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Artificial intelligence has moved into the legal arena. LawGeex uses AI to help their legal team look over and approve contracts. This process has made the in-house legal work more efficient, easier, and has a higher impact on customer relations. Their clients can focus on the big picture and not get lost in all the legal paperwork with a future lawyer.
Any legal contract brought to a lawyer has to be checked before it can be signed. Legal contracts often seem to have been created to confuse with all the small print written into them. These contracts have to be gone over in search of pitfalls, tiny details, or any complicated language used by the law. This tedious, time-consuming chore can often be used as a hustle for lawyers. They receive a large sum of money per hour, and these legal contracts can take hours for a lawyer to personally look over.
Noory Bechor was a lawyer who was tired of spending more than 80 percent of his time looking over papers. He searched for and found a platform that could atomize contract review and started, LawGeex. With his new platform, Bechor can upload a contract, and within an hour, he receives a report stating which clauses don’t meet common legal standards. The report will also list any provisions that are missing or any that may require a revision. This information is all gathered through the use of algorithms.
Customers who have used the services of LawGeex report they are saving more than 80 percent of their time by not having to review all the contracts. This time-saving service allows them to close deals much faster. They report not only the savings in their time, but also in their expenses. This legal service costs almost 90 percent less than what they were previously spending on contract reviews. The goal of LawGeex is to spread this contract review platform to the rest of the legal world.
Legal Advice Without High Fees
There are a lot of people who will offer advice for free. Chatbox services have popped up to assist you with paying your parking ticket. There are even algorithms you can access to predict how the U.S. Supreme Court will decide on an issue. Applications of this nature are aimed at providing you legal advice without having to pay a high fee for a future lawyer to find your answers.
For years there have been those who have been re-examining the legal profession, but it was not until recently the topic has come out in the open. Between the years of 2011 and 2016, there has been a report in the increase of global legal tech companies. This industry has gone from only 15 companies in 2009 to over 1,100 in 2016. Big name manufacturers such as IBM are even partnering with universities to look at using their supercomputer and how they can create a computer lawyer. Google has also opened their AI engine and are being followed by corporate entities and private citizens. There is a demand, and it’s rising, for alternative and cheaper legal services.
LawGeex and Technology
LawGeex uses the latest technology in artificial intelligence. With the use of their cloud-based platform, their customers are able to automate the review of contracts, analyze the information provided, and compare what they find to their legal team’s criteria. They have built into their artificial intelligence the highest standards of experienced US lawyers and technology created by leading minds. Before this level of practice becomes recognized worldwide, and a future lawyer can replace legal services, algorithms will have to be trained.
Future Lawyer Conclusion
AI lawyers are taking the paperwork off the workloads of lawyers. They are giving them more time and energy to focus on strategic questions. When the combining of machine-learning algorithms, crowd sourced data, and natural language processing is improved, it will decrease their workload even further. A professor who specializes in legal technology says this reduction in workload, means fewer lawyers will be needed. An AI future lawyer uses a much different approach to untangling legal verbiage than what a lawyer would use. A lawyer has to read through each contract, word-by-word, from the beginning of the contract right to the end. An AI can accomplish this contract reading task not only faster but far more accurately.
Future lawyers will be doing much different work than they are doing today. The future lawyer may need to go through various technology education courses. Some major law schools are already including these into their structure. Future junior legal professionals are going to know how to embrace and invent more technology tools.