A computer system with artificial intelligence (AI) can carry out activities that typically require human intelligence. These artificial intelligence systems are frequently powered by machine learning, occasionally by deep learning, and occasionally by really dull stuff like rules. This results from learning, which is acquiring the knowledge and guidelines for using the data. It has grown to be quite popular and necessary as a result of data-based service sectors.
Why is artificial intelligence crucial for the Indian judicial system?
In recent years, we have witnessed the implementation of artificial intelligence on a modest but very successful scale in a variety of industries, from automated entertainment systems to robotic concierges in hotels. Numerous industries have undergone change as a result of artificial intelligence.
The Indian legal industry has witnessed relatively little technological innovation, and modern lawyers are still at ease and relying on approaches and solutions that were developed in the past. Artificial intelligence has the potential to significantly alter how Indians practise law and perceive it.
Artificial intelligence has the potential to significantly disrupt the practice of law, particularly in the area of legal research. With the help of artificial intelligence, lawyers may instantly gain unmatched insight into the complex and ever-changing Indian legal system. A law firm’s potential to make money is currently greatly reduced by the enormous amount of man-hours needed to do legal research. However, with artificial intelligence, the entire legal community may be balanced. An artificially intelligent research platform can complete research in a matter of seconds, and whether it is used by a single practising attorney or a law firm with 400 attorneys, artificial intelligence can balance the costs associated with legal research while maintaining a consistent level of quality. It can give attorneys access to extremely effective and cutting-edge technologies that will improve their client counselling and litigation skills.
What would the future look like for law firms?
The level of competition in the legal sector has increased significantly over the past few years, not just in India but also globally. It is now essential for law firms to capitalise on competitive advantages by comprehending technological changes and client needs. Sadly, individuals who chose to ignore those changes would become outdated within a few years.
Future law firms would not resemble anything like the ones we typically see today. Let’s clarify a few traits that would characterise cutting-edge law firms:
1. New approaches to customer care:
Future services and treatment of customers might significantly change. Law firms would approach their clients with a few fresh concepts as well as more genuine and cost-effective legal solutions. The billable hour approach, also known as the time-based billing model, is now used by law firms in India to charge clients for their services. However, this pricing model will soon become obsolete.
2. The focus has shifted from raising revenue to higher profits. However, if we look closely, the rivalry among law firms has been escalating and the demand for legal services has been static, making revenue growth extremely challenging. As a result, law firms would prioritise bigger profits and margins in the future rather than revenue.
3. Using technology as the cornerstone for growth: Over the past few years, there has been a noticeable increase in the development of new AI-based solutions targeted at streamlining and improving the client experience in the legal industry. A variety of legal tech startups have emerged to simplify the lives of a lawyer or firms, from E-Discovery tools to automation in contract drafting and trademark search. Artificial Intelligence-based legal solutions assist law firms in becoming more effective, with the potential to save expenses and increase profits. In addition to using these technologies, the future law firm will collaborate with other businesses to develop AI-based solutions that could further advance the legal industry.
4. Strong emphasis on brand value: In the future, law firms will put a strong emphasis on their brand presence. A law company needs to rely on AI-based legal solutions and platforms as well as tech-savvy lawyers in order to build its brand value because just a few people’s careless or shoddy counsel can easily harm a firm’s reputation.