The rapid development and deployment of artificial intelligence (AI) applications within the legal industry have led many to speculate about an impending disruption. However, it may not be time yet to replace lawyers with algorithms, says the author of an article in Above the Law.
While certain tasks, such as document review, have benefited greatly from technology, including AI, there are still substantial aspects of the legal profession that remain untouched by this march of progress. Existing AI applications often propose changes to deal terms that seem to lack context or understanding of the larger transactional picture or simply suggest edits that waste attorneys’ time. On top of that, these AI tools tend to make mistakes, thereby needing human oversight to correct them.
Interestingly, the author points out that AI disruption may not lead to massive job losses within the industry. Drawing parallels from the past, the article reflects on how the legal profession absorbed the disruption caused by predictive coding and other technologies, which led to a considerable reduction in the demand for document review attorneys. Lawyers who experienced job displacement due to technical advancements were ultimately assimilated into other parts of the legal sector.
This is not to say that legal professionals should disregard the potential impact of AI. Advancements in AI should be monitored so that all practical tools are utilized for assisting clients. However, a total transformation of the law firm due to AI seems to be a much longer way off than some experts have predicted.