Estimated reading time: 10 minutes
The legal sector is crucial for providing legal advice, representation, and services to clients and their businesses. A recent report found that the sector was expanding by 675.1% by 2032. The industry covers different areas such as civil, criminal, environmental, property, and corporate law. However, due to the complexity of the legal sector, from demanding clients to complex cases to legal research and documentation review, law firms may need help with the process.
Over the years, the legal industry has moved towards generative AI and technological solutions to enhance legal research and services. This article will examine the advancement of Gen AI in legal domain, as well as how companies and lawyers are solving legal cases worldwide with the help of GenAI.
Examples of Gen AI Being Used in the Legal Industry
Generative AI offers an advantage over different legal firms and services to help with client research. This AI technology allows lawyers and attorneys to have support regarding client cases and ensure all the legal information is correct.
Gen AI for lawyers ensures that a dense analysis of research can take place and help highlight potential arguments. A study by Goldman Sachs found that 44% of current tasks that lawyers face could be resolved by AI tools. Let’s take a look at real Generative AI use cases within the legal industry and how it has benefitted lawyers worldwide:
With the advancement of AI tools, both Gen AI and lawyers can work together within the legal industry
Link: https://depositphotos.com/photos/ai-law.html?filter=all&qview=317258402
Dechert LLP: Up-Scale of Customer Interactions
Dechert LLP, a global firm based in the USA with over 900 lawyers, launched its first-gen AI product for lawyers and firms. Thor Alden, the law firm’s associate director, reflected on how the AI tool has been beneficial for drafting information on mutual funds and has generated over 100,000 customer interactions. Gen AI for lawyers has proven helpful in drafting documentation and even interacting with many clients to upscale business.
Troutman Pepper Hamilton Sanders: Press Releases and Social Posts
Chief officer William Gaus of Troutman Pepper reflected how, within the law firm, nearly 800 workers use Gen AI daily to provide marketing posts, social content and press releases within the marketing sector. The law firm has also allowed Gen AI to help lawyers when querying and summarizing documentation.
Husch Blackwell 2023 Report: Lawyers Biographies
In the 2023 report by Husch Blackwell’s associate program, more than 100 biographies of associates and lawyers were created using an advanced Gen AI system. The law firm’s CEO stated, “What was in the neighborhood of 120-160 hours of work was done in an afternoon.” This reflects the power of AI in legal to ensure all documentation and research is completed quickly.
Dentons: Documentation Summarized
The expansion of Gen AI in legal research is increasing as Dentons, a law firm with sites in the UK, Ireland, and the Middle East, has developed a ChatGPT system called fleetAI, which is available to lawyers within the CEO’s region.
| James Arnold, head of legal management, stated that this new Gen AI for lawyers offers “first-draft witness statements, clause generation and summarizing documentation.” Gen AI for lawyers is becoming increasingly beneficial as a survey conducted by LexisNexis, in which 95% of lawyers reflected on how Gen AI would benefit the legal industry and all client cases will have a chance to be completed faster. |
McGuireWoods: AI Legal Research
McGuireWoods, founded in 1834, is one of the largest international law firms in the US. The law firm recently signed with Casetext Co-Counsel, an AI tool used in the legal field. Peter Geovanes, the law firm’s chief AI office and innovation, reflected how the AI tool offers “immediate benefits” and has been used by “litigators and dealmakers” in regards to “legal research”. The advancement of Gen AI in legal and AI legal research will ensure that client’s issues are resolved immediately and that there is accurate information for client documentation.
| Feedback on Gen AI in Legal by Stanford University As Gen AI offers intense research and possible legal analysis, Stanford University finds that in the future, Gen AI tools will provide legal research, lawyers’ assistance, and client interactions. These tools are designed to provide professional help and ensure legal tasks are carried out faster, allowing law firms to expand their business and client base. |
How Your Legal Business Can Benefit from GenAI Agents?
Legal businesses offer their clients a wide range of services; however, incorporating AI systems such as chatbots and AI tools can increase productivity and ensure reduced risk. Companies can work to develop their own AI agent with Lyzr, where customer service will increase satisfaction while offering data analysis and AI legal research.
Generative AI for lawyers is a valuable tool to ensure beneficial legal outcomes for clients, increase data analysis, and allow AI bots to review documentation to help clients in court. Chatbots available 24/7 for clients will ensure that client inquiries are resolved and legal cases can move faster for clients. Gen AI in law can benefit many businesses worldwide with the support of AI agents and chatbots to increase productivity and enforce a law firm’s brand identity.
Generative AI Use Cases Powered by Lyzr for the Legal Space
With the advancement of Gen AI for lawyers and legal research, both components have the potential to work together and help law firms worldwide to ensure client bases expand. Let’s look at the different ways in which Lyzr can help the legal industry by creating GenAI agents to fulfill various roles:
- Documentation Review Specialist
In the legal industry, lawyers must review legal documentation and analyze large databases used as evidence to show critical information. Gen AI tools can examine documents and databases, examining different patterns provided as evidence.
AI tools can provide accurate AI legal research by withdrawing important information and assisting legal lawyers with ensuring that the correct evidence is provided. Linklaters is a British law firm based in London that uses GenAI chatbots and Microsoft’s Azure OpenAI tools to offer faster solutions to legal inquiries and documentation.
- Legal Researcher
Legal research is essential for lawyers to take on different cases and understand the client’s evidence. However, legal research can be challenging as there can be a large amount of information and possibly limited access to different resources. Gen AI tools can extract information regarding different cases and offer a summary of research for lawyers to use.
AI tools can also analyze trends within the legal industry and provide possible outcomes for other cases, benefiting clients in court. Latham & Watkins LLP, an American law firm founded in 1934, has adopted an AI software called Kira Systems to support reviewing documents, analysis or legal research and support in compliance.
- Legal Analyst
Gen AI tools can seamlessly predict legal outcomes regarding different law cases using the legal data, analysis, and possible risks involved. AI tools can do this by analyzing different legal databases and patterns provided by clients and offering support in decision-making. Gen AI for lawyers and law firms will benefit by saving time and increasing workflow, allowing law firms to take on more clients within the industry.
- Claims Trend Analysis Agent
Legal documents must provide accurate information and ensure all legal standards are included in the written work. By using Gen AI in legal, law firms can save time by analyzing contact information and helping to extract the correct information. This would involve identifying document checks, reviewing cases and analyzing data, which would reduce the risk of errors within documentation.
Casetext is known to be one of the top AI legal research tools for helping lawyers within the legal industry. The system uses an AI assistant to review databases, analyze contracts, and help lawyers prepare for trials. Fisher Phillips is an American law firm that has adopted this system to help with the company and client court cases.
What is the Best Option for Building Legal AI Agents?
There are a few different ways to build AI Agents for legal use – building AI applications from scratch, implementing tools using pre-built SDKs or opting for SaaS alternatives.
First off, legal data is sensitive and needs to be securely maintained.
Secondly given the urgent nature of several matters, tools and applications used need to be operating at the highest level of efficiency.
Based on the above, let’s break down the differences between the different ways to build AI applications.
- Building AI applications from scratch:
Building AI applications and agents from scratch might be the most conducive option for legal firms. However, this requires a highly specialized AI/ML department and team of engineers who are constantly available to monitor the functioning and operations of the AI tools. While a privately-run AI agent, built within the enterprise backend has the most benefit in terms of data security, the resources required to build and manage these tools can be extremely expensive and time consuming.
- Using pre-built SDKs:
Pre-built SDKs offer the skeleton or framework of an AI agent which can be further customized for specific use-cases. Imagine a sales assistance chat-bot, which can also be converted into a legal assistance chatbot. It requires only a few tweaks to restructure and deploy the tools, without dedicating full-time resources. Since this kind of framework also utilizes the private enterprise cloud, your data is 100% secure. And firms like Lyzr offer 24/7 support and access to an AI Management System which allows easy monitoring and maintenance of all AI agents simultaneously.
Lyzr offers businesses, worldwide companies, and individuals a chance to personalize their AI agents to benefit their franchises. The AI agents work in law firms to provide AI legal research, documentation reviews, customer service, and data analysis to help clients. Take a look at some of the Lyzr-built AI for legal tools here.
- SaaS Tools:
SaaS tools don’t require any development from the enterprise or law firm, and can be used as plug-and-play applications. However there are several dependencies on the SaaS provider, which could put the data privacy at threat, as well as run into issues with maintenance, service and latency. And these tools are often charged on a per-use or per-user basis which can get expensive quickly, especially for large organizations.
Lyzr’s tailored agents reduce risk regarding client cases and provide a more robust case through documentation and AI legal research.
Want to build private and custom AI agents for your law firm? Book a demo with Lyzr to try our product offerings suited to your enterprise needs here.
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