ELM Amplify 2020, the ELM Solutions annual user conference, took place online this year from October 20 through 22. We are highlighting a few of the sessions that were offered at the conference and all are available to watch on demand here.
Artificial intelligence (AI) has made its way into several aspects of the legal business and appears to be here to stay. There are those in the legal profession, though, who worry that AI could be an existential threat to their employment. This is understandable when you consider the images we sometimes see in popular culture, of robots from the future replacing humans. In his ELM Amplify session AI: The Replace vs. Enable Debate, Vincent Venturella addressed these fears by talking about the myths and realities of artificial intelligence, including some very concrete reasons why AI isn’t likely to take the place of legal professionals for the foreseeable future.
AI and legal work
There is a natural alignment between legal work and AI. Both lawyers and artificial intelligence need a lot of data to do their jobs well. In the case of lawyers, that data often takes the form of legal precedent, the precise language of laws themselves, rules that they and their clients must conform to, etc. AI being used in legal settings also needs access to rules, minute details, and high-quality data and is therefore suited to perform some of the more time-consuming tasks attorneys are responsible for.
This technology is now being used in contract review, research, basic contract templating, e-discovery, e-billing, litigation planning, fraud detection, and other aspects of legal work. Across all of these types of work, the tasks performed by AI fall into two broad categories: enablement and prediction. Enablement tasks include decision support, enabling faster workflows, removal of administrative tasks, quicker research, and other contributions that allow users to focus on higher-value work. Prediction work, such as predicting matter budgets and cycle times of potential outside counsel, gives people the information they need to get to the real work they are trying to accomplish. In both cases, AI delivers value by making humans smarter and faster, not by replacing them.
How ELM Solutions can help
Because ELM Solutions seeks to deliver solutions that maximize the value our customers provide to their organizations, we leverage AI in a number of our offerings. For example:
- The LegalVIEW database comprises more than $140 billion of real, detailed invoice information from more than 35,000 law firms and 600,000 timekeepers. This is the foundation of our AI offerings and provides a dataset to train our AI technology that is unmatched in the industry.
- LegalVIEW BillAnalyzer allows either your internal bill review team or our professional bill reviewers, per your preference, to review invoices much more quickly and increase billing guideline compliance by as much as 20 percent while saving on outside counsel spend.
- Intelligent Invoice Conversion uses a type of AI known as natural language processing to read an entire PDF or scanned invoice as a person would and translates it into an electronic bill so that paper invoices can be included in your spend management program and need not be handled through a separate manual process.
- Predictive Insights is decision support software that allows users to see into the potential futures of their matters by crunching through the massive data set in seconds and displaying the likely cost and cycle time for each case.
- CLM Matrix is an end-to-end contract lifecycle management solution that uses AI for the contract migration process. This powerful set of tools processes legacy contracts to extract the vital information and increase data quality so that you can make better contracting decisions.
Looking to the future
Today’s AI technology is limited by the data sets and algorithms it has access to. If it’s programmed with a particular task, it will attempt to find the best way to execute it. However, it lacks the creativity and unrestrained nature of human intelligence, which means it is at its best when it is helping people to perform their jobs more quickly and effectively. That’s why AI is far more likely to enable you to do your job more effectively than to replace you.
To access a recording of this session and hear much more detail, visit the ELM Amplify page and fill out the registration information or, if you previously registered for ELM Amplify, click the Already Registered button and enter your email address. Once you’re in the event page, click on Theater at the top and select Agenda C for a list of all on-demand videos. For this session, click the On Demand button next to AI: The Replace vs. Enable Debate. Be sure to check out our other on-demand sessions for more valuable information and thought leadership.