AI mission: Legal Tech on the rise

Lawyers love things in written. If something is not written down, there might arise a problem in case of a later dispute. From a technological point of view this results in a tremendous amount of — highly sensitive and important — “unstructured” data. We call it unstructured because such texts do not have pre-defined data models neither are they organized in a pre-defined manner. In turn, traditional programs are hardly able to understand such data.

This is where Machine Learning comes into play. Latest technologies are able to understand and interpret text. They are able to find similar content although different words were used to describe the same thing. They can automatically prepare contract drafts. They are able to read and comment long and a vast number of contracts faster than a blink of an eye. And, they understand various languages.

Employing Machine Learning-based tools delivers a very high quality in which repetitive tasks are done and it saves much of a lawyer’s time as well as money of their clients. The market for such tools is emerging although it also means a mind change for a law agency’s clients: They are currently used to paying bills for manual work only. In future, they will have to get used to paying software usages for the repetitive tasks beside expert advice for the more analytical and evaluating part of their work.