The Legaltech AI market is expected to grow at CAGR of over 39% during 2018-2023. The driving force of Legal system to adopt technology is increased efficiency with reduced chances of error. The market is growing also because of introduction of due diligence and legal research. The Partnership between Legaltech and Fintech is also propelling AI in Legaltech.
What is Artificial Intelligence in Legaltech?
Legaltech is use of technology and innovations to squeeze out the time from legal services. Legal Tech as organizations that provide software and tech-enabled services to the legal vertical (including law firms and internal counsel) as well as tech- enabled services delivered to businesses and consumers. Computer science used to create intelligent machines that function like human brain is called Artificial Intelligence. AI computers perform functions like human such as learning, decision making, planning, and due diligence.
In Legaltech sector Artificial intelligence plays very major role. It reduces time, increases efficiency and also decreases the chances of error.
What are the applications of Artificial Intelligence in Legaltech?
AI could help Legaltech to deliver quality services effectively with maximum customer satisfaction. AI in Legaltech is widely used to reviewing 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% time without sacrificing accuracy. AI is playing very important role in contract due diligence, legal research, eDiscovery, intellectual property also.
AI is even being used in online dispute resolution in family law, tenant-landlord and debt dispute cases. AI is also analyzing data to make prediction about the outcome of legal proceedings.
A typical divorce procedure can take more than a year but with the help of AI enabled “wevorce” technology couple can self-guide to divorce solution in less amount. AI-powered machine walks them through five modules and all the critical decisions that need to be made for their particular circumstances. There are also legal experts available to step in to provide guidance when needed.
Market Research and Market Trends of Artificial Intelligence in Legaltech:
- AI offerings is increased to nearly two-third from previous year. One of the Legaltech leader, JP Morgan 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.
- Legal Research is very expensive process for law firms. So with the help of AI and machine learning some advance programs are created which handle and generate significant workload documents. Most of the startups have been focusing on this technology for intelligent legal research and document analysis.
- According to researchers block chain technology will greatly impact the commercial and dispute resolution in law firm. If AI is added along with block chain, due diligence or contract legal work can be completed without lawyers.
- The British High court adopted AI technology TAR (Technology Assisted Review) to demonstrate how relevant a document can be for particular case. It shows positive attitude towards technology.
Who are the Major Players in Artificial Intelligence in Legaltech Market?
The companies referred in the market research report are JP Morgan, eBrevia, Thoughtriver and 10 other companies.
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