Legaltech is the utilization of innovations and technology to decrease the time required for legal services. LegalTech are companies that offer tech-supported and software services to the legal domain (comprising internal counsel and law firms) and tech-facilitated services delivered to consumers & businesses. Computer science utilized to generate intelligent machines that works similar to human brain is known as AI, or Artificial Intelligence. Functions such as human such as planning, decision making, and learning are performed by AI computers. A vital role is played by artificial intelligence in the Legaltech sector as it enhances efficiency and decreases the process time & the probabilities of error. The global legaltech artificial intelligence market is anticipated to witness a substantial growth during the forecast period.
The traditional legal practices and courtrooms have restructured with the digital developments in the legal industry, thereby reinforcing the stance of artificial intelligence within legaltech or the legal technology. The rising load of legal activities performed all across the world with a limited count of law practioners has pressed for the legal practices digitization like Contract Management, e-Discovery, Document Management System, e-Billing, Practice & Case Management, and several others.
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A majority of law firms are turning to legaltech solutions including AI abilities to deal with the rising competition along with decreasing the turn-around period of legal cases. For example, a global law firm, CMS Legal, has installed AI-based software for efficient and rapid examination of agreements and other legal papers. Data analytics within the law industry can be a time-consuming intricate undertaking because of the large volumes of paperwork. However, AI has been acknowledged for its analytical abilities, which has been harnessed by legaltech in the past few years. AI-based platform is being presented by firms like Luminance Technologies Ltd. for tracing patterns from the uploaded document and recognizing nonconformities from standard clauses. All of these aspects are projected to fuel the growth of the global legaltech artificial intelligence market during the coming period.
In addition, the judicial system of several governments is also been influenced by the digitalization trend. Nations across the world are changing their traditional judicial practices. To cite, nations like Australia and China have employed digital courts to decrease the overall legal service budget to government. In 2017, Judicial Big Data Service Network platform was introduced by China to enhance the nation’s judicial system making use of artificial intelligence and big data. These factors have encouraged the clients and law firms to implement digital methods , thereby further propelling the growth of the global legaltech artificial intelligence market. Another example is JP Morgan, among the Legaltech leader, had introduced their in-house program COIN that mined 150 points from 12,000 commercial credit contracts and agreements in few seconds, which corresponds to 36,000 hours of legal work by loan officers and lawyers.