Experts have suggested that within the next 20 years, as many as 100,000 jobs in the legal industry could be taken over by artificial intelligence (AI). For that reason many people within the profession fear AI and are therefore reluctant to embrace it.
“It is an industry that is in desperate need of disruption. It is very traditional, extremely inflexible and ridiculously expensive,” says Dan Fox, founder of alternative legal solutions company, Johnson Hana International.
Some of the company’s existing clients include Tesco and Ervia.
The aim of Johnson Hana International is simple – to reduce the cost for firms of carrying out various large-scale legal processes through the use of AI. “How technology will replace lawyers is the new narrative. I don’t actually think that will happen. It will be a case of the two working together to streamline processes. There will always be a role for humans but tech is definitely eradicating extraneous documentation and getting mundane but necessary tasks done more quickly,” says Fox.
Noah Waisberg is co-founder of Kira Systems. The company is a provider of machine-learning software that helps law firms make sense of their unstructured content and contracts. “We’re at a point with our software now where customers tell us they can get through a contact in up to 90 percent less time than they used to but with greater accuracy,” said Waisberg.
Kira Systems didn’t create the software to specifically unseat law staff. There are many law firms that have successfully implemented AI into their business to work alongside human staff. “Deloitte took on our software in 2014 and now has 5,000 professionals using it. They attributed $30 million in new client revenue due to using our technology.
In addition, one large UK law firm, which was working on a change in German law for an individual pharma client, trained up our software to make the amendments to a couple of clauses in about 20,000 documents.
It was then able to approach every other companies impacted by the change and win their business too.” said Waisberg.
McCann Fitzgerald is also a customer of Kira Systems and has been for quite some time now.
Now it’s announced a new deal with Neota Logic to further accelerate the use of AI through various licence applications for clients. “This is about generating revenue streams rather than cannibalising old ones and, just as importantly, about creating real value for our clients,” commented Karyn Harty.
Source Irish Times