Improving Contract Analysis
AI has the potential to improve contract analysis. An advanced language model could be used to generate “boiler plate” language, allowing attorneys to focus on the substantive parts of the contract which reflects the deal, and risks are effectively covered.
Generative AI can boost efficiency and minimise the chance of errors and oversights when used in combination with the legal knowledge, and scrutiny of the lawyer. It can analyse the contract for risks, inconsistencies, and compliance issues. It can quickly perform the more mundane tasks allowing solicitors and lawyers to focus their time on more substantive work.
Enhanced Legal Predictions
Generative AI models have the capability to perform language analysis to draw crucial insights on precedents and procedures from large amounts of text data. Implementation could allow legal firms to analyse various factors such as: historical case data, relevant precedents, case similarities, and legal principles to identify patterns. AI may provide helpful insights and predictions and enable lawyers to make more informed, strategic decisions, and more effectively manage client expectations based on robust historic data.
There do seem to be some major benefits to using Artificial Intelligence in legal practice, which frees up time for the focus on areas which requires an understanding of the context and legal principles to be considered. But is it all sunshine and roses? Here at LS Law, we do not believe it is. There is no substitute for legal experts with industry expertise!
In our next article we delve a little deeper into the world of AI use in law, and the risks which need to be factored in and mitigated against, and why legal services such as those provided by LS Law will always be necessary.