Big law firms will be using predictive analytics and artificial intelligence not only to predict where growth in services will be, but also which clients and cases are worth pursuing, according to PwC’s vision of the law firm of the future that also foresaw digital robots taking over “routine and standard human transactions”.
Artificial intelligence has been used to predict decisions of the European Court of Human Rights to 79% accuracy. Researchers at University College London, the University of Sheffield and the University of Pennsylvania developed the method to analyse case text automatically using a machine learning algorithm.
The global legal market is small by comparison with other markets and this is deterring some technology companies from investing in it, but only technology can service the “vast unmet legal need” in the future, according to a leading lawtech commentator.
Law firms need to radically change their cultures to embrace emerging technologies such as cognitive computing – including suppressing their tendency to be risk averse – according to the head of strategy at a leading London practice.
A company buildings contracts that automatically monitor enforcement and one producing software that harmonises legal compliance are among the latest investments to be added to the portfolio of NextLaw Labs, the legal tech subsidiary of global law firm Dentons.
Online dispute resolution “will become the norm for much of the less complex work in civil, family and tribunals jurisdictions”, the Senior President of Tribunals said over the weekend. Meanwhile, it was also predicted that the administration of justice across all courts and tribunals could be transferred to the “cloud” within the next four years.
Four Cambridge university law students have created a free artificial intelligence ‘chatbot’ using natural language input with the aim of clarifying whether a criminal offence has taken place and making it more likely the police will take victims of crime seriously.
There is a correlation between a company’s success in litigation and its subsequent stock market performance, legal IT company Premonition has claimed. The US-based start-up, which operates in the UK as well, operates an artificial intelligence system that mines big data to find out which litigators win.
The author of a visual map of the lawtech start-up scene said it revealed the UK has a lower number of new technology ventures relative to the size of the legal market as a whole, compared with other European countries.
The use of artificial intelligence is more widespread in the law than in other sectors, and IT chiefs see more applications for it in the future, a survey has found. It said that 55% of senior IT decision makers in law firms have adopted predictive coding and 48% machine learning technologies.