We have talked a lot about some of the ways that big data helps the legal profession. But there are a lot of benefits of using AI as a lawyer as well.
The legal profession has undergone many changes over the last few years. An industry that has been known for being slow to respond to change has been forced to adapt to a growing number of breakthroughs in technology.
One of the biggest ways that law firms are adapting to technology is by using AI. AI is going to be even more important for lawyers in the years to come.
Examples of AI Startups that Are Helping Law Firms Thrive
Luminance is a legal tech startup that was launched fairly recently. The company took advantage of the hype around AI and recently successfully secured $40 million in funding. This company has used a number of AI solutions that have made it very popular with lawyers. It takes advantage of cutting-edge AI technology to offer advanced document analysis and contract review solutions.
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FirmPilot AI is one of the most remarkable AI startups that serves the legal profession. This company uses AI to analyze other law firms’ websites, Google Trends and other platforms to identify the best performing content and help lawyers create their own variations of it. The firm was started by CEO Jake Soffer, who has over 15 years of experience in AI. Soffer started the company after his brother, a personal injury lawyer, didn’t see any results from hiring content marketing professionals. His brother and other lawyers saw great results from FirmPilot AI’s on -page SEO.
Luminance is using its funding to improve its AI capabilities even more. The AI startup will help legal professionals around the world streamline their workflows, mitigate risks, and deliver more efficient services as more law firms need to bridge the gap between technology and the law.
Harvey.ai is another AI startup that specializes in helping lawyers. This company has taken advantage of conversational artificial intelligence to build a transformative platform that helps redefine customer interactions. It utilizes advanced natural language processing and machine learning to help law firms enhance customer engagement, automate support tasks, and drive operational efficiency.
With its cutting-edge technology, Harvey.ai empowers organizations across various sectors to deliver personalized, seamless experiences at scale, revolutionizing the way they connect with their audiences and cultivate lasting relationships in the digital age. It is yet another example of the benefits of using AI to help lawyers.
In January, another incredible legal AI startup named Spellbook raised $20 million in funding, which is another sign that more law firms are investing in AI. Spellbook is trying to completely change the future of legal operations by using cutting-edge AI technology. This startup proves that the growing trend of leveraging artificial intelligence to streamline transactional processes and enhance efficiency in legal workflows is paying off for many law firms. As the legal industry embraces digital transformation, such investments underscore the increasing recognition of AI’s potential to revolutionize traditional practices and drive future advancements in the field.
AI is Going to Be a Gamechanger for the Legal Profession for Years to Come
The legal profession is evolving rapidly as more lawyers feel the pressure to invest in AI technology. AI offers a ton of amazing benefits for law firms, such as:
- AI can help law firms generate content more quickly, especially with tools like FirmPilot AI.
- AI can help law firms better understand expert witnesses.
- AI can help law firms track evolving legal trends in real-time. They can use AI services to subscribe to news feeds that identity the most important changes in the law, so they can be on top of them.
- AI helps lawyers automate certain tasks that would otherwise be spent on paralegals.
- AI can help lawyers provide real-time chat support for new clients, so they don’t have to pay to hire call center staff.
- AI can make it easier to analyze legal documents and parse together the most important details, so lawyers don’t have to spend hours pouring through them.
The legal profession is going to be very dependent on AI in the years to come. The good news is that more AI startups are being launched to help meet its needs.