Law firms around the world could improve their efficiency by 50% by using exponentially evolving artificial intelligence (AI) technology, according to Drooms.
Experts say that while computer-assisted processes are becoming increasingly common across various industries, in the legal sector, firms are skeptical about using advanced technology. AI could be used for a number of things, including due diligence, legal analysis, document automation, electronic billing, and more, but companies have yet to make significant strides.
“The legal sector is a traditionally conservative market that, with some notable exceptions, has remained largely unchanged for decades,” said Jan Hoffmeister, co-founder of Drooms. “One of the biggest barriers to greater adoption of AI technology is the industry’s widespread skepticism.”
However, recent Drooms research based on its own database of professionals in this sector found that 72% of respondents said that AI technology has accelerated several processes, while more than half (52%) say that it has the potential to significantly change the way they work if this technology is adopted.
“The benefits are clear for in-house counsel who are working under increasingly tight time constraints,” Hoffmeister added. “But some law firms that operate differently believe that using AI could reduce their revenue streams. However, using smart software to automate due diligence could give them a heads up and focus on finding technologies that could potentially generate more revenue in less time.”
