Lawyers are uniquely positioned to benefit from artificial intelligence because the legal profession has spent literal centuries documenting and annotating case law and sample contracts. And most of this data is easily accessible with a LexisNexis account. Every legal AI developer has access to a treasure trove of good training data.
A number of common legal tasks are also "endangered" by AI because they involve rote, repetitive work that AI is really good at learning how to do. And once it learns, AI can do that work faster, more consistently, and for a lower cost than human legal professionals.
All the basic classification work that lawyers spend their days toiling through -- identifying contract language and tracking down relevant legal precedents -- can be automated by AI. A document that may have taken a paralegal or a junior associate two hours to mark up, AI could analyze in seconds.
And if a lot of your legal practice includes repetitive clerical work -- like finding a "hold harmless" clause in an agreement and swapping it out with your boilerplate language -- AI is ideally suited to help you with those tasks, too.
Artificial intelligence is a perfect remedy for the boring drudge work that eats away at a lawyer's workday, even if that tediousness does generate billable hours. Adopting AI means you can dispense with this drudgery and focus on the more creative, strategic aspects of practicing law.
LinkSquares is developing an artificially intelligent contract analysis and management tool that helps you classify the documents in your contract portfolio and quantify the risks and opportunities hidden in your signed agreements. It's a great first step into the world of legal-analysis AI. If you want to test-drive the most advanced AI contract analytics tool on the market then contact LinkSquares today.