AI in the legal industry

As a legal technology company, Legal Interact is invested in not only solving some of the legal industry’s biggest challenges, but in using the best technologies and people to do so.

Simply put, artificial intelligence (AI) is a branch of computer science that deals with creating intelligent computer systems, which can perform tasks that ordinarily require human intelligence.

AI has already become a daily part of our lives and will eventually permeate every sphere of our professional and personal existence.

Some common examples of AI in use today, include:

• Autonomous vehicles, which use sensors and data to navigate and drive without human input;
• Fraud detection systems, which analyse data to identify patterns of fraud; and
• Virtual assistants, such as Siri and Alexa, which use voice recognition and natural language processing to understand and respond to questions.

At Legal Interact we have focused on an area of AI called natural language understanding (NLU) that deals with teaching computers to interpret and understand human language.

Within Matter Manager, we can translate any document to English. Using the various translation models, we can automate this process so that a document can automatically be translated and versioned directly in our solution.

Here are use cases for AI in the legal industry, some of which we do at Legal Interact:

• Contract review

Contracts form the basis of every economic transaction, making them critical for any business. Traditional steps in doing this includes lawyers of the parties involved in the transition who are often required to manually inspect, refine and swap red-lined documents in a repetitive manner. This process is tedious and often incredibly time-consuming but remains important. What AI does is decrease the amount spent on this process and ensure that transactions can be completed and executed at a more efficient and faster rate. This is where Matter Manager comes in.

• Contract analytics

Sometimes what happens to contracts after they are signed is often overlooked. And people who are charged with tracking the obligations attached to those contracts are often overwhelmed. Through using NLP (natural language processing) AI, it can derive and extract crucial data within contracts to keep track of a business’s commitments and obligations, which in turn can decrease their liability.

You can contact one of legal operations consultants on +27 11 719 2000 or e-mail us on info@legalinteract.com for more information on how our AI-powered solutions can help drive efficiencies in your department.