AI for Legal Professionals

Artificial intelligence in law and legal practice

Artificial intelligence (AI) is changing the practice of law. Legal AI tools can help lawyers automate manual processes and work more efficiently, but as AI technology continues to evolve, legal professionals need to understand how to balance the benefits with the potential risks and ethical questions of AI in law and legal practice.

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Artificial intelligence has existed for decades, but recently developed capabilities have led some legal professionals to question whether they can ethically integrate AI-powered tools into their legal practices. While some lawyers may be skeptical of AI in law and legal practice and the potential risks associated with using legal AI tools, the failure to understand and use AI could soon be considered a deficiency in legal representation.

Although AI holds promise of increased efficiency, workflow optimization, and strategic planning for lawyers, it also has significant risks. For example: AI can help lawyers quickly produce initial drafts of motions, legal briefs, contracts, and settlement agreements, which in the past have been time intensive. However, the use of AI in law also raises issues of algorithmic bias (when the algorithm itself is biased, or when an otherwise unbiased algorithm is trained on biased data), hallucinations (the phenomenon by which AI chatbots may confidently provide false information in response to a prompt), inaccuracies, and confidentiality concerns.

Here, we take a comprehensive look at the current AI landscape in law as well as available AI tools and technology for lawyers, potential pitfalls and risks of AI-powered legal solutions, and the potential future of AI in law. Read on to learn more about the impact of AI on the legal profession, and how lawyers can strategically and ethically use this technology to both automate and simplify legal tasks.

Legal software powered by AI you can trust

With recent AI and machine learning breakthroughs, more legal research platforms are starting to incorporate AI into their products to assist with legal matters. The nuances and challenges of AI and machine learning aren’t new to us – in fact, we’ve been testing and building the Bloomberg Law all-in-one legal platform with the most cutting-edge AI technology for more than a decade. With the unmatched speed of AI layered into the world’s top legal intelligence platform, legal professionals can prepare better and faster than ever before.

Want to learn more about how generative AI is transforming the practice of law? Download our report on AI and the Legal Profession in 2024 to explore AI’s potential impact on important areas of law.

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