Using artificial intelligence in the workplace
Banking Partner, Ed Chan talks about how the banking team at Linklaters is using artificial intelligence to streamline repetitive administrative processes. Tasks which used to take junior lawyers hours to perform are now carried out instantaneously by automated software. This allows lawyers to be more productive with their time.
What does AI offer our clients?
- Time and cost savings – through utilising these technologies lawyer time can be reduced on large reviews which can be dedicated to more strategic or high-value areas.
- Increases consistency and accuracy – loss of “element of human error” can improve the quality of service delivery.
- Quicker evaluation – Legal AI can perform analysis on extracted data and answer specific questions, reducing the overall time it takes to evaluate certain information. It can provide “yes” or “no” answers and is able to query legal provisions on transferability, assignment and mortgages, among others.
- Aiding decision making in “real time” – on more routine matters eg when negotiating terms “in the field” Legal AI can identify non-compliance by percentage-ranges with standard terms for documents.
- Bespoke solution – adapting technologies to provide unique packages specifically for our clients’ individual requirements.
- Better workflow management – meaning more predictable action times and therefore more time and cost control.
- Agile technologies – products which can be used on tablets or other forms of computing device meaning more versatile and immediate deployment.