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 in the wake of the COVID-19 pandemic. 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.
Myth 1: AI is only for big businesses
AI technologies can offer significant improvements for all legal work, irrespective of size. 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.
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. Look for a provider who offers solutions scaled for the needs of your organization.
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.
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.