Why there is a need for AI in the legal sector
A recent study conducted with over 250 law firms in the UK and the USA shows that there is a need for industry-specific AI (Artificial Intelligence) solutions, and the current technology they are using doesn’t meet their requirements. Moreover, lawyers understand the value in conflict clearance and tracking billable time as well as compliance in regards to procedures in billing clients.
Over the next 20 years, more than 100,000 jobs within the legal sector could be automated. Legal AI is becoming more popular and there is a need for implementation throughout the legal industry to stay competitive.
A staggering 98% of leaders said the pace of change within the legal industry, which is driven mostly by the impact of technology, is a real cause for concern.
Choosing the right areas to implement AI continues to be one of the Top concerns for executives. Any executive within the Law industry should attend the upcoming World Legal AI summit in order to ensure their firm is set for the future.
The 2nd World Legal AI summit will gather artificial intelligence and legal technology key experts to understand opportunities and challenges associated with the business strategy of AI implementation within the legal sector.
Noteworthy speakers will analyse current methods to show the full potential of AI as well as assessing which technology is the best fit for particular organisations and how to take the first steps to implement them successfully. There will be presentations on collaborative AI in regards to implementing an effective engagement method between technology and legal teams to bring value to the entire organisation.
Other key aspects that will be discussed is the different tranches of AI technologies and their successful application for the legal sector and AI as a tool for commercial success as well as AI implications regarding client relations, staffing and business model changes. Plus, we have remarkable industry leaders who will discuss how to assess the Level of Capital Investment required to implement AI and extract the highest ROI.
It is clear that AI will have a disruptive impact on the legal sector. If you’re an executive within the legal industry and would like more information on the upcoming World Legal AI Summit, click here.