Guest Lecture on â€œEmergence of Legal Technology along with Artificial Intelligence and Machine Learning Components"
Harsh Sahu, Corporate Lawyer, Lokender Singh Shekhawat, Founder Director, Mind Merchant Global Private Limited and Dilpreet Sidhu, CEO, Mind Merchant Global Private Limited, were invited by the Seedling School of Law and Governance, to speak on Emergence of Legal Technology along with Artificial Intelligence and Machine Learning Components on 6th February, 2019.
With high-paced overall modernization, the corporate legal departments are facing an urgent need to cope up with increased demand. This leads to a more compliant and risk-averse way and in a much quicker yet at a much lower cost than ever. Technology adoption and process improvement are specific answers to most of these challenges. As far as the market potential is concerned, the scenario as mentioned earlier is not limited to any particular sector, and this is for all corporates in all industry verticals.
According to Harsh Sahu, Artificial Intelligence is scooping its ways into the legal profession and there are a number of software available in the markets which can replace the monotonous and tedious work done by the lawyers. He believes that the Artificial Intelligence helps the lawyers in the repetitive and routine jobs which indeed saves their time and further help them focus on important aspects.
He further said that the case documents and dock entries are very important for any counsel so as to gain an insight during litigation. â€œAnalysing and reviewing all the documents in any file is also a time-consuming process. AI software improves the efficiency of lawyers while they are reviewing the documents by putting them in a required order. AI software flags the documents that are of high-risk or are relevant,â€ Sahu said. Dilpreet Sidhu pointed out that the AI software not only help in the reviewing the case files but also the contracts which companies signs. Law firms are mostly involved in reviewing the contracts which their clients sign. They identify the risks or issues involved with the contract and then edit those clauses as per the needs of the clients. AI software helps identify the risky clauses and helps the clients by providing good negotiation points.