Artificial Intelligence is the development and use of machines to execute tasks which usually required human intelligence. As time passed, other definitions sprung up, one of such definitions defines AI as the use of technology to carry out a task that would typically require human intelligence.
Another school of thought defined AI as the branch of computer science dealing with the reproduction of mimicking of human-level intelligence, self-awareness, knowledge, and thought in computer programs. AI can also be said as a computer system able to perform tasks that ordinarily require human intelligence. Many of these artificial intelligence systems are powered by machine learning. There is the misconception that AI emergence is the loss of jobs. While many publications maintain such stance. AI is not doomsday for the legal profession. Instead, AI has a cogent role in upgrading the legal sector.
Importance of AI
Automated Document Review- Legal practice is synonymous with lots of paperwork. Resultantly, junior lawyers have to identify relevant facts from the mountains of documents. Unfortunately, the manual approach of seeking out relevant information makes document review susceptible to human errors. Moreover, it wastes time and energy needed in crucial legal tasks. Be that as it may, AI makes document review less fallible. Despite the intervention of cognitive computation in making papers review efficient, lawyers need to provide great strategy and analysis as today’s AI is not sufficiently intelligent yet.
Ergo, lawyers need to train AI software to help in identifying relevant aspects of a document. The synergy between lawyers and AI in reviewing documents will provide the most cost-effective and best services for their clients. Check LawPavilion’s AI Document Review Product.
Risk Assessment– Assessing risks is among the responsibilities of a lawyer. Excellent risk assessment prevents pricey lawsuits. Regrettably, most lawyers and law firms are not good at-risk assessment. Clients suffer the consequences of this deficiency. Fortunately, AI innovation can ameliorate this inefficiency. In effect, an automated risk assessment will lead to the shrewd legal advisory of clients on potential disputes before they ensue.
In the instance of lawsuits, the availability of AI-driven applications will help law firms and lawyers discover information and data that need optimal protection quickly. The progress of competent risk assessment will enable law firms and lawyers to correctly assess risk outcomes while minimizing costs and protecting their reputation and clients.
Prediction of legal proceedings outcome– Unlike human lawyers, AI can accurately analyze data in a way that correctly envisages the conclusion of a legal dispute. With the swift analysis of past litigation trials by AI programs, Nigerian lawyers will be more equipped to predict the conclusion of lawsuits correctly. The automation of disputes prediction will save the time and costs of clients, law firms, and courts.
Due Diligence Reviews– Due diligence is a crucial role for lawyers, especially those in the corporate sector.
Due diligence provides clients with necessary information regarding their M & A processes and feasibility. Typically, due diligence processes involve preparation, setting objectives, categorization of financial knowledge, among other useful information. All these make due diligence a tedious task. Time is never enough for due diligence processes as lawyers have to get documents, analyze each of them for relevant points. The material points form the basis for creating a due diligence report.
Sometimes, the tiresome nature of due diligence affects the efficiency and morale of lawyers as they have to work late to meet the set target.
In consequence, lawyers might incur more costs, thereby decreasing clients’ satisfaction and elongating the due diligence process. Artificial Intelligence (AI) technology proffers a feasible solution to these problems. If implemented in due diligence processes, AI can automate the search for relevant document data for review. After it analyses the data, it will export the relevant points to Excel for a comparison review. Through this process, lawyers can further review the data in a comparable format. This automated process will not only ensure document sorting, but it would also eliminate manual errors.
The average Nigerian lawyer must develop a broad skill set ranging from advising in new legal areas such as digital privacy, cryptocurrency, and even media rights. More importantly, the future lawyer must unceasingly upskill and learn as digital technologies infuse the legal space.
Aspiring lawyers happen to be born in one of the most exciting periods in legal history. It will be important in law as elsewhere for young aspiring professionals (law students) to be entirely familiar with the potential and limitations of online service in their areas.
As a digital revolution awaits the legal space, lawyers and aspirants must preserve their relevance ahead of the new era by investing in tech tools that will improve the quality of their legal service delivery.