The legal industry in Australia is known for being a bit behind the times. But that’s changing as artificial intelligence (AI) technology becomes more advanced and accessible to lawyers across the country. In Australia, the adoption of AI in law has been slower than in other industries (such as finance), but it’s growing steadily because of its potential to make the practice of law faster and easier—not to mention cheaper. Various new developments, such as AI legal research and faster analysis of legal data, are the tip of the iceberg.
Automated Legal Research
Automated legal research, or AI legal research, is an area in which AI is being deployed. It can now be used to conduct a wide range of tasks, including searching the internet for relevant information, analysing contracts and other documents, collating related data from multiple sources, and determining what laws apply to a particular situation.
AI has the potential to perform this work faster and more accurately than humans because it does not get tired or distracted as quickly as people do during long periods of repetitive labour. It can also operate on a 24/7 basis without needing time off for holidays or sick leave. Finally, due to its ability to access large amounts of data quickly (including material held by third parties), AI can do things like identify trends within large datasets that may otherwise go unnoticed by human beings who lack sufficient time or resources to analyse them fully themselves before making recommendations based upon them. Thus, they provide guidance that may lead towards better outcomes without requiring additional input later down the line when it could benefit everyone involved sooner rather than later. With Australia’s spending on Artificial Intelligence projected to double to about 3.6 billion dollars by the year 2025, there can be no doubt that the current AI technology in the legal sector has barely scratched the surface.
Automated Due Diligence
The legal sector is facing a major crisis, with lawyers needing help to keep up with the ever-increasing workload. One way to tackle this problem is through AI automation. Artificial intelligence can help with due diligence, which refers to reviewing documents and data to assess whether they are sufficient for a particular purpose. Using an automated tool can be more efficient than manual research because it allows legal workers in the country to quickly find information about a company’s legal status, assets, liabilities, directors, and officers. This saves them time by allowing them to spend more of their day on clients rather than researching the information themselves.
AI-Powered Dispute Resolution
AI can help predict the outcome of a dispute. AI is already used to predict the likelihood of a dispute being resolved in court or by settlement or arbitration. For example, in a case where a party is seeking to resolve its dispute through mediation, an AI system could be used to inform the mediator about what factors are likely to make it more or less likely for them to achieve a favourable result for their client. In another example, an AI system could be used in conjunction with existing workflow processes within law firms so that when lawyers receive instructions from clients, they will automatically receive recommendations on how best to proceed.
The legal industry has historically been slow to adopt new technology, but it’s starting to change in Australia. The use of artificial intelligence (AI) in law is growing rapidly as more and more firms see the benefits of using AI to automate some of their work!