“Increasingly, law firms are beginning to accept that the marketplace is changing and therefore their business practices must be assessed. And in doing so, there’s consensus building around the notion that AI might be very beneficial to improving legal services and addressing ongoing market challenges. As Allens partner and practice group leader Anna Collyer said in a roundtable discussion with The Australian, AI is “technology that can effectively rep[lace what it is that lawyers have done in the past or currently do,” which are often the very things keep costs high in a time of price compression.
However, that isn’t to say that AI can handle everything, at least quite yet. In the same roundtable discussion, Ashurst partner and global co-head of innovation Jamie Ng said, “I might be able to use artificial intelligence to review 12,000 documents, but if I’m going to negotiate a sale and purchase agreement, you know the computer can’t stage a walkout to get a point.”
Via Legaltech News http://ow.ly/ZmwY306aPs5