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COINTURK FINANCE > Startup > AI Transforms Legal Profession Tasks
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AI Transforms Legal Profession Tasks

Overview

  • AI automates menial legal tasks, transforming the profession.

  • Concerns arise about the loss of foundational skills.

  • Balancing automation with skills development remains crucial.

COINTURK FINANCE
COINTURK FINANCE 10 months ago
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The legal profession, traditionally reliant on manual and monotonous tasks, is experiencing a significant transformation with the advent of AI and machine learning technologies. These technologies are now capable of automating tasks that were once considered foundational for junior legal professionals, such as due diligence, document handling, and litigation preparation. This shift raises questions about the future of skills acquisition and professional development within the legal sector.

Contents
Efficiency and Accuracy with AIDeveloping Skills with AI Assistance

Past reports highlighted the tediousness of document review and the overwhelming amount of paperwork handled by junior staff. AI tools now promise to alleviate these burdens by summarizing judgments and assisting in drafting legal documents. This advancement has sparked a debate on whether AI can replace the valuable experience gained through hands-on work. Although automation can speed up processes, there remain concerns about the potential loss of foundational knowledge and skills among new legal professionals.

Efficiency and Accuracy with AI

UK-based Robin AI has developed an AI legal copilot that significantly reduces the time required to review and draft contracts. Richard Robinson, CEO and co-founder of Robin.AI, emphasized the advantage of AI performing exhaustive tasks with minimal strategic input.

“Our job at Robin AI is to do the extremely time-consuming work that requires the lowest strategic input, and no one else wants to do it. It’s wrong to consider this work foundational. It’s just work no one wants to do.”

Robinson pointed out that AI outperforms humans in managing large volumes of documents, as it doesn’t suffer from fatigue or inconsistency.

Developing Skills with AI Assistance

However, Oliver Linch, CEO and General Counsel of Bittrex Global, highlighted the risk of hollowing out the junior and mid-level legal staff, leading to fewer professionals with practical experience. He stressed that foundational skills acquired through traditional methods are crucial for performing high-level legal tasks.

“You’ll still need someone for the partner to shout at. But too many firms are going down a dangerous route. And I don’t think they’ve quite realized the implications of what they’re doing.”

Robinson countered that AI could accelerate career progression for less experienced professionals by providing them with tools to perform tasks typically done by more seasoned lawyers.

“Done well, AI basically provides a 5-year career boost.”

The integration of AI in legal practices offers the potential to enhance efficiency and accuracy, freeing up junior staff to engage in more analytical and strategic work. However, the challenge lies in balancing automation with the need for traditional skills development. Firms must invest in retooling their workforce to effectively leverage AI technologies while ensuring the foundational aspects of legal training are not neglected.

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Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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