There are many reports emphasizing that AI will destroy million jobs. However, could it be a valuable partner in the legal sector?
There are many areas where AI is already applied in the legal sector as AI powered legal research, due diligence processes, drafting lower-liability agreements (i.e. NDAs), prediction technology for litigation outcomes, etc.
In such cases , AI is used to take care of the most cumbersome and redundant tasks, so the attorneys can focus on the most value added work (i.e. tax planning, formulating arguments to build a better legal case strategy, etc.).
In the legal sphere, AI is helping to improve the quality of work, reduce costs for the clients and speed up the delivery processes. However, we have not even seen a minimum of what it can be done as the increase potential of AI in the legal sector is unlimited.
The greatest risk for the law firms will be not adapting in time to the new reality.