AI improves efficiency significantly for law firms
Law firms have been slower to adopt AI than other sectors but clients say it improves time efficiency by 50 per cent.
Law firms in the UK could improve their time efficiency by 50 per cent if they were to use the artificial intelligence (AI) technology currently available to them. According to Drooms, a provider of virtual data rooms in Europe, 72 per cent of its clients said that the firm’s AI enabled technology sped up the due diligence process and of these one in 10 estimate it reduced time taken by at least 75 per cent. Furthermore, over half (52%) said AI would completely transform the work processes in their field although 23 per cent said it would have little or no impact.
Law firms slower to adopt AI
AI technology has the potential to replace long hours spent on manual analysis and classification of thousands of documents with smart, automated processes. Yet while such technology has been widely adopted in many other industries, legal firms have been sceptical as to the value technology provides and therefore been slower to adopt new methods, according to Drooms.