The adoption of Artificial Intelligence in any business area or professional practice it is not optional nowadays. At this point in time, we all know that the biggest digital accelerator in recent years has been the coronavirus pandemic.
During the year 2020 many social and economical aspects have been highly impacted, and therefore, many legal issues arise due to the very particular situation lived. Many companies and individuals were forced to interact and operate in a very unknown scenario. The majority of governments were making an extra effort to navigate the new social reality of the countries, issuing a lot of new regulations never seen before. We were all trying to adapt as fast as we can to our environment.
This never-seen-never-lived situation led to many legal actions due to the complexity of this environment, and I had the experience to meet several legal practices that are currently applying artificial intelligence within their activity. It is very impressive to see the results achieved by those legal practitioners, attorneys in most cases. Yes, attorneys applying Artificial Intelligence, what I like to call now ‘AI-ttorneys’.
There is a legal practice from Spain that applies machine learning to predict the risk of insolvency and bankruptcy of companies, helping its customers to better adapt their business operation and financial interactions with other customers or suppliers.
In this case, the ‘ai-ttorney’ in question is using the historical financial data from thousands of companies that filed their records at the public registry, and other public and legal databases.
By doing this, its customers are better informed about how to do business, and it will reduce the number of legal claims due to insolvency and disputes among customers with third parties.
There is another case where some legal counselors are using predictive analytics and time series forecasting techniques to predict the revenue forecast of their customers. The intention for doing this is to better advise them about their future tax liabilities, and potential challenges within their financial capability to do business. This legal counselor is anticipating not past or current liabilities, but also future liabilities for its customer, as their customers can be better prepared to face future liabilities. They indicate that customer experience has improved, even they have gained business.
There is another interesting case that I recently met. A legal department from a Fortune 500 company that is using artificial intelligence applications to mine text from their contracts with customers, suppliers, etcetera, so they can identify anomalies, patterns, and other indicators that help their legal teams to analyze a lot more contracts and agreements with the same legal workforce.
Appeals Court Cases Filed, by Type: 12-Month Periods Ending March 31
Today’s technology allows to read and recognize text from many different types of documents, such as pdf files or scanned document pictures.
Also, using computer vision, it is possible to identify and verify signatures in documents and contrast those signatures with their real signature, so it is a lot easier and faster to identify fake signatures.
Using the same type of technology as computer vision, it is possible to analyze thousands of sensitive documents to identify any kind of anomaly, even falsification of documents. In this regard, it is very well known the application of deep neural nets to identify fake banknotes and fake bills.
This was a very quick summary to understand that artificial intelligence has many applications, and it is not a domain of technology professionals, but also any person with some interest to understand how it works and what can you do with artificial intelligence.
The main purpose of Artificial Intelligence is not to replace human force, rather, it is to enhance the capabilities of human force. In simple words: ‘we can do a lot more with a lot less.