Legal AI Transformation
The legal sector has a general reputation for being conservative when it comes to technology, but not anymore. The landscape is rapidly changing and artificial intelligence is revolutionizing how attorneys practice law. Law companies that are making extensive use of AI are reaping the benefits of automation, access to better data, and risk reduction within an organization. At HyperAspect we know how to implement artificial intelligence in law practices and will guide you through the process.
The world is AI
Law is the pillar of all business. Everything a business does should be enforced by a legal contract. The legal services market is immense in size and generates a huge amount of data. When considering artificial intelligence law is one of the sectors that can be improved heavily as the aforementioned data could be processed quicker and more efficiently. HyperAspect’s methodology and comprehensive toolset solve a variety of challenges within the legal industry, such as violations of intellectual property, rapid changes inside collective labor contracts, and others.
HyperAspect Cloud Engineering
Our approach is to be open, transparent, and push the bleeding edge. HyperAspect’s vision is to democratize AI for everyone. Not just a select few. HyperAspect Cloud is our AI platform that enables exceptional decision-making in your company. We want everyone to explore, learn, dream, and imagine a new future.
Benefits of AI in law practices
In the current environment most lawyers and legal departments are still not aware of the assets that information technologies bring to the everlasting field of law practices. Although almost everyone uses e-mails or accounting systems, IT does way more and AI might be considered as the king of this kingdom. See some of the most popular AI applications in legal and learn why:
AI for legal employees
We don’t expect that legal specialists should possess extensive IT knowledge to use AI as part of their daily work. We create complex AI-based services but package them in user-friendly and easy-to-understand dashboards. That way legal practitioners can alter their machine learning
models when needed. At HyperAspect we are following the fundamentals of ‘The Law of Artificial Intelligence’ in our work and have the confidence that we cover all regulation and ethics pedestals of AI application. Find more information from our AI law use cases below:
Increasing Accuracy of Insurance Projections
Health insurers oftentimes struggle with accurate forecasts. Our system automatically mines public data from websites that contain employee hire and layoff data, insolvency and bankruptcy reports, etc to provide live estimates using several models. Such data is then aggregated in one database and later cross-referenced with our client’s enterprise data.
This led to a significant increase in the accuracy of underwriting projections, self-updating a list of potential commercial clients that our client should target, predictive models allowing to increase profitability and reliability.
Proactively Identify Violations of Intellectual Property
Technology companies struggle to create and implement an efficient and cost-effective patent strategy to provide sufficient protection against technology hijacking. Our solution identifies patents with claims that are either infringed or the closest to being infringed, creates a clearance analysis for the claims, and summarizes the analysis for each affected patent. Thanks to HyperAspect law firm attorneys do not need to perform tedious research and analysis steps from scratch, and instead only need to check the results, thus increasing productivity several times.
Tracking Changes Inside Collective Labour Contracts
A client of ours required a fast and reliable system to keep up with the dynamic business travel environment. To solve the challenge we combined client travel and demographic data, and EU governmental tax websites, and applied custom-made entity recognition models, high precision filtering systems and centralized API/UX for self-service analysis. After using the platform our client experienced a higher customer satisfaction rate, fast speed of deployment, increased tax compliance and reduced risk, and optimized travel costs on average by 25%.
Address specific use cases like never before
Artificial intelligence is integrated into all sorts of fields by applying some kind of knowledge that is then processed by the software to perform a specific task. Following this line of taught AI can be constructed in such a way that enables it to perform tasks previously occupying the headspace of lawyers. Just as you would never think to clone a document by typing it all over again – the legal industry will see not using AI as farfetched as not using the copier to make copies.
Improve your legal processes with AI
It is a misunderstanding to think that using AI in day-to-day law-related tasks is only for huge legal departments. Every individual lawyer knows how much time is spent on recurring tasks such as legal research, document, review, contract drafting and diligence. Even if you are skeptical – all these tasks can be easily automated thanks to AI and will save you hours every day. Contact HyperAspect and let’s discuss your line of work and how our platform can streamline your specific use cases.
Lawyers and litigation funders are excited about the opportunity to use AI to predict the outcomes of cases. It is expected that soon machine learning will be able to balance evidence with moral questioning of whether something is right or wrong.
About two decades ago, legal e-billing has emerged intending to digitize the traditional billing mechanism. AI-powered e-billing provides clarity and consistency, compliance with corporations' billing rules, and understanding what external law firms are working on.
Traditional due diligence processes require intensive work and investing much time. When having time constraints the pressure can be overwhelming and requires modernization. AI law mechanisms bring exactly such modernization by extracting value from the huge volumes of available digital information.
Start using AI for legal purposes today!
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