The most important parameter for deciding whether or not to give legal status to the AI system depends on whether it is in the interest of society. Only if it is in the best interests of society should the question of creating a legal status be taken into account. In conclusion, however, one can say: « The consideration that an autonomously functioning artificially intelligent robot should have a safe legal subjectivity depends on the actual social necessity in a particular legal and social order. » What is most likely to affect the law for the foreseeable future is an overhaul and a growing demand that companies tackle more legal issues through technology systems than as a guild of high-level professionals. Due diligence – Legal software using artificial intelligence (AI) is beneficial and fast, whether it is reviewing a contract, conducting legal research, or conducting electronic investigation activities. Analysis, decision-making and representation are crucial in the legal field, and these tasks cannot be automated. Lawyers can save a lot of time and energy with the help of AI-based software and programs, and clients can feel more confident in the advice they receive from their legal representatives and law firms. In addition, manual processing of contract changes, terminations and renewals results in increased legal costs. With digital transformation, even though companies have adopted contract management tools, they still face challenges when existing contracts need to be migrated to these tools. In order to respond strategically and effectively to the demands of business evolution, it is imperative that legal departments evolve rapidly. As the volume of work increases, low-cost legal departments are building legal operations teams to drive better business outcomes and move up the industry`s entire value chain. Figure 1 illustrates the main activities of legal activities. The many proponents of automation foresee a world in which legal issues are mostly handled by machines, dramatically reducing the cost of legal services and reversing the traditional law firm model. There is already a group of providers, including Riverview Law and Axiom, legal process outsourcers, and a handful of law firms using technology to transform legal processes.
A number of in-house teams are also interested – although, unlike Christensen`s model, it is currently large institutional buyers rather than marginal early adopters who are increasingly experimenting with such tools. While it will take some time for research into notoriously difficult AI problems, such as automated legal thinking, to be fully integrated into practical systems, the « weak » or « soft » AI included in these and many other startup offerings is seen by many as the most likely way to cause seismic change in the legal market. realistically over the next five to ten years. The reason why many think the law in particular is being changed by AI and at least advanced automation is easy to understand. Legal and legal services are based on knowledge of codified information that is accessible and provided through a very expensive professional framework that relies heavily on personal advice. A 2013 report often cited by two Oxford University researchers who argued that 47 percent of American jobs are at high risk of being replaced by intelligent machines « within the next two decades » concluded that paralegals and paralegals were in a high-risk camp. (However, the authors, Dr. Carl Benedikt Frey and Michael Osborne, concluded that the lawyers themselves belonged to the low-risk group, in an analysis that classified 702 jobs as high, medium, and low risk of computerization.) Granting legal personality to AI systems would ensure the conclusion of contracts. [11] The use of electronic agents to enter into binding agreements is not new. High-frequency trading, for example, relies on algorithms that contract with other algorithms on behalf of traditional people. [12] Therefore, granting personality to such AI systems would ensure smoother work and fill potential accountability gaps that AI poses with regard to contracting. Paralegals and lawyers can also use AI to ensure that all relevant facts, laws, and statutes are included in the legal documentation and follow the lengthy standard formatting rules.
AI solutions provider LegalMation has developed a domain-specific model that focuses on legal terminology and concepts. The LegalMation platform helps legal teams create quick response documents in less than two minutes. Customer service and processing would change dramatically in the future. Law firms would offer innovative concepts and offer clients real and cost-effective legal services. Currently, law firms in India use a billing model known as « billable hours » based on the time it takes to complete a particular project. To better serve their clients, legal service providers could use something like a performance-based pricing strategy [PBPS] to adjust their rates. This pricing model would benefit both the customer and the company, as the latter would only be paid when predetermined goals are met, as the name suggests. There is a misconception among lawyers and law firms that AI and ML pose a threat to their livelihoods or, more simply, that AI will eventually replace lawyers. Artificial intelligence (AI) will enable lawyers and law firms to do more with less and become much more productive than their ancestors, as has been demonstrated in other sectors and industries such as e-commerce, healthcare, and accounting. The Future of AI in Legal Services: Towards Better, Faster, and More Cost-Effective Legal Services Data-driven procurement is an area where the human willingness to rethink how law is executed is at least as important as technological advancement. Professor Michael Luck, Dean of the Faculty of Science and Mathematics at King`s College: « We are at a point in computer science where we have systems that can already do a lot of this. They transact electronically and provide services in an automated way, but we have not yet used machines for other legal aspects of this work.
We are not quite where we should be in terms of enforcement. It`s partly technological, but it`s mainly because humans aren`t willing to hand such things over to machines. But there are many automated electronic services that we take for granted. We just didn`t put the next level above. We need the environment to catch up. Moreover, if the system had legal personality, its legal rights would be recognized. Instead of being treated as slaves, they would be treated as employees. The execution of due diligence is a central task that lawyers perform for their clients in order to thoroughly assess a legal situation and provide competent advice. The process is a comprehensive investigation that involves the collection and review of documents and other communications, as well as their examination of language or other evidence relevant to the case.
While due diligence is required for a lawyer to advise their client on their options and recommend a course of action, the process can be long and lengthy, and prone to errors or inaccuracies. It is expected that the intersection of AI and law will develop rapidly in the near future, which will open up interesting opportunities for the Indian legal sector. Artificial intelligence is currently proving beneficial in various areas of law, including, but not limited to, the following. While AI is still in its infancy in the legal industry, its applications are already streamlining low-value, repetitive tasks and helping employees simplify the day-to-day, time-consuming responsibilities of legal practice. (We`re still a long way from fully automated AI lawyers or judges; current practitioners need not worry about being replaced by technology.) It is often claimed that there is something unique about legal obligations that requires human oversight, but Surden thinks this objection has been exaggerated. « When you`re talking to someone in business, the most important things in a contract are the simple things. A typical contract may have 59 clauses, but 57 of them are not relevant. They are there to quantify the risks in the event of a disaster. It is these two key clauses that interest you 99.9% of the time, and they can be monitored by a computer. In fact, automated, computerized stock option contracts are already the norm in finance. « These documents are not written in human language, but in the form of files that few lawyers could read.
Disputes still arise when people accidentally enter into a financial contract when they wanted to stipulate something else, but there are different internal rules and processes to deal with these disputes. The system is so well integrated into financial practice that people forget that it represented a big change in the way financial contracts were written just a few years ago. « Corporate legal departments are facing a huge shift in expectations due to increased cost sensitivity combined with regulatory and risk pressures.