The Future of the Legal Field is Generative AI

March 14, 2023

March 14, 2023

The Future of the Legal Field is Generative AI

The future is artificial intelligence. It can be seen employed in places from grocery stores to major business chains.

Now, law firms are using AI to increase profitability and maximize efficiency. AI tools are being implemented to assist lawyers with all daily tasks in their law firms.

Here is everything you need to know about the legal field and generative AI;

What is Generative AI?

Generative AI is being used in virtually every industry. It is a kind of artificial intelligence that has the ability to produce a variety of content. This can include the production of:

  • Text
  • Audio
  • Synthetic data
  • Content
  • And more

In other words, AI is a machine that is taught how to conduct the tasks of a human. New interfaces are being offered in a simpler form—which allows a variety of users to utilize its technology. This high-quality content and information can be created in virtually seconds versus the time it takes a human to write and research.

Although generative adversarial networks –otherwise known as GANs—was first introduced in the 1960s, AI didn’t hit mainstream until 2014. This is a machine learning algorithm that allows AI to create authentic sounds, images, and videos of real people.

How Can AI be Used in Law Firms?

Generative AI can be used across all parts of a law firm. Below are just several ways where AI can be used to the advantage of lawyers and legal professionals.  

1. E-discovery

E-discovery is a main staple in the day-to-day operations of a law firm. AI can help with this process of scanning electronic information to obtain evidence and relevant information for a case.  There is AI software that allows legal professionals to scan documents into digital form. This frees up time and space for lawyers to continue the discovery process to obtain more information.

2. Legal research

Legal software that is powered by artificial intelligence allows lawyers to move faster and more efficiently. We all need more hours in the day. Legal research is one of the most important methods in a law firm.  Legal research allows legal workers to quickly scan through case law, niche areas, statutes, ordinances, regulations, and more. This helps develop case precedence for their legal cases. AI can assist with comprehensive research at a faster rate than any human could ever conduct.

3. Improve access for clients

AI was designed to help humans and eliminate legal barriers that lead to justice. Legal help can be incredibly expensive, and many people can lack the means of hiring adequate representation to help them through their legal woes. AI can quickly reduce the cost for clients; therefore, the ability to reach a larger database of clients who need legal help.

The time saved on research can be transferred to help clients. This can increase trust, credibility, and client retention, and garner new clients based on great referrals.  

4. Due diligence

Legal professionals must exercise due diligence to ensure the firm is following proper protocol, procedures, and ethics. AI can quickly assist lawyers to review their documents and flag specific ones that contain a certain clause.

AI can scan hundreds of documents within seconds, speeding up the due diligence process tenfold. The manual effort of scanning the documents and searching for the specific one will be drastically cut, thus relieving the lawyer of the headache of reviewing hundreds of documents and, again, saving on costs.

5. Litigation Analysis

Analyzing, researching, and preparing a lawsuit can be time-consuming for attorneys. This analysis can bog down lawyers and stonewall them from being as productive as they could be with the help of AI. AI can quickly review case precedents to assist in drafting documents that are more relevant based on the data it finds.

Time is money. If the firm can save money, the savings can then be passed on to the clients. This method rings true as LevelEsq is proof saving money in the legal industry is not only possible—it’s guaranteed. Their financing and insurance solutions can help law firms save thousands on their cases. Lawyers can easily protect their investments by no longer being the bank for their clients. They can join the nationwide network of successful lawyers who can benefit from LevelEsq’s case cost solutions, saving money for their firms and clients. Whether it’s with LevelEsq’s Level Case Financing that funds case costs at a net cost of 1% annually, or Level Insurance that reimburses case costs in the event of trial loss for a low, one-time premium, LevelEsq offers 360-degree protection and funding that helps you grow your firm.

Is AI the Perfect Remedy?

In all fairness, as incredible as AI is to assist with daily operations in a law firm, nothing is perfect. To err is human, yet automated algorithms can also present their fair share of issues. For example, job losses, social surveillance, biases, and more can come from AI automation.

Lawyers must not go into AI assistance thinking it is fool- or fail-proof. Legal workers must continue to double-check the work ensuring no errors are present. AI can easily increase profits, productivity, and efficiency, but it must be supervised to ensure accuracy. AI is a proven way to improve your law firm and practice if used properly.  

By using Level Case Financing to fund your case costs for a net case cost of 1% annually, you can use your freed up cash flow to invest in AI technology for your firm and grow into the future. Apply here and receive a decision within one business day.

How can we help your firm?

Lawsuit Cost Financing

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Litigation Cost Protection

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