It’s Here and It’s Here to Stay – Let’s Talk About Time and Money Savings with AI
Innovate & Integrate
The legal industry has been at the forefront of embracing innovative technologies, and AI is no exception. While the term "AI" may seem daunting, the reality is that the legal industry has been leveraging AI-powered tools for years, and you may not have even realized it. From automated document review and contract analysis to predictive coding and data analytics, AI has been quietly changing the way lawyers and legal teams work. That said, the idea that AI is a new or intimidating concept is simply not the case. Over time, AI has integrated into legal practices, enhancing efficiency, accuracy, and the decision-making process. Law firms that hesitate to adopt AI technology could be wasting valuable time - and money – with outdated processes that could miss crucial information and, therefore, result in unsound discovery, jeopardizing the integrity of their case.
Building upon this foundation, IST Management helps legal professionals reduce costs and improve outcomes by utilizing the full potential of AI to reform the litigation process.
Beginner's Guide to Utilizing AI as a Tool
IST’s three-step roadmap utilizes AI as a tool for lawyers and legal teams, unlocking its benefits and transforming the way they practice law.
1. Understanding the Basics of AI and Its Applications in Law
To best understand the capabilities of AI, let’s take a step back to fully grasp the burning question we all have: “What is AI?” AI is the development of computer systems that can perform tasks that normally require the intelligence of a human, such as learning, problem-solving, and decision-making. How does this apply to the legal industry? AI can be used to automate routine and time-consuming tasks, freeing up lawyers and legal teams to focus on what’s most important: their cases.
As an example, document review tools use machine learning algorithms to quickly identify and categorize relevant documents, reducing the time and cost associated with manual review. AI-powered tools can also be used for tasks such as eDiscovery, due diligence, and compliance. With the power of AI, lawyers and legal teams can automate their workflows and gain valuable insights that inform their decision-making.
2. Identify Your Goals and Objectives for Using AI
Alright, now that we know what AI can do, let’s look at the ways you can work this into your day-to-day and how to build out your AI integration plan by establishing goals early.
It's essential to define what you want to achieve with this technology. By assessing your current pain points, you can discover where AI will have the most impact on your work. For a legal team or attorney, you may aim to reduce document review time or decrease the number of hours spent on contract analysis by 25%.
Here are some things to think about: What are your most time-consuming tasks? Where are the current bottlenecks in your workflow? Identifying these pain points will allow you to set clear and measurable goals for AI adoption. Whatever your goals are, make sure they are aligned with your overall litigation strategy.
3. Evaluate AI Solutions and Vendors
Now that you’ve laid out your AI goals, you need to figure out which vendor is going to help you achieve those milestones. When evaluating AI solutions for your specific litigation needs, it's crucial to consider several key factors to ensure you're investing in a tool that meets your requirements and delivers benefits. You'll want to assess the functionality of the features and whether the solution can perform the specific tasks you need, such as document review, contract analysis, or predictive modeling. Scalability is also essential, as you'll want to ensure the vendor can handle large volumes of data. Security is another crucial consideration, as you'll need to protect sensitive client data and ensure the solution complies with industry regulations. Last but not least, cost. This is a huge factor, as you'll want to balance the benefits of AI adoption with the financial investment required.
When it comes to outsourcing your AI-related litigation needs, IST is a top-tier vendor to consider. With cutting-edge AI technology and a commitment to using the best tools in the industry, IST offers unmatched expertise and support.
IST has years of experience as an industry-leading litigation partner, offering AI-powered features to support Managed Review, eDiscovery, Digital Forensics, and Court Reporting. Our tools and resources expertly manage both firm-wide assignments and short-term/project-based requirements. IST also holds a SOC-II Type 2 security certification, ensuring all your data is protected. No matter what your litigation needs are, IST will work with you to develop the most cost-efficient and effective pricing for you and your team.
By partnering with IST, you can trust that your AI solutions are in good hands, and you'll be able to leverage the latest advancements in AI to drive efficiency, accuracy, and success in your litigation practice. Whether you're looking to streamline document review, enhance predictive modeling, or simply gain a competitive edge, IST has the expertise and technology to help you achieve your goals.
Many worry about the cost, timing, and accuracy associated with AI, and rightfully so. But IST guarantees:
- Cost savings through our rigorous planning stages to customize our services around your unique needs.
- Faster litigation prep, saving time for up to 95% of adoptees, reducing time wasted on routine tasks by 20%, and lowering first-level review costs by 50%.
- A proven track record of using data-backed technology to handle even the largest caseload with numerous quality control measures to certify our findings are sound.
All in all, incorporating AI into your litigation practice can be an absolute game-changer. By understanding the basics of AI, identifying your goals, and thoroughly evaluating AI solutions, you can unlock the full potential of this technology. Whether you're just starting to explore AI or are looking to elevate your existing efforts, the key is to be informed, strategic, and proactive.
From an evaluation standpoint, it looks like your solution and vendor needs are met!
Contact us now to talk with an expert about how IST can help you use the power of AI in litigation. Or visit our website to learn how our cutting-edge solutions and expert guidance can help you achieve success in the courtroom and beyond.
