI in a complementary way to human lawyers, law firms can achieve a better balance between efficiency and quality of service.