The adoption of artificial intelligence (AI) in the legal sector is changing how law firms manage efficiency, client services, and overall operations. With new advancements in AI, legal professionals are navigating an evolving landscape dominated by AI-driven solutions. Mid-sized firms, such as Whiteford, are making significant strides by integrating advanced AI tools to enhance their services.
According to a recent survey conducted by LexisNexis in January, 53% of large law firms have already adopted AI solutions. Additionally, 20% of mid-sized firms have embraced AI, a notable increase from the 2% reported by Thomson Reuters in April 2023. Whiteford, a mid-sized firm with nearly 200 lawyers in the Mid-Atlantic region, has been an early adopter of Harvey AI, a cutting-edge legal AI platform. This platform is used to improve efficiency in key areas such as contract analysis, due diligence, litigation, and regulatory compliance.
Generative AI has entered the document review process, competing with established methodologies like Manual Review and Technology-Assisted Review (TAR). As noted by John Brewer, Chief Artificial Intelligence Officer at HaystackID, “Generative AI is the latest innovation in document review, offering an automated solution that requires less initial training compared to TAR.” Though currently more expensive on a per-document basis, this technology significantly reduces the time required for reviews, from weeks or months to mere days.
For example, reviewing 130,000 documents may take 27 days manually, 10 days using TAR 1, 18-20 days with TAR 2 and 3, but only about five days with generative AI. Generative AI aims to achieve recall and precision rates comparable to TAR 2 and TAR 3, typically reaching up to 90% but in a shorter time frame. Despite its potential higher cost, these developments make generative AI an attractive option as it offers unmatched speed in document review processes.
AI’s impact extends beyond document review, with platforms like Lexlegis.ai transforming legal research for Indian legal practitioners by significantly reducing the manual effort involved. Given the vast number of pending cases in India’s judicial system, currently exceeding 44.9 million, Lexlegis.ai offers a transformative solution that streamlines and enhances the research process.
However, the adoption of AI is not without its challenges. Concerns related to hallucinations, data security, and the quality of AI-generated content are significant. Trustworthiness and the maintenance of high-quality outputs are critical when implementing AI-powered solutions in legal practices. To mitigate these risks, law firms like Whiteford are employing domain-specific models and ensuring that AI-generated outputs are closely monitored by professionals. By taking these precautions, firms can enhance efficiency while maintaining the integrity and accuracy essential for legal work.
News Sources
- Adopting AI: The efficiencies and risks for lawyers
- Mid-size law firm embraces AI, forging a new frontier in legal services
- Generative AI Implications for Law Firms
- Lexlegis.ai Launches Legal AI Platform to Empower Tax and Legal Professionals
- eDiscovery Review in Transition: Manual Review, TAR, and the Role of AI | EDRM – Electronic Discovery Reference Model
Assisted by GAI and LLM Technologies
Source: HaystackID
