Experts state that artificial intelligence (AI) is able to take on 23 percent of attorneys’ workload. This is somewhat of a startling revelation, though it does make sense when you think about it. Ted Schaer works in the legal field and has a strong interest in this subject, including how it will impact law firms in the long run.
The legal services market is considered to be one of the largest throughout the world. It hasn’t been afforded the technological advancements that have infiltrated most other industries. This is due to the fact that the legal field has been bound by tradition and slow to change, yet it’s sure to change in the upcoming years, a fact that Ted Schaer is well aware of.
Law is especially ideal for AI advancements because it has similarities to machine learning. This includes how the law is considered the most formally logical social science. Axioms are used which come from legal precedent and the given facts in order to come up with legal rulings. Machine intelligence certainly can be applied here smoothly and with many benefits.
Ted Schaer Knows How Contract Review Will Change
Contracts heavily make up the economic system but they really haven’t been streamlined enough to cut down on the legal team’s workload. Lawyers have to review, edit, and transfer these documents back and forth and it delays deals and this can negatively impact a business. Humans also tend to make mistakes easier than machines do, particularly when you’re talking about thousands of pages in these contracts. Ted Schaer and his team are aware of how important it is to fact-check and that these mistakes can happen.
This process can be automated with the help of startup companies such as Clearlaw and Lawgeex, which already have been working on this goal. Their systems will take in the proposed contracts, analyze them with the use of natural language processing technology, and let you know which parts have issues in them. Clearlaw CEO Jordan Ritenour says that legal professionals should get to make use of large data sets to help their decision-making the way sales and marketing professionals have over the years.
Not only is it a good idea to put together contracts this way, but a law firm like the Ted Schaer works at should make the company mindful of all of the obligations and terms that are in place. This is beneficial when the company has several departments that have to work within its boundaries.
Ted Schaer Sees A Brighter Future with AI Advancements
It’s obvious that humans need to work cooperatively with such systems, reviewing the AI’s analysis and making decisions. Since AI work is moving quickly it is entirely possible that the programs can carry out the process fully someday soon. The major benefit to this is that attorneys like Ted Schaer will be able to have the system take care of this more tedious work and concentrate on higher-impact work to make a greater difference and improve on their bottom line.
Ted Schaer is excited about all of the transformations that the legal field will see. Some other areas that will be affected include legal research and prediction of case litigation. It’s truly an amazing time and Ted Schaer and the rest of the law firm know that AI will bring about challenges and benefits.