What is AI & LPO?
Artificial Intelligence is an area of computer science where machines are made to think and acts intelligently like a human with or without the actual assistance of one.
The process in which legal firms, corporate houses or legal publishing house hire a onshore or offshore legal firm or a legal service provider company for their in-house legal works which are voluminous, repeating, arduous and mundane it is called as legal process outsourcing.
How Does an Actual Legal Firm Work?
Traditionally, legal firm’s attorneys have poured through legal documents for hours and hours together so that they don’t miss on anything and have everything what is required for the clients and case. It’s by and by a purely human effort to go through the 100s-1000s pages of documents. It was more frustratingly time consuming and a costly work affair since the attorneys had to be paid in more for every hour they rummage through everything they need to find.
Metamorphosis of Legal Firms By LPO
With the coming of LPO to their rescue, legal firms, corporate offices, legal publishing houses realized the importance and found it necessary to take their work to LPO for their overall reduction in cost, maximizing efficiency, access to a pool of skilled legal workforce, diversity in services offered, latest technology integration and for mitigating risks, LPO seems a very viable attraction hard to let go to just toil in-house in this current fast paced competitive business world. Well, nobody likes to be left behind ever for a smart option and have the crème de la crème for a very little price.
Trailblazing AI in LPO
Artificial Intelligence has made LPOs provide the best of everything by incorporating the latest technologies that make LPO services more manageable and affordable. Let’s check out the AI ways that have made LPOs smart:
- Overhauls legal practice by making it suitable for the digital environment
- Identifies the pin in the documents haystack with certain queries and conditions
- Yield better review and standardization of documents.
- It promotes greater access to legal services by making every thing automated and easy to adapt to.
- Due diligence, contract review, document scrutiny, regulatory compliance, cross border contract drafting, risk assessments and judgments predictions can be implemented through AI.
- Customer interactions are already managed without humans where AI gets information in terms of actual data and processes it and deliver an actual solution.
The possibilities with AI are endless and equally benefitting both to legal firms and LPOs. AI makes legal work services interesting and less daunting; assist the attorneys at the right time and in record time. And all that in cost effectiveness and a finesse level of proficiency. Some prominent AI in LPOs is IBM Watson, Kira, Infosys Nia.
To summarize, if LPO made traditional legal firms relieve of jam packed legal works and focus on innovation and strategy and be competitive among its peers, a bankable AI can make a LPO flourish in its delivery of qualitative legal services.