Artificial Intelligence (AI) is expected to grow to a $119 billion industry by 2025. It’s at the forefront of modern technology and is becoming more and more prevalent as it shapes the future of humanity across nearly every industry. To simplify a very complex concept, AI refers to systems or machines that mimic human intelligence to perform tasks and can repeatedly improve themselves based on the information they collect. Just like humans can learn from experience, AI can learn from the data they store. It is already the main driver of emerging technologies like big data, robotics, and the Internet of Things, and will continue to innovate technology in the foreseeable future.
In this blog post, we expose 3 myths surrounding Artificial Intelligence for law firms, and we discuss how you can gain access to this new legal technology.
What is AI?
The term Artificial Intelligence is used when machines can complete tasks that require human intelligence. It’s useful for legal professionals because its natural language processing uses data analytics to learn certain patterns and gain insights from them. For example, it can analyze hundreds of due diligence or intellectual property documents and automatically flag them as relevant to certain cases.
The benefits of using AI, specifically in the context of AI software for law firms include:
- Saving valuable time when used to complete tasks which can be time consuming and labor intensive.
- Producing results that are faster and more accurate than traditional research methods.
- Increasing accuracy and avoiding oversights that often occur as a result of human error or distraction.
- Decreasing workload for law firm employees, to dedicate more time to tasks that cannot be done by AI.
Myth 1: AI is only for big businesses
AI technologies can offer significant improvements for all legal work, irrespective of size. Small businesses can now use AI to optimize their processes, too. AI solutions can utilize the power of Machine Learning easier than ever before. Machine Learning is an application of AI that uses and analyzes data to improve its performance over time on a particular task.
For example, CloudLex offers advanced cognitive search functions, which can be useful for any business. This means that we provide the next generation of enterprise search driven by AI so that you can get the most accurate results from your documents, matters, intakes, tasks, notes, etc., in seconds. The right AI software should work just as well for small law firms as they do for large national firms.
- Small businesses can also use AI solutions to harness the power of Machine Learning to optimize their processes.
- Finding the right AI software for your law firm can provide valuable improvements for your small business.
Myth 2: AI solutions are expensive
AI systems are an investment, not an expenditure. We are now at a point in development where artificial intelligence for law firms can be affordable for everyone. According to WebFX, companies can pay anywhere from $0 to more than $300,000 for AI software. This software can range from a solution provided by a third-party to a custom platform.
Many intelligent systems such as Google AI and Microsoft Azure AI are low-cost. Developing a system using low-cost AI models, results in a decrease in overall cost. For your small law firm, it is important to look for a provider who offers solutions scaled for the needs of your organization.
- AI solutions can be both affordable and expensive, whether you choose software provided by a third-party or a customized platform.
- AI systems such as Google AI and Microsoft Azure AI are low-cost, and therefore results in a decrease in the cost making it a more affordable alternative.
Myth 3: AI requires technical expertise
Sophisticated AI tools reduce operational complexities and require little to no human intervention. This means that your system should seamlessly fit into your firm’s service channels and case management data and not require technical expertise to install or manage.
A solution like CloudLex has AI built into the platform. Making it easy to manage your AI solution, requiring little to no technical expertise. According to research by the world economic forum, Artificial Intelligence for law firms will aid productivity and increase it by 35% in the United States by 2035. With our cloud-based, ready-to-use system, your legal services will be able to access the benefits of AI instantly and without hassle. Schedule a demo today.