Legaltech as organizations that provide software and tech-enabled services to the legal vertical (including law firms and internal counsel) as well as businesses and consumers. Artificial Intelligence (AI) in Legaltech is widely used to review the contract. The law firms waste their significant time in reviewing the contract before they are signed. With the help of AI, contract can be reviewed in less than an hour saving 20-90% of time without sacrificing accuracy. AI is playing very important role in contract due diligence, legal research, eDiscovery, and in intellectual property.
There is lot of buzz about artificial intelligence in legaltech and AI is considered as integral part of this sector. But legal sector is very conservative market, some lawyers are still stuck with the thought that the change is not required and change is not profitable. Several firms are hesitant to adopt AI because they are not familiar with skills require to operate these technologies. The notion that AI can reduce the burden of some manual repetitive task is not appealing. Lack of interest from lawyers is the biggest challenge in adopting AI in legaltech
Browse 66 Market Tables, 177 Figures spread through 147 slides and an in-depth TOC on “LegalTech Artificial Intelligence Market (2018 - 2023)”
Another challenge is to figure out how AI arrived to that particular conclusion. With manual interference, it is easy to determine the reason of particular result. In AI driven era, it is difficult to find out the basis of decisions made by AI. Some other challenges are unstructured data and fear of being replaced by computer.
But some key players are still adopting AI and machine learning for mundane task. For example JP Morgan, a multinational investment bank launched their in-house program COIN, which extracts 150 attributes from 12,000 commercial credit agreements and contracts in few seconds. This is equivalent to 36,000 hours of legal work by lawyers and loan officers. In order to stay in ahead of competition, small legal institutes would also have to automate their processes.
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AI is not far away from doing predictions, document drafting and other tedious task. With the increasing demand of innovative tools, various startups have been focusing on this technology for intelligent legal research and document analysis. Logikcull, Relativity, Ross Intelligence and CS Disco are some of software provider to legaltech.
Logikcull founded in 2004, grabbed total funding of $39 million offers a secure e-discovery for modern legal teams whereas Relativity founded in 2001, grabbed funding of $125 million in 2015, offers e-discovery software to organize data, discover truth and act on it. Logikcull offers on cloud software whereas Relativity’s software is in the cloud, on premises and both.
Logikcull allows quick and simple uploading of records in the platform, which makes it easy for non-technical person to use whereas Relativity is very powerful tool, requires high level of expertise to administer the product. Therefore Logikcull is more common among small businesses and startups who doesn’t want to invest time and money in learning new expertise.
Logikcull grants users the ability to tag documents and search text, allowing them to find the documents quickly but there are only limited field that can be endorsed onto documents when printing or exporting. Even after allowing quick search Logikcull is not gaining popularity among key legaltech because some of searchings are not relevant to user.
Relativity can scale to support a review of a large number of documents. It can be enable to run two factor authentication and is very secure but users need to pay monthly access fee to provider. Relativity is already welcomed by key players but in order to target small law firms it needs to reduce its access charges to minimal.
The British High court also adopted AI technology TAR (Technology Assisted Review), built on e-discovery analytics software to demonstrate how relevant a document can be for particular case. It shows positive attitude towards technology. The UK government has announced to invest £20 million ($26.22 million) to boost the legaltech sector. Both legal tech companies and law firms can apply for this funding in development of AI. It opens pathways for Startups to come up with new technologies and we can expect the growth in Legaltech in UK.
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According to researchers if AI is added along with block chain, due diligence or contract legal work can be completed without lawyers. In few year most of legaltech will adopt AI tool to review contract, Chatbots and e-discovery. With the advancement in technology, huge growth is expected in legaltech. The aim of AI along with human is to ensure that legal processes are done more accurately.
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