More and more businesses are using artificial intelligence (AI) to keep up with their competition, with 80% of global companies reporting the adoption of AI to improve operations. Increased efficiency and automation are among the driving forces pushing companies to employ advances in AI technology.
And the legal sector is no different.
Lawyers and legal professionals are increasingly adopting AI to streamline processes, enhance accuracy, and improve efficiency. Here are several ways AI can be utilized in the legal industry:
Legal research. AI tools equipped with machine learning and natural language processing capabilities can speed up legal research, helping more quickly pore through databases of case law, regulations and evidence.
Contract review. AI can review contracts to capture essential data and analytics. This aids general counsels in making well-informed decisions by highlighting critical information and potential issues within contracts.
Document management. AI-powered software can effectively store, organize and manage legal files, including contracts, case files, emails and notes. By using tagging and profiling, AI enables quick and easy retrieval of documents through full-text search capabilities.
Document drafting. AI can analyze legal precedents to assist lawyers in drafting documents that are precise and appropriate. Though human review still is recommended, allowing AI to take the first step saves times and can help with accuracy and relevance in legal documentation.
Case law analysis. AI can examine historical case laws and their outcomes to predict risks, compliance issues and potential future results of legal decisions, helping legal professionals strategize more effectively.
Automating manual tasks. AI can automate routine and time-consuming tasks such as searching for contracts or cases, generating invoices and conducting due diligence. By automating these tasks, AI improves operational efficiency and allows lawyers to focus on more strategic and client-specific activities.
AI’s roles in legal transcription
For an industry facing the challenge of managing an ever-increasing volume of documents and data, the adoption of artificial intelligence can be particularly useful when it comes to legal transcription.
Compiling accurate transcriptions of legal proceedings, interviews and depositions traditionally has been a labor-intensive task. However, new AI tools – like Verbit’s Legal Real-Time – are making legal transcription more efficient, cost-effective and precise than ever before.
Verbit’s Legal Real-Time provides accurate, reliable and scalable real-time transcription for legal proceedings ─ depositions, hearings, arbitrations, examinations, trials ─ at a fraction of the cost of traditional stenography. Leveraging cutting-edge technology and our AI-powered Captivate™ transcription platform, Legal Real-Time features, among other things, a dynamic and customizable glossary for unique matter- or case-specific terms, advanced speaker separation and identification, the ability to edit speakers’ names and titles and transcript annotation tools, including for question and exhibit marking. It levels the playing field for court reporters, offering them access to a cloud-based, secure platform to cover proceedings accurately and at scale.
Here are some of the significant benefits of using AI in legal transcription:
Speed and efficiency. AI algorithms can transcribe audio recordings rapidly, reducing turnaround times for legal documents.
Cost-effectiveness. AI transcription offers a cost-effective alternative to human transcriptionists.
Improved accuracy. AI transcription tools have consistently improved in accuracy, making them a reliable option for legal professionals. They can accurately transcribe complex legal terminology and various accents, reducing the risk of errors in legal documents.
Enhanced accessibility and searchability. AI-transcribed documents are easily accessible and searchable, enabling legal professionals to quickly identify specific information from transcripts. This helps streamline case management and research, enhancing collaboration and productivity.
Scalability. AI transcription provides highly scalable solutions, allowing law firms and courts to adjust their transcription services according to workloads.
Enhanced workflow. By automating transcription tasks, AI allows legal professionals to focus more on core legal activities such as research, analysis and client needs.
Work with an expert
The adoption of AI in legal transcription can be a game-changer in the legal industry by enhancing efficiency, reducing costs, improving accuracy and quickly and accurately producing high-quality transcripts, allowing legal professionals and staff to focus on other important tasks. Reach out today to learn more about the advantages of AI transcription and Verbit’s Legal Real-Time solution.