In our article “Patent Lawyers, Patent Filings, and a Pandemic” we talked about ways that law firms could make the best use of the time freed up by a pandemic-caused slowdown in business. And, In this article, you’ll learn about different AI tools for law firms and their application that may significantly impact your law practice.
One of the suggestions we made was to improve your processes by taking stock of your legal tech.
In this article we’re not looking at what’s new for the conventional technology used by all law firms – email, time and expense tracking, billing, document storage, etc. Rather we’re looking at new technologies that have the potential to change the way your firm gets work done.
Legal Tech Background
Law firms are historically slow to adopt new technologies. With most firms still on a bill by the hour system, there isn’t much incentive to become more productive, and the potential costs of an error are so high it makes firms reluctant to try something new in which they don’t have 100% confidence.
Despite that reticence, legal tech has attracted a lot of venture capital investment: over $1 billion in 2018 and over $1.3 billion in 2019.
Many of the new technologies are using artificial intelligence (AI) to speed up tasks that have traditionally been performed by lawyers or paralegals. The stakes are sufficiently high in law that there’s little chance that lawyers will be replaced by machines, but the improvement in productivity could reduce the number of lawyers needed to get the work done.
Law firms will be under pressure to adopt some of these technologies as corporate clients could adopt the technology themselves and bring more work in-house.
check the article here to know about AI tools on the below topics
Prior Art Search
Patent Drafting Tools
Patent Portfolio Evaluation
Document Review
Thanks
Aravind
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