Thomson Reuters the world's leading source of intelligent information for businesses and professionals made the observation that “within the next few years, we will find ourselves on the cusp of a revolution in the practice of law led by the adoption of artificial intelligence”.
The data confirms this trend. Investment into legal technology, particularly AI, has hit a record $1 billion in 2018, up from $ 233 million in 2017.
While the legal profession has fully embraced Technology Assisted Review and Predictive Coding to address rapidly rising e-discovery costs inherent in litigation and which was judicially endorsed in Da Silva Moore v. Publicis Groupe et al, the adoption of AI technology tends to lag other industries.
However, this trend is about to change. A recent survey of over 200 corporate legal departments by the CLOC institute found that 45% of the respondents are actively evaluating AI technologies to minimize highly labor intensive and tedious tasks associated with the practice of law.
The application of AI technologies is expected to be pervasive – not just the domain of large firms and corporate legal departments – but small firms and even sole practitioners may benefit from its use.
An article which appeared in the American Bar Association Law Practice Andrew Pery and Mike Simon explore how robotic process automation is proven to streamline some of the more mundane and tedious tasks associated with the practice of law and free up lawyers to focus on higher value work.
Check out ABBYY’s portfolio for the legal sector and the application of AI technology for contract analytics.
By Andrew Pery and Michael Simon
This blog is a highly abridged version of Andrew Pery and Michael Simon's article entitled "Robotic Automation Can Improve Your Practice", originally published in the magazine of American Bar Association (ABA) on July 01, 2019. To read the full text of the original article, please follow this link: https://www.americanbar.org/groups/law_practice/publications/law_practice_magazine/2019/JA2019/JA19PerySimon/
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