The AI Revolution is impacting businesses and individuals at every level. If you need an attorney, you may wonder how new AI tools can help you, as a client, to spend less to achieve your legal needs. Artificial intelligence (AI) is one of the most effective ways a law firm can reduce client costs. Artificial intelligence is a form of computer learning that emulates human intelligence; consequently, it can learn tasks automatically without being taught how to perform them. At Hodge Roth and Washington, we believe that AI tools provide an opportunity to add value to our clients. By adopting AI, we are not only staying ahead of the curve but also creating more value for our clients.
Artificial Intelligence to Decrease Billable Hours
Law firms that utilize AI tools can bill clients less by employing automation. Artificial intelligence tools can carry out many traditional tasks that attorneys often perform, such as drafting documents and reviewing contract clauses. The ability to automate these routine tasks, including reviewing long and detailed records for specific information, means that lawyers can focus on more complex work, including writing effective value judgments and negotiating settlements.
Lawyers using AI-powered contract analysis software can analyze contracts in bulk and redline terms and conditions they think may harm a client’s business, resulting in more accurate, faster work and lower client costs.
Law firms constantly seek ways to charge clients less, especially in the corporate market, where spending cuts and heightened competition pressure legal departments and contracted law firms. With the arrival of automation and AI, many law firms have shifted away from their traditional billable hour models. They are adopting new technologies to deliver excellent case outcomes without charging as much to the client.
Attorneys that work with large or complex matters are often asked to write many different types of documents. This can include contracts, responses to interrogatories, summaries for clients, and visual aids used in trials. These documents can be a significant expense and time-consuming for attorneys to write.
AI to Assist in Drafting Documents
Attorneys drafting memos or briefs can utilize artificial intelligence (AI) tools to ensure they haven’t missed any crucial points when writing their documents. AI tools can inspect documents from various requirements to ensure they meet legal standards and are written faultlessly. Reviewed with AI tools, well-composed documents will reduce re-work and help clients receive the representation they need at a reasonable price point.
AI to Reduce Billable Hours for Research & e-Discovery.
AI-powered research tools allow lawyers to easily search vast regulations, statutes, practice areas, jurisdictions, and case law databases. Attorneys are now using artificial intelligence (AI) systems trained on data from previous cases to forecast case outcomes and make informed decisions about whether to pursue litigation. This technology helps attorneys and clients understand a lawsuit’s viability and the likely result of a negotiated settlement or judgment.
Technology-assisted review (TAR) tools enable law firms to quickly analyze large amounts of data to identify and reduce risks before filing lawsuits. TAR uses artificial intelligence to review contracts, uncovering issues or errors sometimes missed by lawyers without advanced document review tools. These intelligent solutions use predictive coding techniques for real-time information analysis. These tools allow lawyers to provide actionable information regarding the viability of lawsuits, timelines, and likely outcomes, without spending nearly as many hours at the client’s expense.
AI can assist lawyers in another aspect of e-discovery: AI scanning can analyze digital documents to detect any privileged or pertinent information that might apply to a case or lawsuit. AI can aid lawyers in quickly finding relevant information for their case by rapidly processing large volumes of electronic documents and emails and promptly assessing if any contain relevant details or red flags.
While AI is an excellent way to reduce client costs, its use must be carefully and responsibly applied as this field changes and matures. There remain numerous questions about how best to apply it.
Law firms which embrace new AI capabilities will be able to reduce costs to clients while delivering exceptional quality representation. If you would like to learn more about how The Law Offices of Hodge, Roth, & Washington can leverage AI tools to reduce your legal costs, call us at 888-4-HRW-LAW.
